Entering competitions: a beginner’s guide
CashLady is proud to present six top tips to get you started with comping.
1. Find comping websites
First things first! There are several UK websites that could help kickstart your comping journey, including The Prize Finder, Competitions Time, and Latest Deals.
It’s also worth checking out the ‘Competitions Time’ forum on the MoneySavingExpert website.
Make sure you’re following all your favourite brands online, too. From your local bakery giving away a free box of brownies to a big-name brand offering the chance to win a gift voucher, following the companies you love could present some tailored comping opportunities.
2. Plan your time
Between searching for new competitions and filling out forms, comping can become time-consuming.
Manage your comping time wisely so that it slots nicely into your daily routine without becoming a chore. You want comping to be fun, not tedious!
Got a spare 10 minutes while the tea’s in the oven? Half an hour commute by train? In the waiting room at the dentist's? During half-time at the football? These are all excellent comping opportunities!
If you want to get serious about comping, you might consider setting aside a specific amount of time each day to check out any new openings.
3. Read the terms and conditions
It’s important to take the time to read through the terms and conditions to make sure you’re fully aware of any vital information, such as whether you’ll be charged a fee for entering.
You might want to avoid competitions that require an entry fee, as this can become costly and defeats the object of comping to gain some extra income.
The terms and conditions should also tell you whether there are any restrictions on what you can do with the prize if you win. For example, some prizes, such as holidays, may be non-transferable.
4. Check out the requirements carefully
Many competitions have specific entry requirements.
Some ask you to share posts on social media, while for others, you’ll have to answer some questions correctly.
You’ll usually need to provide your name, telephone number, email, or home address. Before you enter a competition, check that the source is legitimate and that you’re comfortable sharing your details. Bear in mind that some basic information, such as your name and the town you live in, could be made public if you win.
You might consider setting up a separate email account for your comping hobby; that way, you can avoid your main account being flooded with spam. Just remember to check it regularly – you don’t want to miss that all-important ‘you’ve won’ email!
5. Enter for prizes of every size
Naturally, everyone wants to win the ‘big’ prizes. After all, who wouldn’t want a large sum of money, an all-expenses-paid holiday, or a brand-new car?!
However, if you really want to up your comping game, don’t overlook the smaller prizes. Smaller prizes could be anything from a year’s supply of a product to kitchen equipment such as a blender.
Smaller prizes may draw less of a crowd, so you could have a better chance of winning.
If the terms and conditions permit, you could always sell any prizes that you don’t think you’ll use.
Alternatively, you could gift unwanted prizes as Christmas and birthday presents – this could save you money in the long run.
6. Get inspired
‘But I never win anything.’
‘People don’t really win these things.’
‘What’s the point in entering? Why should I win out of thousands of people?’
Who’s seen the film Eat, Pray, Love? Julia Roberts’ character tells an old Italian anecdote about a man who goes to church every day to pray to a statue of a saint. Each visit, he begs for the same thing: ‘Please, please, please let me win the lottery.’
One day, the saint replies, ‘My son, please, please, please buy a ticket!’
Moral of the story? If you never try, you’ll never know! Don’t let past competition disappointments stop you from entering again. As long as you’re not paying to enter competitions, you have nothing to lose in trying your luck. Remember, you have just as much chance of winning as anyone else.
If you need some inspiration and a reminder that real people really do win competitions, you might be interested in checking out the ‘I won! I won! I won!’ forum on the MoneySavingExpert website.
How can I increase my chances of winning a competition?
Unfortunately, for general competitions, this isn’t how comping works. There are no loopholes or tips on how to increase your chances of being successful – it’s all down to sheer luck.
Someone could enter 100 competitions and not win anything, while someone else might enter just one competition and walk away with the prize.
Of course, the more competitions you enter, the more chances you have of winning a prize. You have to be in it to win it!
Can you make money comping?
If you win big, comping could quite literally pay off – but it’s crucial to remember that there are no guarantees.
Comping should be seen as a hobby and should not be relied upon as a source of income.
Is money won through competitions tax-free?
This will depend on the circumstances and terms and conditions of the individual competition, but generally, money won through a competition is tax-free.
There are exceptions to this, though. Money awarded through a competition linked to your profession (for example, you’re an artist and have won an art competition) could be classed as personal income and will need to be reported to HMRC.
If you’re unsure of the specific rules of the competition you’ve entered, it’s best to refer back to the terms and conditions.
Conclusion: is comping worth it?
If you have some spare time and you go into it with no expectations, comping could be an exciting hobby to try your hand at.
There is no instant gratification with comping, and a lot of it involves waiting in anticipation for the competition closing date to draw near, and perhaps feverishly refreshing your emails! The thrill of anticipation could become quite addictive.
Again, as long as you’re not spending money or too much time on comping, you have nothing to lose and everything to gain.
Need financial support?
If you’re worried about money, please consider reaching out to either StepChange, MoneyHelper, Citizens Advice, or National Debtline, all of whom can provide free, confidential advice on both money management and debt concerns.