By Charlestien Harris
Football, basketball, track, band, tennis – you name it, your child could potentially participate in any number of extracurricular activities. As a loving and supportive parent, you may not have considered how much money you’re spending on items like equipment, uniforms, instruments, and other fees associated with after-school activities.
It can get quite expensive, especially if you have more than one child participating in these activities, like I did! Here are a few suggestions to help you stay on track with your household budget while still supporting your child:
- Consider the sport they choose to participate in.
No matter what sport or activity your child participates in, most come with a cost. You might want to start with the least expensive activity until you can determine whether your child is happy with their choice. Running out to buy the most expensive equipment might prove to be a costly mistake, especially if your child only participates once or quickly loses interest. - Review the costs from the previous year.
If your children are involved in extracurricular activities, start planning how to pay for them. Look at last year’s costs and use those to estimate your expenses for this school year. Begin setting money aside in a high-yield savings account so that the costs of sports, arts, music, and other activities don’t hit your budget too hard. Figure out how much time you have before payments are due, and decide how much of each paycheck should go into the special savings account. - Check if the school offers a payment plan or financial assistance.
Some schools are committed to ensuring all students can participate in extracurricular activities, so they may offer a payment plan, sponsorship, or a used equipment program to help defray costs. There are also organizations that help children access extracurricular activities regardless of their socioeconomic status. - Offer to volunteer your services.
Nothing helps a budget more than including “free” or low-cost items. Local teams or activities may lower costs for volunteer parents. Depending on your level of involvement, you might be able to have your child’s fees reduced or even eliminated. If you’re willing to be a team parent, manage the organization’s website, distribute snacks, or tote equipment, you could make the cost of some activities more manageable for your family. - Look for outside organizations that offer similar activities.
Utilizing community resources can help fill your extracurricular schedule without spending a dime. Local libraries may offer book clubs, craft clubs, or story times, all for free. Your place of worship may also have a youth group with a variety of activities throughout the year. Additionally, some local businesses sponsor community activities such as football, swimming, T-ball, or organized league basketball. - Have your child help pay a portion of the cost.
If you have a teenager old enough for a summer or after-school job, encourage them to get one. Younger teens and tweens can babysit, mow lawns, or walk dogs. Even school-age kids can earn money by watering plants for vacationing neighbors, collecting cans and bottles for recycling, or hosting a lemonade stand. When the cash starts rolling in, a portion of it can be put toward activity fees. This will teach them the importance of budgeting and sticking to it. - Save a little at a time.
One of my most popular savings activities is called the “pop and chip” plan. A bottled water or drink can cost at least $1.50. Try saving that amount each day for seven days; you will have saved $10.50. Now, save that $10.50 a week for a month, and you’ll have $42. If you save that $42 for an entire year, you’ll have saved $504. Now, let’s consider that as the “pop.” We often pair a drink with something to eat, so let’s double the savings each day, week, and month, which will add up to $1,008! This can really help defray costs when paying for after-school activities for your children.
For families with tight budgets, now might be the time to have a heart-to-heart financial conversation with your children about limiting some of their extracurricular activities. Encourage them to decide what is most important and focus on that. But if they really want to participate in multiple activities, at least you now have some ideas on how to afford their participation.
For more information on this and other financial topics, you can email me at Charlestien.Harris@banksouthern.com or call me at 662-624-5776. You can also visit www.banksouthern.com/blog.
Until next week – stay financially fit!