Avios points - what is the smart way of using them?

Caporegime
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I have finally enough points for a return economy flight to Tokyo, but is that the smartest way to make the points go the furthest? I know many people on this forum travel a lot more than I do, how do you use your points? What is the best bang for buck so to speak.

Ta.
 
I have a Lloyds American Express card, if you spend £7500 in the year you get a free upgrade voucher.

Last time, I used my points to buy a return off peak Premium Economy site to Bermuda, then used the upgrade voucher to hit Business.

Hoping to do the same every 2 years, the upgrade vouchers only last a year from Lloyds, but you can earn one every year.

I have BA American Express card, I can hit £7.5k on it easy enough, I spent £5k this month on 2 cameras, I put my fuel through it at £50-60 a pop it won't take long.
 
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