Sports are great for kids; offering fun, fitness, companionship, success, failure, discipline, and higher grades.
But sports can also be a financial burden for parents who often go to extreme lengths to support their athletic kids.
New research shows that families spend up to 10 percent of their income on youth sports in what has become a $15.3 billion industry. The costs may begin modestly, but they rapidly add up in equipment, coaching, club fees, and travel expenses.
Parents may hope their money pays off with a college sports scholarship or even a ticket into professional sports, though the odds of the latter are very low.
No matter what happens in the long run, there's no point in going broke in the short run.
Parents can reduce equipment costs by buying second-hand equipment. For the athlete, comfort and utility are the best indicators of worth, and it is often better not to chase trends. Level with your player about how much you can afford to spend on his or her activities.
At a certain level, skilled players will look for increased competition with a traveling team. These groups can be pricey but are often worth the expense to a promising player. Uniform, travel, and tournament costs are unavoidable, but researching teams can uncover less expensive programs that put a bigger emphasis on player development than showmanship. Cut down on travel expenses by packing lunches.
Look hard before you invest in expensive, elite summer camps. Promises of greater exposure can be seriously over-stated.
Private coaching and training can be promising, but set realistic goals for such an arrangement.
Best advice: Don't go in debt to finance youth sports. Have fun and support your kid, but don't put your family's finances at risk.