Friday 31 January 2020
As parents across the country ease their way back into their morning school routines, they may also be gearing up for another term of after school activities.
According to new Mozo research, the average household is forking out $1,859 a year, per activity for just one child - nationally that number totals a whopping $3.8 billion.
“After school activities are a great way to expand your child’s education and allow them to foster friendships with kids in the local neighborhood. However, the cost can quickly add up. Many non-sporting activities were also more expensive with piano lessons costing $1319 and language lessons costing $1263 on average per year,” said Mozo Director, Kirsty Lamont.
Scouts came out as the cheapest extracurricular activity, costing an average of $270 while equestrian was the most expensive at an eye-watering $3,280 a year.
Mozo also found that in some instances, activities tend to become more expensive over time. For example, the price of gymnastics increases as children pick up new skills, jumping from $206 to $800 a term, once they start entering competitions and need training multiple times a week.
But according to Lamont, it’s still possible for parents to save a few bucks while helping their child to do what they love.
“Extracurricular activities can be expensive so it pays to shop around, ask questions and compare prices, as you’re committing to a long term, ongoing cost,” she said.
“Many clubs offer discounts for siblings that join that same club. Often there are also discounts for returning members from previous years.”
One of the tips Lamont recommended was for parents to consider the upfront costs, such as uniforms and competition fees, before signing their child up for multiple activities.
And that if a child does enjoy an expensive activity, it might be more financially feasible to make it a seasonal choice by enrolling them in only one term, rather than the whole year.
Want more tips to help your family become financially savvy in 2020? Then be sure to stop by our family finances hub!