There might be a little extra money in your pockets if your athlete’s fall season has been called off It’s tempting to treat yourself to an online shopping spree, but Commerce Bank and USA Football recommend putting that money to good use in a way that will make you want to high-five yourself in public.
Save Now, Better Equipment Later
Does your young athlete always want the newest, sleekest football helmet? Or maybe they’ve been begging to customize a brand-new pair of cleats…that they’ll grow out of before the season is even over? Getting any sort of equipment – no matter the sport – can take a huge chunk out of your budget if you’re not careful.
With fall sports delayed to spring or canceled completely, you can put what you would’ve spent on that helmet and pair of cleats into a savings account for next year. Take a few minutes at the kitchen table to total up all of the usual fall sports expenses. Open a savings account with Commerce Bank specifically for sporting equipment and deposit that money from this canceled season to use next year.
Set Up a College Fund
It’s never too soon to start thinking about the future. Ideally, setting up a college fund for your child is done at birth. If you haven’t done that yet, take a deep breath. This is the perfect time to get that fund account off the ground and running by putting what would have gone toward the canceled season into that account. Contact your financial advisor to discuss if your state offers a 529 plan, and enroll if you can. If your state doesn’t allow a 529 plan, open a savings account to start putting away money for your young athlete’s academic future.
Already have one set up? Perfect! Put those equipment fees, registration fees, gas money and other funds you would’ve spent during the season into their college fund.
Donate to Local Sports Organizations
Giving back to the community where your family lives is a great option any time of year. If you’re fortunate to have the means but recognize one of your neighbors might not think about how you can help. Consider different community sport organizations that are around your town. With a canceled season, the money that would’ve gone to your athlete’s team could be brought back into your community. Your donation can help an organization get the proper equipment, talented coaches and safer playing environments. It can also help keep the cost of participation low to give more kids the opportunity to play.
As parents, you already know some of the organizations and charities that are underfunded. Think about your local YMCAs, Boys and Girls Clubs or youth teams. Utilize tools like Charity Navigator to help find organizations and charities that could use your help.
The holiday season is just around the corner. That means more family time and more shared meals around the dinner table, but it also means giving gifts. You probably already have online wish lists and shopping strategies in place. Even with the sales and deals, it can be hard to keep to your budget. This is the perfect time to put your fall season money away use on those gifts.
You may even stash some away to treat yourself. It’s been a crazy year, so why not?
Who would’ve thought 2020 would be such an extraordinary year? This is one reason it’s important to have a backup or emergency fund.
Financial experts recommend having an emergency fund to cover six months’ worth of expenses. Should another pandemic arise or another life-altering event like job loss, serious illness or accident comes your way, you are well prepared. Once you calculate how much money you usually spend during your fall season, head to the bank to set up your emergency fund. This way you’re prepared for whatever life throws at you.
Whether it’s one of these options or a combination, the money you usually spend on fall sports will be in good hands. Contact our friends at Commerce Bank to help you choose the right path for your family.