Are you a parent of at least one child or an adult considering having a child in the near future?
Ever consider the cost of raising a child in today’s world?
It’s no secret that adding another person into your family undoubtedly comes with some increased costs, though just how much do these costs amount to over the course of raising a child?
A report published by the Department of Agriculture states that the total cost for a two parent, middle income family to raise a child in today’s economy is $226, 920. This is the total price before any extracurricular incentives, such as sports, are added into the equation.
If you are currently raising a child or plan to in the near future, it is a near guarantee that your child will participate in sports. In fact, 2012 saw roughly 35 million kids participate in at least one activity annually. That is near 60% of all kids nationwide! The breakdown reflects that 66% of boys and 52% of girls all participated in sports outside of school.
While these added sports are of great importance to the development of children, they are by no means free of charge. Here is a breakdown of the numbers concerning the cost of kids’ sports are what they mean for you and your children.
Estimated Cost of Some of the Most Popular Sports
Fees/Travel Expenses Associated with Some Popular Sports
- Softball: $4000/year
- Hockey: $1200/year
- Figure Skating: $1200/year
- Father of two with children in multiple activities each year: $11,704 combined
The Numbers According to the Kids
- 37% said they wished their parents wouldn’t watch them play
- 65% said they played sports only to be with friends
- 71% said they didn’t care about the score
- 90% said they’d rather be on a losing team and get to play then be on a winning team and sit the bench
Smart Spending Tips for Parents
- Enroll children in a local recreation league, find a sponsor for your child’s team, or hold a fundraiser to offset the cost of supporting a team
- Buy previously used equipment that is available at a fraction of the cost and is already “broken in”
- If your child is playing a spring sport, consider buying their equipment in the fall
- Use available apps and online sites to locate deals on uniforms and other essential gear
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