Sports and Healthy Money Moves for The Win
- Cate Morris, Scout Financial Solutions | May 29, 2021
Han/Hello! So, I heard it in the wind that your youngster is a play-making star athlete who’s shining bright and will continue to rise.
That is fantastic news! Congratulations! We Indigenous people are always happy for and proud of all who excel! And bravo to you for committing the time, energy and money to help junior/juniorette reach such levels. Travelling down the sports highway is rewarding but is no easy task and is especially difficult on the wallet.
In support of Indigenous excellence in sports, this column will share healthy money moves to help rising sports stars break records without their grownups having to break the bank.
The amount of money required for athletes to participate and excel is significant. Evaluations, league fees, team fees, equipment, supplies, training camps and tournament fees can easily reach thousands of dollars per athlete in a very short time.
If talent leads to representation on elite competition and travel teams, more financial commitment is required. That means money will very likely be scarce right up until the big leagues come calling. If money is no issue when it comes to raising the next Great One, carry on. But if it’s a concern, read on!
One of the first things to consider is making adjustments to the household budget. Don’t have a budget? Now is a great time to create one.
A standard budget lists all income sources on their deposit dates and minuses all expenses on their due dates. List regular expenses like shelter, utilities, and food (to name a few) but also include Sports/Activities as a regular expense. Work the numbers well to make sure extra money is set aside each month for this expense. And keep at it during months without Sports/Activities so that you can build up a good amount. Think of the last point as off-season training for when it’s Go Time.
Don’t keep the monthly savings for sports in your regular day to day banking account where it could mistakenly be spent. Instead, move it to a savings account so it will be out of sight, out of mind until the activity related costs arise.
Contact your financial institution about opening this savings account and make sure it is free to use. Most financial institutions have several free options and some even pay a small amount of interest. Nicknaming accounts in relation to the savings purpose encourages healthier savings activity.
I use a free e-savings account nicknamed “Activity/Sports/Travel” but feel free to choose one of your own liking – perhaps “All Star Savings”?
Another option to financially support youth sport is through fundraising – both individually and as a team or other defined group. If this sounds like a good option, be sure to check with local regulations. Some activities could be considered illegal without proper permits.
A benefit of proper permit issuance is the bonus of top-up grants based on sales. And don’t forget to check out the many sponsorship programs available: KidSport, JumpStart, Dream Brokers and Creative Kids Saskatchewan, to name a few. It’s also worth looking into Jordan’s Principle and asking the various corporations that do business with, in and for First Nations communities.
As well, some First Nations and Tribal Councils provide programs for minor and elite levels of sports. These are all worth looking into. Perhaps do it while waiting for youngsters’ training or practice sessions to finish.
Our Indigenous athletes deserve recognition and support. Whether it’s those young and brave enough to start a new-to-them sport or those who have put years into reaching elite levels, they should all be celebrated. Through hard work, commitment, sacrifice and initiative, dreams for our naturally talented athletes are being realized.
Introducing healthy money moves will make for an unbeatable team. How can I be so sure? Because this Money Scout (as a solo parent) was able to meet all household expenses while still providing unconditional support to my own athletes involved in multiple activities and elite level sports.
Make healthy money moves because they’re worth it.
That’s enough knowledge sharing for now! Stay safe, make good money decisions and act in the best interests of you and yours. For more financial wellness knowledge sharing, find Money Scout at www.moneyscout.ca, like us on Facebook at Scout Financial Solutions or follow us on Twitter @MoneyScout4U.