Organized sports are a great way for kids to stay active, make friends and develop character. But there’s no denying that the cost of childhood athletics is expensive. And while you may not be raising an Olympic-caliber athlete, if your child is one of the 45 million kids between ages 5 and 18 who play an organized sport in the U.S.1, you know about the financial commitment all too well.
Expenses can add up quickly, and it can be easy to lose track of the cost for your child to be on the team.
What can you do to feel in control of athletic costs? First and foremost, create a budget for each sport and season your child plays with these five expenses in mind:
1. Athletic training. Typically, the largest sports-related expense is skills training and team building
activities. You can anticipate these costs by adding up the price of each sport camp, specialty
class and clinic your rising star may attend next season. If your child has an opportunity for
private coaching or to attend a workshop with friends, consider whether or not it makes sense
financially for him or her to participate.
2. Equipment. Trends in the sporting goods industry are constantly changing. So how often do you
need to replace your child’s equipment, practice clothes and warm-ups? While you don’t have to
follow every trend, keep in mind that the right equipment – meaning it fits properly and meets
safety standards – can prevent injury. If you’re unsure about whether you should replace the
softball bat or football pads, get a recommendation from your child’s coach or an expert at your
local sporting goods store.
3. Travel. Whether it’s a weekend game in a nearby town or an out-of-state tournament, travel is
becoming more frequent in youth sports. Make sure to find out what travel is expected so you can
plan transportation, hotel rooms, meals and time off work into your budget.
4. Participation fees. In addition to team or school fees, there’s often pressure to purchase items
commemorating the season. Custom t-shirts, embroidered equipment bags, team pictures and
post-game celebrations can add up. Keep an open dialogue with your child so they know what
items you’re comfortable purchasing.
5. Health care. While you never want your son or daughter to come home injured, it can happen at
any time. And it becomes more common as athletes move into more competitive levels. Prepare
for these events by making sure you understand how your health care coverage applies to walk-in treatment, emergency care and preventive costs. Broken bones, sprained ankles and repetitive
stress injuries happen, and you’ll want to be ready for any out-of-pocket expenses.
It’s challenging to put a price on supporting your child’s athletic talent and interests, but it’s important to put the cost of athletics into perspective. If you know the true financial commitment of your child’s athletic season, you can feel confident that your level of investment makes sense for your child, as well as your budget.
1 Open Access Journalism of Sports Medicine
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Cody Sims, CRPC, AAMS, AWMA, is a financial advisor and franchise owner with Ameriprise Financial Services, LLC. in Chattanooga, Tn. He specializes in fee-based financial planning and asset management strategies and has been in practice for 27 years. To contact him, ameripriseadvisors.com/james.e.sims, 423-648-2900, and 412 Georgia Ave., Suite 210, Chattanooga, Tn. 37403.
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