I have 114K AA miles. (And hope to get a new credit card within a few months, to get 25K+ bonus miles.)

Next year I may get a chance to actually fly somewhere, but I could use cash more. This year cash is tighter and it will get better next year, so it makes sense to try to cash in miles sooner than later. Or credit at Amazon/eBay/PayPal/Walmart, some food places, etc.

However, of course I have found that points.com sucks and gives you like 45 cents a mile, and it's not like I want to waste my miles. I could also use hotel nights (and certain other entertainment), but I don't want to be paying the published rates AND having to plan a bunch in advance.

I looked at the FAQ here and some other posts, and I know that the experienced frequent flyers can get a value of 3-6 cents a mile from theirs. If I do save my miles, I am not sure I can know how to cash them in effectively. Using them for upgrades to First Class is the most effective generally?

Feel free to direct me to other threads. I tried searching but did not find much else. Thanks.