Balancing the Family Sports Budget
According to the Aspen Institute, parents spend an average of $883 per year on youth sports – just for one child’s main sport! The good news is parents have options when it comes to sports-related spending.
Often, parents find themselves dipping deeper into the family savings or reaching for the credit card to pay for their kids’ sporting experiences. Before you fork over big bucks for coaches, travel expenses, league fees, uniforms, equipment and more, consider these tips to help you lower your costs — but not the fun!
Be realistic
Evaluate the reason for the sports experience. If it’s to prep your child for a major league career before they’ve even attended their first practice, lower your expectations. Skip the expensive equipment and costly travel teams and focus on fun.
Borrow equipment, not money
If your child is starting in a sport, always try to borrow before you buy. Ask friends and neighbors if they have anything to share. Additionally, if your kid is joining a league, the organization may have a supply of loaner equipment for beginners.
Buy used equipment
Buying expensive pro gear won’t make your child a star. Instead, buy used equipment while your young athlete learns the fundamentals. They can work their way up as their game improves. You can also shop during the off-season for better deals.
Sell old equipment to help fund new purchases
Instead of letting old, unused equipment pile up in your garage as your kids get older, sell it. If online selling isn’t your thing, find a resale store that will let you trade up for new equipment.
Pay attention to quality
As your kids get more serious about a sport, make sure the equipment is durable. Obviously, you want to keep them safe, and high-quality gear should last for at least one season. Rule of thumb: if an item is new but suspiciously cheap, you should probably avoid it.
Choose your sports carefully
Financially speaking, not all sports are created equal. Among the most expensive? Ice hockey, skiing, and horse riding. Even traditional sports like baseball and football can get costly once you factor in equipment or participation in travel teams.
Go with local recreational leagues instead of travel teams
Travel teams are not cheap. It can cost thousands of dollars for your kids to be on a travel squad. Not to mention the travel expenses parents will incur during the season.
Budget and save for sports
For families active in multiple sports, it makes sense to add sports expenses to your budget. An effective way to save for sports is to do it throughout the year. Open a separate savings account dedicated to sports expenses and contribute to it regularly. Small, consistent contributions will add up fast.
Don’t go into debt
No matter how tempting it may be to finance your child’s sports career, avoid borrowing or using credit cards to make it happen. This won’t make you a bad parent. Instead, plan your expenses, save throughout the year, and evaluate every sports-related purchase before committing family dollars to it.
Individual and team sports can be a great way to provide a healthy, active lifestyle to large and small families. Parents who commit to a plan will find it possible to enjoy the benefits of sports without breaking the family budget.