After crunching the numbers, analysts at TripAdvisor have come up with the best formula for saving money on your hotel bill this summer.

Travelers planning a summer staycation in the US are being advised to book within a month of their trip, to see savings of up to 40 percent off their hotel rates.

This is especially true for travel to cities like Boston, Chicago, Orlando, San Diego, Las Vegas, Miami, New York City, Philadelphia, San Francisco and Washington, D.C.

Analysts used historical hotel pricing data to identify which period offers the lowest hotel rates this summer.

Travelers headed across the pond to popular European destinations like London and Paris can save up to 25 percent if they reserve their hotel within five weeks.

Meanwhile, according to data from travel website Hipmunk, flyers will reap the biggest savings if they book their summer flight this week.

The most expensive day to fly this summer is pegged at June 10, and the cheapest day August 25.