Last minute holidays often walk the delicate balance between the thrill of spontaneity and the anxiety of ensuring everything falls into place. This type of vacation planning, or lack thereof, presents an exciting opportunity for individuals, couples, or families to break away from the routine and embark on an unexpected journey.

One significant advantage of last minute holidays stems from the cost savings they potentially bring. Airlines, hotels, and tour operators often discount their prices when trying to fill up remaining vacant spaces. Such last-minute deals, if snagged at the right time, can slash the costs significantly, offering the same value for much less money.

However, the secret to these considerable savings lies in timing and flexibility. With the dynamic nature of these deals, the key is frequently checking various travel and booking websites. Yet, even when an ideal deal pops up, it might be for a destination not initially on one's radar, underscoring the need for flexibility. The willingness and readiness to explore previously unconsidered locations often make this type of vacation planning successful.

In addition to cost savings, last-minute holidays also offer a significant psychological benefit. Breaking from the tradition of months-long anticipation of a planned trip, this spontaneous approach adds an element of excitement and novelty to the holiday experience. Moreover, there’s no time to build up unreasonable expectations, allowing travelers to fully immerse themselves in the journey as it unfolds.

Despite the excitement and potential savings, last-minute holidays also pose certain risks that travelers need to be mindful of. Availability is usually limited, meaning those with very specific preferences may find it harder to get what they want. Moreover, since most discounted packages are non-refundable, cancellation or changes may not be an option.

The essentials of packing for a last-minute holiday hinge upon the "less is more" concept. Having a standard packing list for different types of trips can save a lot of time while squeezing in essentials and avoiding overstuffing. It’s also helpful to confirm what amenities are provided at the accommodation to avoid unnecessary packing.

In conclusion, embracing a last-minute holiday is about embracing spontaneity and unpredictability. While it is undoubtedly stressful at times, the reward of exploring new cultures, cuisines, and landscapes on a whim can outweigh any potential drawbacks. With a flexible mindset, a sense of adventure, and an eye for a great deal, anyone can turn the chaos of the last-minute holiday into a memorable and enriching experience.