Book Contests, To Do or Not to Do?

I'm in a holding pattern these days, spinning my brain around whether or not to enter award contests.

You wouldn't think it would be much of a decision. Enter your book, maybe get some notoriety. The problem becomes the entry fees and the cost associated. You see, in some cases, I need to submit up to three books (so I take a loss on the cost of the books) and then there's the entry fee - almost all are at least $100 or more.

I have ultimate faith in my story, and to have an award attached to it would be the ultimate validation. However, I'm already in the red when it comes to my book, it's hard to keep mailing the checks, you know?

So I'd love to get your opinion, both from writers and non-writers alike. Is it worth it? My next deadline to enter my next contest is next week.