Life

Affording the Cost of Children’s Sports

By IG Wealth Management • May 2016 •

Financialplanning

Every child should play sports, but not everyone can pay for it. Here’s how to make sure those games don’t break the bank.

Many Canadians do not build these costs into their budget, opting instead to hold their breath and try to pay each bill as it comes up.

Recent surveys estimate the annual cost of children’s sports at just under $1,000 per child. Those expenses increase as children become more developed, competitive athletes.

Yet many Canadians do not build these costs into their budget, opting instead to hold their breath and try to pay each bill as it comes up, including travel expenses, summer training camps, new uniforms and equipment.

Here are a few ways to help you afford the cost of children’s sports:

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Track your expenses

Write down all costs associated with your child’s sport. Understanding how much you spend is the first step to being in control of the costs.
Share a ride

Splitting the expenses of travelling to practices, games and tournaments with other families will save you money.
Pack a lunch

Bring coolers filled with fresh food from home, instead of eating out while on the road.
Buy second-hand

Many stores sell gently-used sporting goods and when your kids outgrow their equipment, you can relist it online or sell it back to the used retailer.

Sports encourage a lifetime of health and fitness and are an important part of a child’s development. Make sure they fit into your family’s financial plan, too.