Are You Going Broke Paying for Your Kids’ Sports?

Like many consumer products, the price of youth athletics has increased dramatically. Back in the day, kids honed their athletic skills at the neighborhood park. In today’s hyper-competitive culture, parks and pick-up games have been abandoned in favor of organized sports teams, camps and clinics.

When your child first swings a bat or kicks a soccer ball, it’s easy to get carried away by dreams of future glory at the high school level and beyond—and sucked into a vortex of increasingly expensive sports obligations. On top of team fees, there’s often pressure to buy expensive equipment, pay for private lessons and attend pricey camps. Teams that travel will incur costs for chartered buses or plane tickets, hotel rooms and meals on the road. And don’t forget the extras that creep in…the embroidered sweatshirts, team photos, post-game celebrations and more. It all adds up.

As a parent and keeper of the checkbook, you have the right and the obligation to say no if the cost of athletic participation is too expensive. Here are some things to consider before you sink all of your disposable income into sports:

• Intramural teams that compete within the community can be a more affordable alternative to traveling teams. An intramural team will have fewer practices and games and rely on volunteer coaches in exchange for a lower price tag.

• As a parent, you can advocate for less rather than more. Do the kids really need new warm-ups every year? Can out-of-town travel be limited to one trip (or none) per season?

• Instead of just writing a check to cover the entire cost of participation, get your child’s team involved in fundraising activities. Many teams hold car washes and pancake breakfasts to reduce team members’ costs.

• For every dollar you spend on sports today, invest the same dollar amount in a college savings plan for your son or daughter.

• The opportunity to play on varsity teams is reserved for the very best athletes, so discuss with your child the possibility of earning a varsity spot or an athletic scholarship to attend college.

Costs aside, there are benefits of athletic participation on which you can’t put a price tag. Sports teach kids important lessons such as teamwork, discipline and learning to win and lose with grace. Physical fitness is another important benefit. Particularly for girls, participation in sports is linked to lower levels of drug and alcohol use and promiscuity.

Make an offensive play for your finances and talk to a financial advisor about what you can afford to put toward athletic participation. A knowledgeable professional can help you establish a budget for your children’s extracurricular activities based on your current income and savings goals.

AJ Jugan and Brian Stumpf are financial advisors and Certified Financial Planner™ professionals. Andrew (AJ) can be reached by calling 412-635-5813 or emailing andrew.m.jugan@ampf.com. Brian can be reached by calling 724-799-2782 or emailing brian.d.stumpf@ampf.com.