I am due to fly out on 24th august but i have an error on my name on my airline ticket, it is spelt Chantelle Ryan but my passport is Chantel ryan, how will this effect me?

Small errors like this are not considered a big deal. People fly all the time with Jim/James, Bob/Robert, etc.

Can anyone guarantee you won't have any issues? No. But I think you'll be ok.

I am seriously worried. This is going to be first time going abroad ever and i have read that the name on my flight ticket needs to match my passport.

When you called the airline what did they tell you?

Why is it spelled differently? Presumably, the passport is correct, so who is responsible for the misspelling on the ticket?

spelt, not spelled...

Spelled vs. spelt - Grammarist
In American English, spelt primarily refers to the hardy wheat grown mostly in Europe, and the verb spell makes spelled in the past tense and as a past participle.

http://grammarist.com/spelling/spelled-spelt/

Thanks for your reply J62. Today I managed to get in-touch with the airline and they said they was going to attach a note to my flight stating the error of my mis-spelt name and I was given the telephone number for TSA.
So I gave them a ring and was told to arrive at the airport a few hours earlier and take lots of ID both picture and bills with my address on to confirm who I am. So I am hoping everything will run smoothly, no doubt I expect to be questioned at the airport over the error and this will have no interruptions with me leaving the UK and having my first ever holiday.

I am glad you got the help you needed. Thats what this forum is for.