My kids are 10 and 13 (boy and girl, respectively). They get a relatively small allowance and we give my daughter an additional clothing allowance that she needs to use to purchase her clothes other than undergarments. She seems to have caught on how to get deals and how if you spend a lot on one thing you get less for something else. They pay for things like movies with friends out of their allowances. I also give them 5% interest per month for money they keep in my bank (my son is living just off the interest right now).
Per their activities, we pay for their music lessons, sports, and things like that. With respect to her figure skating, the problem is that it is so bloody expensive. On top of everything else, the figure skating club is terrible about projecting how much things are going to cost while at the same time they require parents to sign a 'contract' that your child will skate so many hours per week per year. I figured what we paid in 2013 -- about $2000 (which is trivial compared to what many people are paying). At that the same time, however, we paid about 4 times that on music (lessons, orchestra, etc).
She knows I am not happy about this expense and has said she will quit but I don't want her to quit just because of the money aspect of it.
What is your household's monthly income? (Do both you and your wife work?)
What are your monthly household expenses? (rent/mortgage, utilities, cell phone, internet, cable/satelite, gym memberships, groceries, eating out, gas, entertainment, children's activities, charity, savings, etc.)
Do you have any assets? (i.e. house, cars, investments, etc.)
Do you have any debts? (i.e. mortgage, car payments, credit card balances, school loans, etc.)
I mean if your monthly net income (after taxes, health insurance, 401k, retirmenet investements, etc) is 6k rather than 3k it would make a difference.
Trying to determine if you can actually afford this figure skating...?
And your daughter really enjoys it so if you can afford it then there shouldn't be a problem?