How much do you think you spend on kids' sports?
The cost of sending your son or daughter away for a week or more to a sports camp this summer can be daunting. But, for many, it’s all about helping talented kids realize their potential. And the sky is the limit in that case -- particularly when it comes to athletics.
According to the latest research by Investors Group, Canadian parents invest an average of $1,658 per year on their children’s athletic pursuits, although it's not unheard of to hear tales families spending four or five times that.
Forty-seven per cent spend at least $1,000 or more on lessons, equipment, camps, tournaments, and other expenses involved in supporting athletic extracurricular activities.
While roughly half say they haven't made sacrifices as a result of these financial commitments, 38% say they forgo personal expenditures on shopping and entertainment and 19 per cent have given up family vacations.
And it's not just the upfront dollars, of course: “In addition to hard dollar costs, there are a myriad of hidden costs that families need to consider,” says Investors Group sokesman Dan Collison.
“Combined, they can result in a bigger investment than expected with longer-term impact on family finances and overall quality of family life. Parents need to be cautious about losing sight of their overall financial well-being by planning ahead.”
How much are you willing to spend on sports for your kids? Has that number been climbing recently.
By Gordon Powers, MSN Money