Have you ever had to cancel a planned trip and lose your nonrefundable plane ticket? Next time, you don’t actually have to lose the ticket. In most cases, even if it’s nonrefundable, its value — except for any penalties — can be applied toward another ticket, and not necessarily on the same airline.

The first and most important thing you need to do is cancel your original itinerary before your first flight takes off. If you don’t, you’ll really lose the ticket’s value. After cancellation, you have two options. You can either use the old ticket’s “residual value” — the total price minus the penalty — to purchase a new ticket if you have another trip coming up, or you can use that amount any time until one year from the date your original ticket was issued. You don’t have to travel by that date — just buy the new ticket…