Budgeting

The Money Mom: When it Comes to Funding Children’s Passions, How Much is Too Much?

Posted by Jean

It’s not new news that kids are a big investment. According to estimates from the U.S. Department of Agriculture, it’ll cost parents anywhere between $205,460 and $475,680 to support a child born in 2009 until they’re 17 – estimates that do not  include college tuition (an expense I’ll be facing in the next few years). And it’s not just money you’re expending, it’s time.  The financial impact, researchers note, corresponds with the time spent on kids and their various activities.
 
The mother of a tennis player and a horseback rider, I know all too well what a new racket or pair of riding boots will set me back, in both minutes and dollars. But after a recent conversation with a friend, who’s three children participate in a collective 13 extracurricular activities, including (but not limited to) youth hockey, lacrosse, ballet, and swimming – I feel like I might be getting off easy.
 
Take their nine year-old hockey-playing daughter. A true tomboy, hockey is just one of the sports she has in common with her eleven year-old brother. According to USA Hockey, parents spend between $5,000 and $10,000 a year on the equipment, team fees, and travel expenses for each of their hockey-playing children. So, if we’re generous, that’s about $15,000 between the two of them. However, that doesn’t begin to include the indirect costs – the babysitter they need to hire for their three year-old when tournaments keep them out until 11 PM on a Wednesday, or the over-priced hot dogs and fries they grab at the arena for dinner. Nor does it count the value of the minutes spent at 6 AM practices, weekend tournaments, and the ones spent in the dentist’s waiting room (which might be significant, considering the sport).
 
So how much is too much? “Participating in youth sports, pageants, and the like help kids build confidence and learn teamwork,” says Jeannette Pavini, Household Savings expert at Coupons.com, “but a red flag should be up if it’s affecting the family budget, lifestyle, and other family members.”
 
So how can you save – and teach your kids that there’s a point where the expenses need to end? Pavini had some tips and ideas to share.
 
Get them involved. Teaching your children the value associated with these activities can help them put it into perspective. “If you have your children take on extra chores, or explain to them what each practice or lesson is costing you, they’ll understand what it really means financially,” says Pavini. The cost-per-wear concept works well here – if you’re spending $1200 on a baseball season, but because of other games or practices, they’re only attending two or three sessions a week, you need to ask your child to pick one or the other – that way, you’re spending less, and what you’re spending on becomes more worthwhile.

Set a spending cap. Especially now, when families are tightening their belts, it’s important to set some spending ground rules to avoid any major fiscal repercussions. “If you can afford for your kids to try a bunch of sports, then go ahead and let them experiment!” says Pavini. But if your financial situation is a little more restricted, then you need to do some research on what a new sport or after-school activity will really cost once you add in all of the extras. If it’s too much, then you may need to cut an activity altogether – or see if there are any deals if you decide to only participate a few days a week.
 
Decide what’s a passion, and what’s a whim. Kids often want to try something new because their friends are doing it – whether it’s football or dance classes, you should always give your kids the chance to try it out. “Until you’re convinced that this is something they’ll commit to,” warns Pavini, “don’t make any big investments.” Many retailers like Play it Again Sports will rent used equipment, and often group lessons will come at a discounted rate.