New research from ING DIRECT reveals that budget-wary parents are encouraging their kids to choose a particular sport – and nearly a third (29%) say the high costs is the reason.
More than a third (36%) of parents pay more than $500 per child per year for kids’ sports, with one in ten paying over $1000 per child per year.
That can quickly add up for parents such as busy Sydney mother-of-four Katrina Fisher, below.
She knows all about forking out to see the kids play their favourite sports.
Her children Tyler, 11, Takoda, 10, Kahlia 8, and Zahlee, 6, play three to four each with an annual combined bill well over $10,000!
Although their health and happiness always comes first, Katrina admits the cost, travel and early starts are draining at times.
The thought of consistently transporting a car full of children long distances was also a big factor that played strongly on women’s minds in the ING DIRECT research.
Nearly half (42%) said the location of games and training was the main reason for guiding their child to, or away, from a particular sport, while men were three times less likely to do so (14%). Beyond cost considerations, the other top reason both parents gave for steering kids to a particular sport was the amount of time it would require (34%).
But Katrina does have a few tips and tricks to take the strain off, without compromising on the fun factor.
She says planning ahead is key.
“Putting money aside for upfront registration and other isolated costs you know are upcoming is a great way to keep on top of finances,” says Katrina.
“Making monthly payments for ongoing sports rather than paying quarterly is also a great way to avoid bill shock later on.”
Here are Katrina’s other top cost-saving tips for parents:
- Organise a group with other parents to swap outgrown equipment each season
- Understand your health fund and whether it can help [Katrina can claim her children’s learn-to-swim classes]
- Create Facebook groups with other parents in the team to organise car pools
- Pack lunch rather than buying at the venue
- Pay costs upfront where possible rather than putting them on credit which can cost more down the line
- Sell used equipment