If your child is involved in sports, it could be hurting your financial health.
Some parents say they spend hundreds or even thousands on athletic activities monthly, according to a survey by TD Ameritrade.
The survey found that 27% of sports parents say they spend $500 or more each month on their child’s activities.
Fathers often spend more so that their child can pursue their athletic dreams, in hopes of making it to the collegiate or professional level, the survey found.
At least 20% of dads say they’re willing to spend between $500-$999 a month on sports-related expenses. And 7% said they’ve spent $1,000 or more monthly.
The money goes toward things like equipment, private coaching, travel and tournaments.
Some families say spending more on sports means cutting back on vacations or picking up a second job.
Many sports parents were also less likely to save for retirement or retire late because of their sports spending.
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