When Monisha Sharma looked into swim lessons for her daughter, she decided to take an unconventional route to save costs.
Traders' odds of a 25 basis point Fed cut now stand at 85%, from around 50% just days ago
"When you look at the rising costs, all these things add up very quickly — 'Oh, it's only $50 for this or $100 for this.' And then you're looking at thousands, which is shocking to me; thousands of dollars on an annual basis," Sharma said. "I think a lot of people are feeling like it's harder and harder to afford," said Scheele, who has spent much of his career advising parents on how to budget for their kids' high-level sports journeys.
If it seems a child has the potential to pursue their favourite sport at a competitive level over the long term, Scheele recommends families start preparing early for the financial burden. Just like planning for retirement, he said it's important to have a plan in place that accounts for both known and unknown costs associated with their child's athletic path.
Sharma, a personal finance expert who is chief revenue officer of Fig Financial, said parents are increasingly facing difficult decisions about prioritizing and limiting after-school activities in order to make ends meet. She said one of the major consequences to the rising cost of athletic programs is that "it pushes out kids that are not superstars."
"Sport teaches the life skills that they'll carry with them the rest of their life, how to be a good teammate, how to work hard toward things, rules and consequences for breaking rules," he said.
Rising Costs Monisha Sharma Costs Chris Scheele Kids
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