As you look at your pile of bills, at the roof that needs to be fixed, at the fact that at least one of your children may need braces, do you dream of winning a big dollar sweepstakes that would take care of your problem? For “sweepers,” those who make a hobby, or even a living, out of entering sweepstakes, the dream may not be so far from a reality.
Entering sweepstakes can pay off and may even be able to get you out of debt, if you don’t spend more than you win, if you apply the bulk of your winnings toward your debt (or sell items you win for cash to apply toward your debt), and if you are willing to put in all of the time and effort that it takes. Otherwise, you would be better served by earning your extra income elsewhere. Sweepstakes won’t be worth it as a get-out-of-debt tool.
The positive side is that many people have fun entering sweepstakes. If you get some thrills out of entering and then waiting for a win, you will more likely stick with being a sweeper, and eventually you will probably find some success.
The secret of using sweepstakes to help you get out of debt is in volume. While the odds of winning any single sweepstakes are small, you can up your odds of winning something when you enter hundreds of sweepstakes a week. Yes, hundreds.
To have a chance at winning, experts say that you must spend at least 30 minutes three times a week filling out sweepstakes forms. Most sweepers spend at least three hours a week. Usually, an individual will win one sweepstakes out of every 300 that she enters.
In addition to the time it takes to enter, many sweepers take an equal amount of time toward finding the sweepstakes in the first place. There are tools that can help, such as blogs and websites dedicated to finding new sweepstakes, and newsletters that weed out sweepstakes that probably aren’t the time it takes to enter.
If you are prepared to sell no-cash prizes to make cash to put toward your debt, you will need to dedicate time to doing that as well.
There are many tips and tricks that new sweepers can use to help increase their odds, such as entering sweepstakes with multiple prizes, entering local giveaways, entering the same sweepstakes as often as permitted, and using a robo form app that will fill out forms for you in just a few seconds, so you can enter more sweepstakes at a time.
Remember that when your trying to get out of debt, you don’t want to spend even more money trying to do so. Newsletters can cost $60 a year each, for example. Entering through texting can give you an advantage, since these sweepstakes tend to have fewer entries, but if you don’t have an unlimited or at least generous texting plan, the costs can add up quickly.
Also, you must also be careful to track your winnings, since they need to be reported as taxable income. Otherwise you could be hit with some big penalty fees from the IRS.
The bottom line is that entering sweepstakes can be a legitimate way to help you get out of debt, but only if you are willing and able to devote a serious amount of time to it on a regular basis.