could somebody help me out on the benefits of expensive phono and speaker cables?

Cables DO matter and they can make a big difference on sound quality and listener satisfaction.  However, in my experience with cables, sound quality and dollars spent are not always directly correlated.  In other words, the cliche "you get what you pay for" does not necessarily apply with cables.   I've had expensive speaker cables that disappointed and inexpensive cables that were very satisfying.   Experimentation and system synergy is key.   

In my opinion the only way to know if it's worth it is to have a home audition. No one can tell you what something is worth. I submit you should try room treatment or a power cord first.

If you are really looking for a serious answer as opposed to stirring the pot of contention, telling the community what your system is like and what cables you are using now will go a long way towards getting meaningful responses.

Interesting username and first post on the first day.
Not taking the bait ....