One's budget determines the threshold. The next question is where to find these jewels. Writers' newsletters and web sites cover most opportunities, but many fine contests exist through Art and Humanities Councils within each state. These entities exist to serve cultural expansion and attention. These groups are the most endearing entities a writer can find in the bureaucratic world.
Awards constitute a different financial source altogether.
Those writers with published books, groups of poems or manuscripts on the shelf should entertain awards. They rarely require fees. But even better, an award provides instant recognition within the publishing world. Don't discount these chances. Enter your work.