Have you looked for Saver Award availability for the route and dates you need to travel? If there is none then you may be better just paying cash.
I would suggest you start reading up on the different airline and hotel programs that you have a balance with, and where you can transfer your flexible points currencies (such as Amex MR) to.
See also:
http://www.flyertalk.com/forum/infor...faqs-more.html