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Is it Cost Effective to Enter Competitions?

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Is it Cost Effective to Enter Competitions?

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Entering competitions may be a lot of fun but sometimes they can be really expensive and not worth entering. Although many are free to join, there may still be some associated costs and so it is a good idea to think hard about what you want to do.

There are some competitions where you have to pay to enter. These often involve a telephone call and you have to pay for the cost of the call as well as an additional cost. If you do want to enter a competition by telephone, do make sure that you are fully aware of the cost before you phone up. You will probably find that it is rather expensive and this is because the revenue from the calls is often what funds the prize. It is also worth considering how many people are likely to call. There is normally only one winner and if the prize fund is big, then it implies that lots of people will be calling and you will have a lot of competition. Although it is true that someone has to win, the odds of it being you are very small and you need to think about whether you feel that it is worth it. It is usually not cost effective to do this.

Some competitions cost very little to enter, perhaps the cost of a stamp. However, with prices of postage rising a lot lately, you could find that the cost will be high and that it will still not be worth entering. You may also have the cost of an envelope or postcard and these can add up. Again, think about whether you think a lot of people will enter and what chance you have of actually winning a prize.

There are a lot of free competitions out there as well. These can seem great and you might think there is no cost to these, but there is. Firstly it takes time to find these competitions and to take part in them. In that time you might be able to be doing something else which could make you more money, so consider whether this is the case for you. Then you need to think about how much time you are taking and what sort of success you are having. It is also worth thinking about the information that you are giving out when you are entering. Many will be online and you may be giving your address, phone number and email address. This could lead to you getting junk mail, spam  phone calls and emails which will waste your time. So they could be more expensive on your time, than you may first think.  You could set up a free email address for when you do this sort of thing, so that you do not get the spam on your main email and you can even give out fake phone numbers or email addresses, although if you do win, it could mean that you will not be able to get your prize.

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Rachel Henderson is a professional freelance writer from the UK. She writes on many subjects but specialises in personal finance. As well as contributing to various blogs and websites she has her own website tracking her own money making process http://www.turnonepoundintoonemillion.com and sells her books through http://www.bowbridgepublishing.com.

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