How planning ahead can ease the financial burden of your child’s sports commitments

Getting kids involved in sports offers many benefits. Aside from promoting physical fitness, sports give kids a great opportunity to develop confidence and sportsmanship, learn team building, and experience the rewards that come with working toward a common goal.

But, as interest rates continue to rise and the cost of living remains a challenge for most Canadian households, keeping kids involved in sports is becoming increasingly difficult. According to MNP’s latest Consumer Debt Index, 52 percent of Canadians report that they are $200 or less away from not being able to meet all their financial obligations.

As registration fees, equipment, uniform, and travel costs continue to increase each year, consider these tips to help keep children involved in the activities they enjoy.

Plan Ahead

It’s important to include sports activities in your monthly budget rather than attempt to come up with a seasonal outlay of cash to pay registration fees and equipment costs at one time. Consider opening a savings account that is intended specifically for sports and build a fund in advance based on monthly contributions. You may have to review other household expenditures (e.g. dining out) and make sacrifices along the way.

Parents can also devise a game plan by talking to other parents with experience in the sport at the same level, to get a sense of the costs involved. While basic registration fees may be clearly posted online, the unique and often substantial expenses associated with club teams can be more easily projected by talking to people involved in prior seasons.

Look for Discounts

Another reason for planning ahead is that you may be able to take advantage of lower early bird registration fees. Furthermore, paying these fees from your existing sports budget is a true cost saving move. Using a credit card or other interest-bearing credit facility diminishes the benefit of paying early. If you are unable to pay up front, confirm if a monthly payment plan is available rather than using credit.

Used Equipment

Where possible, properly maintain and store your equipment for use by siblings who may be interested in the same sporting activities in the future. Used equipment is also readily available for sale on online marketplaces, yard sales, occasionally swap meets, and even some local sporting goods stores are known for taking used items on trade for resale.

Talk with other parents. For example, if your son has outgrown his left-hand hockey stick and his younger sibling shoots right, you may find that another parent on the team or elsewhere is in a similar predicament and a trade can be made.

Pool Resources

Again, consult with other parents and look for ways to reduce your travel expenses and other related costs. For example, you may be able to find another family who is interested in taking turns getting kids to practice or car pooling to games. This can also apply to other areas such as forming small groups to make private training or coaching more economical. The cost of private one-on-one sessions can be substantial depending on the sport. Including a few other participants can help reduce the cost without losing the impact or effectiveness of the training.

Volunteer

Look for volunteer opportunities in the organization to coach, manage, or perform some other function (e.g. board member, work in canteen) that may reduce or eliminate your registration costs and/or possibly other expenses relating to uniforms, team apparel etc.

Limit Your Focus to One or Two Sports

Today many sports are all encompassing and leave very little time or resources to be actively engaged in another activity. Consider playing one sport per season and participate at a level that fits your budget. It may not be financially possible to participate at a club or more elite level, and you may have to sacrifice a certain level of participation in one sport to afford a second one. Choose a sport or activity that your child really loves and is passionate about, knowing that only a very small percentage of athletes advance to the university or professional levels.