Cheap flights and discount hotels can make for an affordable trip. However, knowing you rights can make the difference between being treated fairly or being taking advantage of by the airlines:
If a flight is canceled due to an airline problem, the airline is required to provide you a hotel room and pay for meals if you have to stay overnight.
If your delay is caused by weather, then the airline will not help you.
If you do not volunteer and are bumped from a flight then you are entitled to receive cash and do not have to accept airline vouchers unless the value of the vouchers is worth more than cash.
If the airline loses your baggage, it is responsible to provide you temporary replacements for clothing and toiletries.
Be ready to speak up for yourself. Sometimes travelers are only treated properly after requesting to speak to a supervisor. Often you will find that different employees interpret airline rules differently.