GRS Home  Forum Home
Bank Rates Center
   Savings Account Rates
   Money Market Rates
   Highest CD Rates
Insurance Rates Center
  Auto           Health
   Life              Home
Mortgage Rates Center
  Mortgage Rates
  Mortgage Quotes

Last visit was:
A place for Get Rich Slowly readers to ask questions
and exchange ideas
It is currently Fri Aug 29, 2014 2:59 am




Post new topic Reply to topic  [ 11 posts ] 
Author Message
 Post subject: Kids Activities
PostPosted: Fri Dec 20, 2013 9:11 am 

Joined: Mon Dec 03, 2012 8:17 am
Posts: 16
I have been agonizing about this for some time and need some feedback. I am a very frugal person and my wife grew up in a very poor family. We scrimp and go without most luxuries. I drive a 22 year old car that I fix mostly myself. That said, we have two children -- a son and a daughter. The daughter seems to have no concept whatsoever of money. And, she has chosen figure skating as the sport she wants to pursue. We've been trying to be supportive of that but the costs are infuriating. Relative to many other families we don't spend much - $250 per month (a woman on another forum said that spending $9-10,000 per year on figure skating should be 'manageable' for most family budgets). We continue to go without and save less for their education and our future than we obviously would be otherwise. I just signed my daughter up for her one competition of the year -- it costs $180 and she skates 3 minutes. How in the world do other families talk to their kids about the cost of activities versus the benefits and set limits?


Top
Offline Profile E-mail   
 Post subject: Re: Kids Activities
PostPosted: Mon Jan 06, 2014 3:13 pm 
User avatar

Joined: Thu May 17, 2012 10:05 am
Posts: 1005
grinnell wrote:
I have been agonizing about this for some time and need some feedback. I am a very frugal person and my wife grew up in a very poor family. We scrimp and go without most luxuries. I drive a 22 year old car that I fix mostly myself. That said, we have two children -- a son and a daughter. The daughter seems to have no concept whatsoever of money. And, she has chosen figure skating as the sport she wants to pursue. We've been trying to be supportive of that but the costs are infuriating. Relative to many other families we don't spend much - $250 per month (a woman on another forum said that spending $9-10,000 per year on figure skating should be 'manageable' for most family budgets). We continue to go without and save less for their education and our future than we obviously would be otherwise. I just signed my daughter up for her one competition of the year -- it costs $180 and she skates 3 minutes. How in the world do other families talk to their kids about the cost of activities versus the benefits and set limits?


How old are your kids?

Do they have an allowance and/or earn commissions to understand the value of money?

I think teaching kids the concept of savings, giving, investing, and spending in a balanced fashion is a good idea.

_________________
~ Eagle


Top
Offline Profile E-mail   
 Post subject: Re: Kids Activities
PostPosted: Wed Jan 08, 2014 11:58 am 

Joined: Mon Dec 03, 2012 8:17 am
Posts: 16
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.


Top
Offline Profile E-mail   
 Post subject: Re: Kids Activities
PostPosted: Wed Jan 08, 2014 12:08 pm 

Joined: Sun Jan 05, 2014 1:44 pm
Posts: 72
The first thing you need to do is come up with a yearly budget for how much you can/are willing to spend on her figure skating. Let her know that she will have to cover any costs in addition to this. This will encourage her to come up with ways to earn more money and manage it more efficiently. It will also help her become more selective when determining which of these costs she really wants to incur.

When you determine how much you are going to spend per year, determine how you want to divide that up monthly. Make sure you are still setting aside money in months where the costs are less so that it makes up for the months where all the expenses hit you at once. Once you decide on a number you are willing to spend do not budge on that number.


Top
Offline Profile E-mail   
 Post subject: Re: Kids Activities
PostPosted: Tue Jan 14, 2014 7:34 am 
User avatar

Joined: Thu May 17, 2012 10:05 am
Posts: 1005
grinnell wrote:
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?

_________________
~ Eagle


Top
Offline Profile E-mail   
 Post subject: Re: Kids Activities
PostPosted: Mon Mar 17, 2014 9:19 am 
User avatar

Joined: Thu May 17, 2012 10:05 am
Posts: 1005
Eagle wrote:
grinnell wrote:
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?


Any thoughts Grinnell?

_________________
~ Eagle


Top
Offline Profile E-mail   
 Post subject: Re: Kids Activities
PostPosted: Fri Mar 28, 2014 4:15 am 

Joined: Thu Dec 05, 2013 5:22 am
Posts: 4
Maybe you should talk to you kid, to find out what her purpose really is, going pro or not.
If its just a hobby then it is really too expensive to me. illustrate her how much effort and money it costs and mabye she will figure out herself then:)


Top
Offline Profile E-mail   
 Post subject: Re: Kids Activities
PostPosted: Fri Apr 25, 2014 3:58 am 

Joined: Tue Apr 22, 2014 9:29 am
Posts: 83
My kids are much younger 1-4 . I enroll them in sports and other activities because it gives them valuable social skills . My first son was 1 yo we put him in Gymboree and I saw the difference in his interaction with children in a week or two . .

I agree she isn't doing you any favors picking figure skating since the need for an ice rink really drives up the costs .

Would you prefer that she do nothing ? Yeah it might save you a few bucks but IMHO there is valuable traits you develop when you play sports .


Top
Offline Profile E-mail   
 Post subject: Re: Kids Activities
PostPosted: Sun Apr 27, 2014 3:17 pm 

Joined: Sun Apr 27, 2014 2:28 pm
Posts: 10
$10,000 for a hobby!? That's something that people who collect cars or vacation on yachts probably think is reasonable, but for an average middle class family that is crazy, and your daughter should understand that. If your daughter truly loves figure skating, you should let her hone her skills on the rink before you shell out the big bucks for competitions and such. Kids have a lot of passing phases, so before you waste too heavily in the ones that costs so much, give them a while to see if they grow bored or if it's something they really love.


Top
Offline Profile E-mail   
 Post subject: Re: Kids Activities
PostPosted: Thu Jul 10, 2014 4:51 pm 

Joined: Sat Jun 28, 2014 7:24 am
Posts: 20
I find that spending that kind of money is crazy. I would love to see kids involved in stuff but it should not cost that much!


Top
Offline Profile E-mail   
 Post subject: Re: Kids Activities
PostPosted: Wed Jul 16, 2014 7:51 am 

Joined: Tue Oct 29, 2013 2:14 pm
Posts: 142
As a parent, you want to give what's best for your kid and want to help them enjoy what they love. But when it's so financially straining, of course it can be difficult. Perhaps only allow one sport/musical lessons/other activities at a time each. Be open and discuss money with them... they're old enough to realize that you wouldn't be stopping a set of lessons because of something they did. It also provides the lesson of you can't get everything you want, and sometimes you have to choose. It's a hard and sucky lesson for a kid, but vital for adulthood. But you sound like you're doing a great job already!


Top
Offline Profile E-mail   
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 11 posts ]  Moderators: kombat, bpgui, JerichoHill


Who is online

Users browsing this forum: No registered users and 2 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Theme created StylerBB.net & kodeki