This is the time of summer when I might as well kiss my wallet goodbye.
Try as I might, I find it very difficult to rein in sports-related spending on my children. Soccer, baseball, basketball, tennis and other sports always seem to eat into my budget.
Take a recent weekend when I wrote a batch of checks for my teen's club soccer team -- uniforms, shoes, coaching fees, transportation costs, league dues, tournament registrations. Add it all up and it was well over $600. All this for a team that won't start practicing for months.
I love that all three of my children have been into sports. But when it comes to getting a grip on the costs, it can be a slippery slope even if you've planned for the expenses.
According to one report, many families spend $2,000 or more a year on sports-related expenses for their aspiring athletes. You can take a luxurious family vacation every year on that chunk of change.
Despite my out-of-pocket miseries, I've still learned a few things along the way on how to pinch pennies. And even with fall sports about to get under way, it's never too late to tighten the purse strings.
Start with a game plan for covering youth sports expenses and then try to live within your means. What portion of your income can you afford to devote to youth football, gymnastics and other activities? Look at what you spent last year and adjust upward.
If your son or daughter is considering two or three advanced-level basketball teams, for example, compare prices as you would with any other big-ticket purchase. One thing to watch: the extras that teams throw in during the season, such as sweatshirts, warmup outfits and an out-of-town tournament or two that will require a hotel room.
Given that so few youngsters will ever play sports in college or professionally, this is "not a case where spending more money is necessarily better," said Eric Tyson, father of three sports-minded kids and author of "Personal Finance for Dummies."
Naturally, you want to support your children's desire to try to play different sports, especially before the middle school or high school years. But does Junior really need to be playing on four teams this fall?
Depending on the age of your young athletes, ask them to pay half the cost for a catcher's mitt or a pair of cleats. This gives them skin in the game, and may actually cause them to appreciate the opportunity to practice and play, said Thomas Henske, a New York City financial adviser.
Equipment can be expensive, but you can save substantially by buying new and used gear online or through resale stores such as Play It Again Sports. Try to buy equipment, such as baseball bats, that will last a couple of seasons. Or perhaps friends and neighbors have lacrosse sticks or catching shin guards that you can borrow for a season.
Like cars, equipment companies come out with new models every year. Don't let your youngster badger you into buying the latest and greatest aluminum bat just because other kids on the team have it.
Stay in charge, and above all, know when to say when.
(Questions, comments, column ideas? Send an e-mail to srosen(AT)kcstar.com or write to him at The Kansas City Star, 1729 Grand Blvd., Kansas City, MO 64108.)
Try as I might, I find it very difficult to rein in sports-related spending on my children. Soccer, baseball, basketball, tennis and other sports always seem to eat into my budget.
Take a recent weekend when I wrote a batch of checks for my teen's club soccer team -- uniforms, shoes, coaching fees, transportation costs, league dues, tournament registrations. Add it all up and it was well over $600. All this for a team that won't start practicing for months.
I love that all three of my children have been into sports. But when it comes to getting a grip on the costs, it can be a slippery slope even if you've planned for the expenses.
According to one report, many families spend $2,000 or more a year on sports-related expenses for their aspiring athletes. You can take a luxurious family vacation every year on that chunk of change.
Despite my out-of-pocket miseries, I've still learned a few things along the way on how to pinch pennies. And even with fall sports about to get under way, it's never too late to tighten the purse strings.
Start with a game plan for covering youth sports expenses and then try to live within your means. What portion of your income can you afford to devote to youth football, gymnastics and other activities? Look at what you spent last year and adjust upward.
If your son or daughter is considering two or three advanced-level basketball teams, for example, compare prices as you would with any other big-ticket purchase. One thing to watch: the extras that teams throw in during the season, such as sweatshirts, warmup outfits and an out-of-town tournament or two that will require a hotel room.
Given that so few youngsters will ever play sports in college or professionally, this is "not a case where spending more money is necessarily better," said Eric Tyson, father of three sports-minded kids and author of "Personal Finance for Dummies."
Naturally, you want to support your children's desire to try to play different sports, especially before the middle school or high school years. But does Junior really need to be playing on four teams this fall?
Depending on the age of your young athletes, ask them to pay half the cost for a catcher's mitt or a pair of cleats. This gives them skin in the game, and may actually cause them to appreciate the opportunity to practice and play, said Thomas Henske, a New York City financial adviser.
Equipment can be expensive, but you can save substantially by buying new and used gear online or through resale stores such as Play It Again Sports. Try to buy equipment, such as baseball bats, that will last a couple of seasons. Or perhaps friends and neighbors have lacrosse sticks or catching shin guards that you can borrow for a season.
Like cars, equipment companies come out with new models every year. Don't let your youngster badger you into buying the latest and greatest aluminum bat just because other kids on the team have it.
Stay in charge, and above all, know when to say when.
(Questions, comments, column ideas? Send an e-mail to srosen(AT)kcstar.com or write to him at The Kansas City Star, 1729 Grand Blvd., Kansas City, MO 64108.)
