Planning And Paying For Your Child’s Activities

Everyone knows that raising kids is expensive. It is hard to understand just how much you may end up spending until you have some to raise yourself. During the early years, much of the money will probably go towards childcare, which can be as much as a mortgage payment in some areas. As they get older, however, another expense creeps in. It starts innocently, with your child wanting to play soccer, basketball, or some other sport. Maybe it is horseback riding lessons. Maybe the idea is yours, and you sign them up for piano lessons. As they get older, most kids will want to participate in some type of activity outside of school.

For some children, this can be the beginning of a lifelong passion or brilliant athletic career. For most, however, it is something to do with their friends where they learn, both about their chosen activity and some life lessons. Regardless of the activity, coming up with the money can be a challenge. There are, however, a few ways you can help these activities fit into your budget.

Lower Your Monthly Expenses

You only have a certain amount of money to spend each month. Sometimes the easiest way to afford something new is to cut back somewhere else. Of course, it isn’t always that simple. Maybe you plan to eat out less and eat less expensive convenience food. You’ll soon learn that your child’s activities often disrupt your normal evening routine. Many parents find themselves eating out more and grabbing quick convenience items more frequently when their child’s activity is going on. One way to quickly lower your monthly expenses is by refinancing your student loans with a private lender. When you refinance student loans you can change the terms and interest rates, saving money each month.

Plan Ahead

Have a separate account for your child’s activities. Put a little aside each pay period along with any unexpected money you may receive. Take a hands-off approach to this money, using it only for your kid’s activities. If you want to beef up the account, consider taking a temporary part-time job. Working retail during the holiday season, taking a shift or two a week at your local coffee shop, or otherwise finding a low-stress position with flexible hours allows you to build this fund quickly.

Make Friends with Other Parents

Children grow up so quickly that most parents end up with outgrown cleats, helmets, shin guards, and whatever other paraphernalia goes along with the activity. Let the coach or instructor know you are interested in purchasing used and they can spread the word. At the end of the season, or the beginning of the next season, try to re-sale your child’s outgrown gear to help pay for new purchases.

Be Realistic

Team sports are a lot of fun, teach many great lessons, and are worth the investment. School and community-sponsored activities are typically very affordable. Travel leagues are less so. Not only do you pay more for your child to play on a travel league, but you also have hotel expenses, fuel costs, and potentially time off work to allow your child to play. With any activity, it is important to understand your limit. Encouraging participation and cheering on your child is important, but it is okay to say no if time or finances are tight.