PORTLAND, Ore. (KOIN) – With springtime youth sports around the corner — along with equipment, uniform and travel costs — a wealth management expert is sharing tips for balancing expenses.
“If the kids are having fun, the cost is definitely worth it but sometimes there’s going to be a trade-off where you have to cut an expense elsewhere,” said Kevin Sailor, wealth management advisor at Northwestern Mutual.
An Aspen Institute study estimates that U.S. families spend $30 to $40 billion total every year on children’s sports.
While youth sports costs can add up, Sailor recommends setting up a carpool with other parents to save gas money, setting up a bank account dedicated to the expense or meeting with a financial advisor for a holistic look at how this impact monthly budgets, college or retirement savings.
Watch the video above for more tips.