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Tuesday, 3 December 2013

Saving for Sports vs Education - #beyondtheblueline

As I shared with you last year, Anthony is now playing hockey.  This is actually his second year!  And that boy has gotten fast on those skates. It's amazing how quickly these kids pick it up.

This year we had to buy him a bunch of new equipment (helmet, skates, new stick, etc).  Let me tell ya, hockey is not a cheap sport.  Between hockey fees, and equipments  it quickly adds up. We lucked out last year, since one of hubby's co-workers gave us a bunch of hockey equipment his son had outgrown. Hubby think's that we probably saved $500-600 in equipment costs alone.  

This year Anthony is not playing competitive hockey yet, so our team fees are still pretty low, since we drive 15 minutes to a less-popular, but just as nice, arena. I've spoken to friends whose kids play competitive hockey and I've been shocked at some of the costs! There are try-out fees on top of try-out fees, in addition to regular fees. And when they travel to away games, there is the cost of gas, hotels, food.  Anthony is already asking try out for the competitive team next year.   Last year, we didn't feel he was ready.  At the end of this year, I think he will be ready.

In a sport where only a select few make it into the big leagues or even get a scholarship for hockey, we need to save as much money as possible for his post secondary education.  Recently Anthony told me when he grows up he wants to be in the military. 

Actually the conversation went a little something like this. 

Anthony:  "Mom, when can I get a real gun, a real grenade and ride in an army tank?" 
Me: "Ummm... I don't know. Why?" 
Anthony:  "Cause I want to go into the army when I'm older, and I need to practice." 

I'm not sure, if I should be worried that my seven year old wants access to a gun and a grenade, but I'm hoping guessing he may change his mind in the next 10 years on his career choice.

this was a second before he smashed into the boards and I almost dropped my camera.
Either way, I'm not banking on a hockey scholarship to pay for his post secondary schooling. We started RESPS for the kids as soon as they were born.  It was a no-brainer!  We had automatic deposits going into their RESP account from our own bank account.  

The government of Canada, matches 20% of the first $2,500 you contribute to your child’s RESP each year, up to a lifetime maximum of $7,200 per child. That works out to an extra $500 paid directly into your child’s RESP every year.  That is free money, my friends .  And there are even more grants available.  And with three kids, two of which will finish high school within two years apart of each other, we need the government's free money!! Cost of Post-secondary school tuition is going up every year.

The people at the Canadian Scholarship Trust Plan understand that it's a struggle to keep your kid playing the sport they love and also save for their education. You have to check out this info Graphic on their website about the Cost of Hockey. Yikes!

Right now, CST’s Beyond the blue line has a contest going on, where hockey moms and dads can help their hockey team or organization win $10,000 to help make hockey less-expensive. Submissions can be in the form of a video or picture with an essay (no longer than 1,000 characters). Entries must be received by December 31, 2013.

Check out the website, to learn more about this awesome contest.

  • If you are on Twitter, Come join @CSTConsultants, @beyondtheblueline and @THNKenCampbell on December 17th at 9pm EST where they will be discussing the cost of hockey vs. Education and RESPs.   Follow hashtag #hockeyvseducation - they will also be giving away 5 - $50 VISA gift cards.  

So tell me, what is your child's favourite Sport and how do you balance saving for education and paying for the sports fees?

“Disclosure: I am part of the C.S.T. Consultants Inc. – Beyond the blue line blogger program with Mom Central Canada and I receive special perks as part of my affiliation with this group. The opinions on this blog are my own.”
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