Learn what another great competitor does, duplicate that, and you'll recoup more money.
Another idea. If it's really a goal to recoup money, you need to be selective on what contests you do. Up until this year, I looked at the proximity of the contest, consistency of past top 10's of that contest (try to get an idea of how consistent the judging is) and prize money. Total purse of $10,000 or greater can help you recoup your costs better than a $5,000 contest.. a low payout contest, you damn near have to win it to get money back.
If you have a really strong category or two, you're liable to go home with $400-$500 in a $10,000+ contest.
I had been really selective on what contests I do, but this year I wanted to do more contests, and closer to home (so as to not have to take off as much work) which caused me to do contests I might not have done.. therefore, I've finished the year in the red.