An example of a regular question on this forum is, "When should I book my flights? Is this a good price for flights from ABC to XYZ? Will the price drop if I wait 3 months?" I have read the replies to questions such as these, and often someone will reply, "Book a price that you are happy with and don't look back."
Unfortunately, I read that advice a number of years ago, and followed it until a couple of years ago. You should look back so that when the price drops, you can get a credit with the airline or miles redeposited into your account.
A few months ago, I booked flights at a price I was happy with for our next trip to Europe. Since I booked the price has significantly dropped three times. Each time I rebooked with Delta and received an ecredit. Yes, I would rather have the money in my pocket rather than a credit with the airline, but I look at it as a win. My glass is half full! I now have enough credit for both myself and my husband to pay for the airfare for our next domestic trip. If I had purchased and not looked back, I would have not gained anything.
This video from Thrifty Traveler explains how to track flights and rebook for credit or get miles redeposited. Pay close attention to the details of the fare you purchase and the rules of the airline. I am not promoting Thrifty Traveler in any way (although I do enjoy their podcasts)--I just wanted to share the video because it explains the process in a very simple way.
I hope that people wondering when to book flights DO purchase and look back. I have saved hundreds of dollars by setting up Google price alerts for flights after I have booked them. I will say that Google isn't the quickest at sending out the emails though. I checked my flight daily and found that each time the price had decreased, I didn't get an email until about 8:00 pm. Also, be careful about purchasing seats and then changing your flights. I had purchased seats, and the second time I changed the flights I lost the seats and had to call Delta to get them back. In the future, I will wait to purchase seats until I am confident I have gotten the lowest possible price by tracking and rebooking.
Happy booking!