How to Reduce Expenses on Your Kids’ Extracurricular Activities

A quick money tip from Lynnette Khalfani-Cox, The Money Coach®

We all know that children can benefit from participating in after-school activities.  In fact, they can often lead to students finding college scholarships or developing an interest in future careers.

However, participating in sports, artistic programs, musical performances and other events can be costly. But one way to greatly reduce expenses is to search for and purchase used items, rather than buying everything new. Whether your student needs hockey gear, a violin, or art supplies, there are plenty of online resources and apps that can provide more affordable alternatives for sporting, musical or art-related equipment.

If your child is into sports, you’ll really want to ensure that you only buy used items. That’s because The Kids Play USA Foundation — which tracks the average cost of school and non-school sports in America — estimates that participation fees alone cost between $100 and $400 per child, per sport each season. Add to that the sporting gear you may need to buy, and it’s easy to see why opting for pre-owned equipment is the financially smarter route to go.

Bonus tip: before buying anything new or used, first see if you have any old equipment of your own to sell for extra cash.

 

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Extra Credit provides general information to help improve our Member’s financial lives. Every situation is different, so please contact us for guidance on your specific needs. The advice provided in Extra Credit is not intended to serve as a substitute for speaking to a loan representative, financial advisor, or BALANCE counselor who can help tailor a solution for you.

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