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What comes to mind when you think of London? Double-decker buses? Big Ben? Exorbitant prices? While London's excessive cost has become as much a part of its identity as Buckingham Palace, as the temperatures plummet, so do the prices.

Transportation: Roundtrip flights to London are up to $300 cheaper during the low season. You can also book flights closer to the time of departure with greater chances of availability. Virgin Atlantic offers flights as low as $288 roundtrip in January and February while British Airways offers the Spirit of London package from $555, which includes a three-night hotel stay, round trip flight, and vouchers for ice skating and shopping at Harrod's, London's infamous department store. It is even possible to find a roundtrip flight with up to a six night hotel stay for under $500 during the months of January and February. Most travel websites offer airfare discounts and packages to London continuously throughout the winter months.

Lodging: Even notoriously pricey five-star hotels reduce their rates during winter months. However, the cheapest lodging options in the off-season are usually bed and breakfasts and vacated university residences; their prices are the lowest aside from hostels, without the noise and lack of privacy. Another affordable option is an apartment rental, which can be 30% cheaper than hotels year-round. Rented apartments are charged per unit, not per person, which could be a big money saver for a large family. These rentals are often found in charming neighborhoods and also provide a cozier, quieter, more personalized atmosphere as well as a way to see the "real" London.

Activities: Despite the shorter days and dropping temperatures, there is still much to do in London during the winter months without going for broke. Since outdoor activities are limited by the weather, winter is London's theater season. Theater tickets can be reduced up to 50% in winter (see theatremonkey.com for offers and discounts), and there is a half-price ticket booth in Leicester Square if you buy your tickets the day of the show.

Plus, you can still visit numerous other sights that are free year-round such as the House of Parliament and The National Gallery. For an extended tour of London's art scene, purchase a London Pass for 12 pounds a day for 6 days that provides free entrance to over 50 attractions. You can also experience London's famous street markets, such as the Portobello Market in Notting Hill and Camden Market along the wharf, which remain open during winter months.

Be sure to finish off a chilly winter day in a warm, cozy pub, for reasonable food and drink prices and a dose of British hospitality - high in any season.

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