If you're wanting to book a flight and wondering when prices will drop, look no further. August 23 is right around the corner.

August 23 has been tagged as 'cheap flight day.' It's the day when peak-summer prices traditionally drop off from seasonal highs to off-peak lows and will continue to fall until Thanksgiving. This, according to the airline calendar due to the fact that kids are back in school and the demand of leisure travel drops significantly.

Fares typically drop anywhere from 10 to 20 percent or more, depending on where you're flying to and from. Recent sales from airlines, such as Southwest and United, have already posted deals with the start dates of August 23. The general rule remains: Tuesdays and Wednesdays are the cheapest days to fly while the most expensive are often Fridays and Saturdays. The price drop on August 23 is good for both domestic fares and flights to Europe.

If you're looking to book of course, do so at least 30 days in advance of your take off for the best rates. As mentioned, these lower fares will only last until Thanksgiving, so take advantage while you can. If you're looking to squeeze in that last summer getaway, you might want to wait until Tuesday, August 23.