shopgirl, I started off with a Cateye Astrale 8 last year and found it to be minimally useful. I am in the same boat, at some point I would like to compete as well, although the Cateye is not going to cut it. To save on some cost I got a Timex Ironman Men's Road Trainer Heart Rate Monitor Watch (link). It's a wristwatch with heart rate monitor. It works great. I can use it for both running and cycling. BUT, to be honest, I should have started with a Garmin 500 or 708/800. This is the way to go. If I had the knowledge then that I have now there would be no second thoughts.