CompareCards.com recently did a study of over 700 parents with young children who are enrolled in extracurricular activities. In the study 8 out of 10 parents believe that one day those activities will bring their child extra income in adulthood. Activities range from athletics to music and art and beauty pageants.
Sports teams are the most popular activity seen as potential money-makers (30%), followed by music (16 %), dance (15 %), gymnastics (12%), cheerleading (9%), martial arts (8%), beauty pageants (3%) and debate (3%).
Sixty-two percent of those in the CompareCards.com survey revealed they have been in debt for their kids’ activities, and one in three are still paying off a related debt. Almost one in 10 (9%) of those in debt owe more than $5,000, and 27% owe more than $3,000.
What can we do to support our children’s passions without incurring debt?
Consider lower-cost alternatives: Start first through school offerings and through your cities’ parks and recreation offerings. These are more cost effective than private lessons or lessons through for-profit companies.
Save for the expense.
If your kid will need several hundred or several thousand dollars for that special league, camp or competition, make saving for that a priority in your budget. Putting away a few extra dollars a week adds up.
Have your kids pitch in.
This will also reveal how passionate your child actually is about the activity. If your child is passionate enough about the activity to be willing to mow a neighbor’s lawn or walk dogs, that is a good indicator they are truly passionate about the activity.
For more information contact your Yuba City bankruptcy attorney at (530) 797-4402.
Categorized in: Debt