Parents need to consider whether it’s worth the financial effort and commitment to chauffeur kids out of town on weekends for tournaments.
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Ms. Appleton-Benko has personal experience with competitive sports as her daughter participated in figure skating at a national level. The first question, she says, is making sure competing is something the child actually wants to do and they understand the commitment level. She found the money discussion often came much later in the process, well after the family had figured out a schedule with school, carpooling, and made the initial payment.
Always ‘leave a buffer’ Elke Rubach, principal at Rubach Wealth Holistic Family Advisors in Toronto, likes to have her clients plan for contingencies. Like home renovations, she notes competitive sports almost always cost more than anticipated. “Sometimes they’ll say yes, but often as they continue [with competitive sports], sometimes they’ll say ‘this is the last year we’re doing it,’” she says.
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