Yahoo Finance 5 Ways To Financially Prepare When Your Child Joins Sports
A recent GOBankingRates survey found that the majority of parents spend $1,000 per year or more on child-related activities. That number can climb higher if your children play sports. With equipment costs, signup fees and travel expenses, sports leagues can get expensive quickly. Here’s how to prepare yourself financially.
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1. Understand Your Costs Before Signing Up
Youth sports leagues often have signup fees, but these can vary. Some will ask you to pay hundreds upfront to enroll your kid. Others may allow parents to pay monthly instead. Factors like these can impact which sport is better for your budget.
There will also be more extensive equipment costs in some sports. For example, your kids can play basketball with nothing more than basic gym clothes. But if they want to play baseball instead, you may have to buy a bat, glove, cleats and other items.
So, it’s important to understand your total financial commitment before signing your children up for new sports. If you don’t know how much you’ll have to spend, you won’t know how to prepare yourself financially.
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2. Prepare a Budget
Once you know how much a new sport will cost, start budgeting for the expenses. That could mean cutting back on voluntary purchases for a few paychecks or pulling from your savings.
Note that you may not need to pay for everything upfront. For example, you could pay your children’s signup fees today but wait to buy their equipment when the league begins. Spreading the costs out like this can make it easier to budget for new sports-related expenses.
3. Start Considering Your Work Schedule Now
Youth sports games and practices often take place on weeknights after school. If you want to be in the crowd cheering your kids on, you may need to adjust your work schedule to do so. It’s important to start working on this in advance. You don’t want to wait until the last minute and end up missing out on shifts. That would only create more financial challenges.
4. Explore Strategies for Cutting Costs
Finally, there are some ways you can save while signing your kids up for the sports they want to play most. Here are five options to consider.
Buy Used Gear
Consider buying used equipment instead of brand new. It may save you hundreds on cleats, gloves, bats, helmets or pads. Get started by visiting your local sporting goods store and asking to see their used equipment. Or shop online. Platforms like Facebook Marketplace and Craigslist can be goldmines for high-quality used gear.
Volunteer Coach
You might also be able to save money by volunteering to coach your child’s team. Some leagues offer discounts to parents who do this. Plus, you’ll get to spend more time enjoying your children’s hobbies with them.
Don’t worry if you’re not an expert on soccer or basketball. Kids leagues are for fun, and it’s never been easier to learn basic drills and tactics online. Some youth sports leagues even publish full practice plans online. If becoming a head coach sounds like too much, maybe you can be an assistant instead. You’d likely still help out at practice and during games but in a smaller role.
Carpool When Traveling
Travel costs can be more expensive than you expect in some sports leagues. If you want to save, consider carpooling. Other parents can help you pay for gas and save you from having to make long drives on your own.
Ask For Discounts
There’s also nothing wrong with asking for discounts. Some youth sports leagues make inclusion a priority and have options for parents who can’t cover costs. You might qualify for such a discount. The only way to find out is to ask.
Stick With Recreational Leagues
Finally, you may want to keep your kids off travel teams if you’re concerned about costs. These leagues tend to be more competitive, which means more money for better equipment and further travel. You can avoid these expenses by staying in local leagues. If your child finds a passion for a sport, they can join a travel team later on in life.
5. Put the Costs Into Perspective
It can be tough to stretch your finances for children’s sports leagues. But try to keep the expenses and the challenges they bring in perspective.
The money you spend on sports today can help your children for years to come. Sports are associated with numerous physical and mental health benefits. If your children get into the habit of playing them while young, they could have healthier, happier lives.
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This article originally appeared on GOBankingRates.com: 5 Ways To Financially Prepare When Your Child Joins Sports
