Young athletes don’t realize how money plays an important role can play in their athletic journey. Sports and financial education go hand-in-hand! Here are three ways playing sports can make your kids money smart and better prepare them for the financial world.
“Practice Makes… Better”
The saying “practice makes perfect” is a common phrase that most parents, coaches, teachers, or even kids say when learning a new skill. However, that is not always the case because no one will ever be perfect. Especially when it comes to sports and financial decisions.
That being said, practice can definitely make “better” when related to sports and financial education. In the sports realm, mistakes like a shot that goes wide outside of the goal, a missed catch, or a false start will always happen. Unnecessary spending, not budgeting properly, or failing to save money are financial mistakes people make every day. However, it’s how you recover and rebound from these mistakes that’s important.
For example, acknowledging a mistake from a missed shot will help an athlete be better for next time. Or if you just started budgeting, and didn’t get it quite right this time, keep working at it! It takes about three months to figure out your spending habits and get into a routine.
As parents, we can encourage our kids in their sports and financial education to make them more well-rounded individuals.
For your athlete to thrive, it’s important to teach them to set goals in both sports and their finances.
Goals help athletes focus on what they want to improve on and help them gain confidence in their abilities. Some goals could include making X number of touchdowns by the end of the season, setting aside time to practice, or becoming the team captain.
Goal-setting is also important in finance. Setting financial goals helps kids understand how the financial decisions they make impact their bottom line. Talk to your kids about their goals, the idea of spending versus not spending, and how saving can help them financially for the future. With the NuMoola app, kids can easily set up, track, and work hard to reach their Goals.
The cost of youth sports can really add up and put a strain on a budget. It is estimated that US parents will spend on average $700-1,000 per kid per sport each year.
Talking about expenses can help tie sports and financial education together. Financially, it can be hard to save and spend the right amount for your kids to become the best athlete they can be. This is why, at a certain age, it can be valuable to talk to your kids about how much it costs for them to participate in their activities. It will help them understand and value your contribution and dedication to their success.
Sports And Financial Education
There are many ways that the lessons learned from sports and financial education help equip kids with valuable life skills. By getting them involved when they are young, and supporting them in their financial literacy journey, you can help promote an active, healthy lifestyle that will set them up for success in the future.