If you think a vacation is not in the cards because of budgetary constraints, then think again! Vacationing on a shoestring can be a challenge, but with preparation and planning it’s not impossible.

Taking advantage of frequent flyer miles and having the right travel insurance will help to keep the costs down, but some savvy planning is in order.

An estimated 100 million frequent-flyer program members hold at least 3.5 trillion unused miles. The problem is that people with significant miles often lose track of these great benefits.

Fret not, dear traveler; online programs such as Mile Blaster and Award Wallet will help you manage your miles. These handy programs will alert you before your miles expire and let you upload the info to your iPhone. These indispensable apps even calculate your trip mileage and check for any available bonus miles. Some mile-tracking programs come with a small subscription fee while others are free.

These mile-managing marvels make it well worth setting aside time to key in all your miles and rewards. And, during these turbulent times you may ask, "how safe are my miles if my airline goes under?" You do have some protection as most airlines share their mileage accounts with other carriers and you are generally able to transfer them.

If you manage your loyalty programs properly, you’ll soon be flying high.

This may be the last thing you want to think of while planning your trip, but travel insurance could very well save your trip and safeguard your travel memories. It covers you for things such as trip cancellation, medical emergency and loss of your luggage, and even reimburses you if your travel operator goes bankrupt.

Here are a few tips to take the headache out of choosing travel insurance:

1. Shop around for the best deal, which usually come from a third party insurer and not your tour operator or travel agent.

2. Know exactly what the plan covers. Ask about restrictions, what disasters are covered and what’s covered in the event of a medical emergency.

3. Beware of cancellation waivers. Your tour operator may tell you that for an additional fee you can simply cancel your trip. That may be true, but it typically comes with restrictions.

4. Understand how to put your plan to work and get your money back.

5. An instance in which you may not need it: In the case of natural disasters and other dramatic events beyond a travel provider’s control, you’re likely to get a refund if your trip gets completely canceled.

6. Check with your health insurer to determine how you are covered if you were to have a medical emergency overseas.

The bottom line is frequent flyer miles and wise travel insurance choices can help you take off on your next trip with peace of mind and a little extra money in your pocket.