Reformed hoarder.

In general I fly the cheapest or most convenient, so I currently have >100K on UA, DL, AA. Most of the DL miles are from the mid-90s and I regret not spending them given the massive devaluation (no more F transcons for 25k or 2Fs to Hawaii for 75k ). No such regrets with UA and AA as I normally use them as soon as I reach a target, usually international upgrade or business class award. Have been largely successful in zeroing out orphan miles with others, e.g. CO and US with no regrets. And of course WN does not allow you to hoard credits!

As for hotels I have a few points spread across many programs due to my travel patterns... have been hoarding them as you do a bit better with multi-night awards. But given frequent devaluation I will probably start spending down these balances soon.

It makes no sense to hoard these days since the airlines and hotels are continuously moving the markers by raising award costs, eliminating award inventory, etc. Better to spend as soon as you get a decent value, then to save for years for free F to Italy and 7 nights in Rome (though I'd take either in a heartbeat only to find that there are no rooms or seats available.