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Pattie Lovett-Reid

Chief Financial Commentator, CTV

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Just about any child in organized sport has dreams of making it to the podium. The medalists in Rio will leave not only with elevated reputations, but the potential to earn big bucks by way of endorsements and sponsorships. While the dream is big, expenses can be significant.  But only few win medals, when you think about the millions that participate in organized sport.

Many parents will foot the bill for trainers, rep teams and equipment and those costs can and do add up. According to a new survey by TD Ameritrade, many parents admit sidelining their own financial goals to pay for their children’s sports activities. Most parents spend between $100 and $500 a month and yet one to five spent a whole lot more: over $1,000 a month per child. As the costs escalate, 60 per cent of parents of these young athletes have little left for an emergency fund a third are unable to contribute to retirement savings while 11 per cent have cut back on college savings.

As the costs mount, here are a few ways to save a little along the way:

  • Volunteer to coach and that may help reduce fees
  • Consider buying used gear
  • Explore local consignment shops and go online to sites like eBay or Facebook swaps to find gently used pieces of equipment
  • When you are on snack detail, consider buying in bulk and remember there is nothing wrong with plain old tap water

By the way, if your child does make it all the way to the podium the Canadian Olympic Committee, rewards winners. A gold medalist will receive $20,000, a silver $15,000 and a bronze is worth $10,000. The actual prize money isn’t really all that much when you think of the costs and years of training; however, the return on investment is huge in so many ways.

But let’s say your child never gets to world class level, many parents still say the money spent on sports was well worth it. The life skills picked up along the way – leadership, sportsmanship, teamwork etc . And when it really comes down to it – isn’t that really the gold standard after all?