Sports are an essential part of families with kids. When your kids are good at what they do, it can start to get more and more expensive. This rising cost of sports is going to impact your debt management efforts.
How to Manage the Cost of Sports
If your kids are actively engaged in sports, between games and practices, you will know travel is inevitable! This means hotel costs, eating out, and on top of it all, if you have a pet, their boarding costs as well. These are only some of the incidentals when it comes to the cost of sports. Here are some ways to cut the costs, without taking away from the fun or life lessons sports offer:
Registration and tournament fees can add up and build up too much debt. It is always a good idea to ask if they offer payment plans. If the option is available, take it! The steep cost of sports spread across a longer period will ease the stress on your budget.
Work with the absolutely necessary:
Most often if your kid excels in sports, you are looking at the potential for college scholarships in the future. If that is your goal, working towards it is important. However, evaluate to see what is absolutely necessary to reach that goal! Every boot camp or travel team may not be needed. So pick your battles, and explain to your kid why they should too! It will be a good teaching opportunity as well!
Work within limits on what you are willing to spend:
Sports equipment is an expensive affair. Your kid necessarily does not need the trendiest sports shoe in town! If the shoe is in good condition it is ok for them to go another year with the same pair! Set standards on sports gear such as bats, hockey sticks etc. Look out for used gear as well. You will most likely score a good bargain!
Pack food for after practice:
This may sound like it does not matter. However, if you are going for sports practices four times a week, the cost of eating out can add up to your credit card debt. So, pack up a cooler with snacks and water for after practice!
If you’re struggling to pay off debt, ACCC can help. Schedule a free credit counseling session with us today.