It’s everywhere, the Olympics, the Stanley Cup, the Superbowl. But its often forgotten how quickly sports costs can add up.

Lets use the Olympics for example, you want to support your country so what do you do? You go out and buy the apparel that was designed for your country and $100 later you are a proud Canadian supporting your country!

But besides apparel, there are many other hidden costs associated with sports. After being inspired by our gold medal athletes at the Olympics your children decide they want to be the next superstar at the next Olympic games. Great idea, but as the parent, you’ll need to consider the costs and commitment it takes to reach that kind of level.

The cost does not stop at just the registration fee for a local club/league. You’ll need to think of the cost of the uniform, sports equipment or perhaps the cost of a weekend tournament away. The cost can creep up quickly, whether its hockey, curling, dance classes…

Sports are a great way to come together with friends and family, and form a great sense of community and most parents encourage the participation of their family in some form of recreational/sporting activity. Studies have shown that people who participate in sports are healthier and more focused on day to day tasks. They are a big and important part of many people’s lives and who knows – maybe your child could actually end up being the next gold medalist!

Check your local city activity guide, and see what your city has to offer. Often times they will offer low cost, or free activities for all age groups, taking advantage of what your city has to offer is a great way to stay active while keeping on budget.

If you find your financing the costs of sports on credit, then that could be a sign that it could be costing a little too much. Look for alternative ways to reduce your costs; different clubs that may be cheaper, shop around for equipment – is anyone selling second hand gear that you could use. Look for a sponsor – maybe a company out there would be willing to sponsor your team and pay for new equipment/uniforms in exchange for a little advertising.

If you feel that financing the next “Sid the Kid” is putting too much of a strain on your personal finances and you’re looking for help with your debts, feel free to contact us by email or telephone at 519 622 3773, so we can make a plan to help you deal with your debt. Although I can’t guarantee you a gold medal at the next Olympics, we can offer advice that can help keep you and your family on the right track in your finances.

Blog post by Danielle Ratford.