15 Ways to Save Money on Extracurricular Activities
As the school year creeps closer, most parents are laser-focused on notebooks, backpacks, and new shoes.
But there’s another major expense waiting just around the corner – and it’s one that often flies under the radar until it’s too late: Extracurricular activities.
Whether it’s soccer, piano, art, or dance, after-school activities aren’t free – and the costs can quickly snowball.
Consider these findings from Lending Tree.
- 71% of parents with young children say at least one of their kids participates in extracurricular activities – sports top the list at 70%, followed by music (41%), and dance and art (tied at 28%).
- Parents with kids in extracurriculars spend a yearly average of $731 per child on activities, with the majority (62%) saying they’ve been stressed about paying for it.
- 42% of these parents say they’ve taken on debt to pay for their kids’ competitive activities, while 47% agree their children’s outside-of-school activities are at least somewhat of a financial strain.
- 89% of parents with kids in extracurriculars plan to spend money on summer activity programs, with the average spend totaling $1,453 across all their children.
- 42% of parents say they’ll go into debt to pay for those summer programs.¹
We believe that no parent should feel pressure to go into debt for extracurriculars.
You want to give your children enriching opportunities, but not at the expense of your financial stability.
That’s why we’ve rounded up 15 practical ways to save money on extracurricular activities without sacrificing the fun or growth they offer.
1. Understand the Real Costs
Like most things, there are always hidden costs for extracurricular activities. Costs tend to go far beyond the registration fee and the monthly fee.
Before you commit, find out about the cost of equipment, uniforms, recitals, trips, etc.
2. Look for Discounts
Many extracurricular programs offer discounts, but you must look for them.
For instance, it is common to offer early bird discounts for those students who sign up early.
Additionally, some programs offer referral program discounts and sibling discounts.
When in doubt, ask.
3. Budget Accordingly
Don’t add on extracurricular activities on a whim – make space in your budget.
Again, pay attention to hidden costs and create space in your budget accordingly.
4. Buy Used Equipment
A smart way to save money on extracurricular activities is to buy used equipment rather than brand-new equipment.
Visit secondhand stores, such as Play It Again Sports.
Check online resale groups, such as local Facebook Marketplaces.
Ask fellow parents if they have any hand-me-downs.
5. Look for Cheaper Alternatives
The truth is that some extracurricular activities are more expensive than others.
For example, equestrian sports, ice hockey, skiing, and gymnastics tend to be pricey.
In comparison, sports such as soccer, track, and basketball tend to be more affordable.
6. Prioritize Correctly
As much as you want your children to be happy and have every opportunity, it’s important to prioritize.
For example, if you find yourself going into debt or cutting back on 401(k) contributions to cover the cost of your child’s extracurriculars, you may find yourself struggling financially in the future.
While you may pay for your kid’s activities tomorrow, you may discover they will have to pay for your retirement or future medical bills.
7. Wait to Make Big Purchases
When your child is excited to try a new activity, it may be tempting to go all in and buy the best of the best.
Don’t. Wait to see if the activity is something your child actually enjoys and is good at.
Your child may want a top-of-the-line baseball bat, but that doesn’t mean it is worth it. Especially if he only ends up playing one season.
8. Save for It
If your child loves an extracurricular activity, make a point to save for it.
And include your child in saving money.
Explain that the costs add up and you need to look for ways to cover the expenses.
Consider asking if family members will contribute to an extracurricular fund for birthday gifts.
9. Utilize School Extracurriculars
One of the best ways to save money on extracurricular activities is to take advantage of school opportunities.
While there are costs to participating in school extracurricular activities, they tend to be significantly less than travel teams.
Some extracurricular activities, such as debate team or themed clubs, are very affordable.
10. Learn to Say No
Many parents have their children enrolled in multiple extracurricular activities.
They have plans every night of the week, and they are stressed about their finances.
It doesn’t have to be this way. All you have to do is say no.
Make it a family rule to only have children enrolled in one activity at a time.
It will help your calendar and your wallet.
11. Carpool
Driving back and forth adds up, too.
Find a fellow parent with whom to carpool.
12. Go with Groups
Along with carpooling, look for other opportunities to do more as a group than as an individual.
For instance, private, individual lessons cost significantly more than group lessons.
Purchasing bulk shirts is less expensive than individual shirts.
Splitting the costs of food as a group is another way to save money.
13. Seek Financial Assistance
If your child really wants to be involved in an extracurricular activity that may be out of your budget, seek financial assistance.
There are often scholarships or financial assistance available for those in need.
14. Be Realistic
We feel it is important for parents to be realistic when it comes to their children’s extracurricular activities and their future.
According to Lending Tree, “Of those with kids in activities, 68% think these extracurriculars may lead to future income or career opportunities for their kids. Dads tend to be more optimistic about the future payoff than moms, at 74% versus 61%. […] 78% believe their kids will continue their extracurriculars into college, and they’re hopeful their kids’ dedication will pay off. And of this group of parents, 80% think their kids will receive tuition assistance — that’s particularly true of six-figure earners (87%).”²
However, “fewer than 2% of high school student-athletes are offered athletic scholarships.”³
We understand this can be a tough pill to swallow, but it is a truth parents need to acknowledge.
LendingTree chief consumer finance analyst Matt Schulz explains, “Chances are that your kid isn’t going to be the next LeBron James, Serena Williams, and Lionel Messi. In fact, chances are your kid won’t even get a college scholarship to pursue that extracurricular activity. There’s nothing wrong with your kids dreaming big dreams and following big goals, but when it becomes clear that the pursuit of those dreams may start having a big negative impact on the family’s finances, it may be time to have a difficult conversation with your kid.”⁴
15. Speak to a Financial Advisor
If your child is excelling in a pricey extracurricular activity, it may be wise to speak to your financial advisor.
A financial advisor can help you make changes to your budget that can help you cover extracurricular expenses and still prepare for a financially secure retirement.
We regularly post videos with financial information and updates. Check us out on YouTube.
SOURCES
- https://www.lendingtree.com/credit-cards/study/kids-extracurriculars/
- https://www.lendingtree.com/credit-cards/study/kids-extracurriculars/
- https://www.lendingtree.com/credit-cards/study/kids-extracurriculars/
- https://www.lendingtree.com/credit-cards/study/kids-extracurriculars/
