Balancing the budget and the ballgame: Financial tips for parents supporting youth athletes.

New York Life | April 22, 2025

Youth sports offer children valuable life lessons — teamwork, resilience, discipline — but for many families, the costs of participation can be a challenge. According to New York Life’s latest Wealth Watch survey, parents are spending an average of $3,000 per year on their child’s athletic activities, with nearly two-thirds (64%) saying those costs have increased in recent years.

Despite these rising costs, most parents remain deeply committed. In fact, 83% believe their child has the potential to play at the collegiate level, and 75% believe their child has the skills to go professional. This optimism is fueling increased investment in training, travel, and recruitment support.

While supporting children’s athletic dreams is rewarding, it’s important for parents to approach these expenses with a smart financial strategy. Here are a few key tips for parents of youth athletes to help manage costs and protect long-term financial wellbeing.

1. Create a game plan for your budget
With rising costs in youth sports, it’s important to treat these expenses like any other major household category. Whether it’s league fees, equipment, travel, or training, track your annual spending and factor it into your monthly budget.

Nearly 80% of parents report that youth sports are expensive, and 76% have already taken steps to adjust — cutting back in other areas, fundraising, or volunteering to offset costs. A budget can help you get ahead of trade-offs rather than react to them later.

2. Don’t sacrifice your emergency savings
One in four parents have tapped into their savings or emergency fund to cover sports-related costs. While understandable, this strategy can leave families vulnerable when unexpected expenses arise.

Instead, consider creating a separate “sports fund” and contributing to it regularly. Automating small monthly contributions can help you build a buffer over time, without putting your broader financial safety net at risk.

3. Align short-term spending with long-term goals
Many parents are hopeful that athletic scholarships will help pay for college. While this goal is admirable, it’s important to have a realistic view of the odds and ensure your family’s financial plan accounts for multiple outcomes.

According to our research, parents have saved an average of $30,787 for their children’s education. Consider bolstering these efforts with purpose-driven accounts like 529 plans or Roth IRAs — especially if you’re planning to rely on scholarships that may not materialize.

4. Explore less expensive options
Youth sports don’t have to break the bank. When selecting leagues, parents rank coaching quality, competition level, and cost as top priorities. Explore local community or school leagues, which may offer lower-cost programs with meaningful benefits.

Additionally, second-hand equipment exchanges, carpooling, or group lodging for travel tournaments can reduce costs without compromising your child’s experience.

5. Seek out professional guidance
Only 22% of parents currently work with a financial professional to help manage the cost of youth sports — but those who do report feeling more confident about their broader financial goals.

A trusted financial professional can help you build a plan that aligns with your household priorities, from supporting your child’s athletic journey to securing your own retirement. They can also help you weigh trade-offs, optimize savings vehicles, and prepare for the unexpected.

6. Reevaluate regularly
Children’s interests, performance levels, and opportunities evolve over time — and so should your financial strategy. Set a cadence to review your budget, savings, and goals at least quarterly.

This will help you stay flexible, adjust your game plan when needed, and ensure that you're not overextending yourself in pursuit of goals that may change.

“Parents are making meaningful sacrifices to support their children’s passions, often without the guidance they need to stay on track with long-term financial health,” said Jessica Ruggles, corporate vice president of Financial Wellness at New York Life. “By pairing athletic ambition with financial strategy, families can make informed choices that support their child’s dreams — while also safeguarding their family’s long-term stability.”

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