Southwest Airlines Rapid Rewards is offering 20% off the points required for all flight redemptions booked by March 25 for travel through April 30, 2021 using promo code SAVENOW.
Since Southwest Airlines points have a fixed value towards airfare there’s no reason to save up points balances for bigger rewards later. They offset the same amount of cash, more or less, no matter what travel itinerary you redeem them for.
And since Rapid Rewards tickets are fully cancellable for no fee, you can book anything you think you might need and redeposit the points later for no charge. It’s better to book now and save points than it is to book travel later and pay more. The only risk is that you’ll forget to cancel, so set a calendar reminder.
The only reason not to redeem Southwest points for your personal travel is if you’re looking to earn points (towards elite status or companion pass). My wife is currently set as my companion, and I redeem points for my daughter’s travel. I prefer to use cash for my own tickets since A-List status is helpful for a better boarding position and seat choice.