Writing competitions

There are so many interesting writing competitions out there, it can be hard to choose (see the NAWE ebulletin for examples).  Naturally, most of them want an entry fee, which from what I have seen, typically ranges from £4-£10.  Some give the offer of feedback.

When I recently met the poet Rab Wilson after a reading he had done, he was very encouraging about my writing attempts, and advised me to send my stuff off to competitions.  It was great of him to be so positive, though I suppose a part of me thought that it's all very well if you're the sort of person who would win the competitions!  If I enter these, will I just be throwing my money into a bottomless pit?

I guess at some point, the time comes to take the plunge and start going for some of these, especially if I'm submitting things that peers have already looked at and liked.