Bengaluru-based Medha Shashidharan, 17, has played badminton for 11 years. Each month, her parents spend as much as ₹70,000 on her training, physiotherapy, diet and supplements, personal training, and court renting. Medha is set to pursue a badminton career and dreams of representing India in international tournaments. “She’s planning to take up sports science for her bachelor’s degree so she gets the time to focus on the sport,” said Chamundeshwari Thiagarajan, 44, Medha’s mother.
Building a career in sports takes immense dedication, discipline, hard work, and patience. However, all other challenges aside, the high cost of training and equipment could compel your child to give up their dreams. Even the best players find it difficult to get a sponsorship, and it’s not specific to a particular sport. “Often, the expenses become a burden. Though Medha is among the top badminton players in the country, she hasn’t received any substantial sponsorship,” said Thiagarajan.
Medha has been trying for sponsorships to support her international travel and stay expenses but has received only a few small ones from sports gear brands. While her parents are funding her sports expenses for now, they might not be able to do so for much longer. If your child is getting ready to pursue a competitive sport, here are a few things you should take into consideration.
Training for most sports is becoming more expensive by the day. “There are many responsible factors. But the single largest factor is the goods and services tax (GST), which is 18% on coaching fees, sporting gear as well as on renting practice spaces such as a court,” said Irfan Sait, managing director and head coach, Karnataka Institute of Cricket. While more parents are encouraging their children to take up at least one sport for physical and mental fitness, it would be a completely different ball game if your child decides to make a career. One view is that there is not enough state support. “Unfortunately there isn’t much support from the government, especially for beginners. Only champions or winners are offered financial aid. Most others struggle to survive, and their parents suffer quietly. You are promised sponsorships only when you succeed,” said Sait.
The extent and intensity of your child’s involvement in the sport and supporting activities will decide the costs. Keep in mind that the list of expenses can be quite long. Deepali Sen, a certified financial planner and founder partner of Srujan Financial Advisers LLP—whose 17-year-old son Aaryan aspires to play cricket for the national team—said the expenses would involve gym costs, which include TheraBands, foam rolls, ice packs, and weights, as well as trainer fees, club membership fees, costs of hiring a ground, nutritionist’s fees, dietary supplements, and in some cases, fees for a sports psychologist. The high cost of getting a physiotherapist on board is topping the list of expenses. “Physiotherapists are brought in to ensure that the form while playing is right and the longevity of the player is enhanced,” said Sen. According to Thiagarajan, each session of physiotherapy costs around ₹500.
Smit Sanjay Patel, 19, started playing cricket at four. Today, he represents Gujarat at the national level in the under-19 category. He’s been training at the M’Power Cricket Academy in Ahmedabad for the last six years, but it’s only recently that his coaching fees were waived only recently. “Initially, I paid ₹6,000 for three months for coaching, but my sports gear and equipment cost was very high since I am a batsman. It still is,” said Patel. He added that a single bat, which he can use for a maximum of four months, usually costs him ₹20,000-25,000; batting pads, which last six months, cost ₹3,000-4,000, and a helmet, which can be used for two years, can cost about ₹9,000. But that’s not all. “Gloves are a recurring expense. A pair costs about ₹3,000 and can be used for hardly a month,” said Patel.
For Patel, sponsorship is not the solution. “Brands do offer to sponsor my equipment, but they’re not always the best quality, so I don’t take it,” said Patel. Another major expense Patel has to factor in is renting a ground for a 20-over practice match, which can cost as much as ₹8,000. However, now that he’s playing nationally, Patel earns about ₹40,000 for each match and plays around 16-22 games yearly. However, the parents should bear the expenses for young sportspersons who haven’t gone professional. A financial plan can help accommodate the many expenses without denting other long-term goals.
Money plan
First, talk with your child to understand how serious they are about pursuing a career in sports. If they’re not sure just yet, take it easy. “Don’t go all out with the first year of training. Build the equipment and gear slowly. If they need a kit, don’t choose the most expensive one. First, buy ‘s basic your child’s basic needs and then build on hem them. If the child starts going for competitions, consider buying the high-quality gear,” said Shweta Jain, certified financial planner, CEO, and founder of Investography Pvt. Ltd.
To tackle the costs, list all the essential expenses under different heads, such as monthly, yearly, ad-hoc, and one-time costs. “One can work out an average from the expenses incurred in the previous few years. Based on this data, it’s best to start investing in a “sports fund” every month and dip into it for the expenses, as and when required. It also makes sense to keep a buffer of 5-10%. The key is to ensure that one does not end up going overboard on frills and eating into essential expenses,” said Sen.
Not having a dedicated fund and using your monthly surplus for sports expenses could dent your finances because sports-related costs could be asymmetrical. “Training fees could be lower in the off-season while other expenses like physiotherapy could be higher during the prime season,” said Sen. If you spend as and when an expense arises, you could end up fire-fighting.
Having a separate fund solves this problem. “The money could be invested in short-term debt mutual funds, medium-term d, et mal funds, and equity mutual funds, depending on its goal. Needs should drive the asset allocation,” said Sen. To ensure that you don’t go overboard, list the avoidable expenses to prioritize critical goals over them. The latter includes your retirement, loan repayment, and investments.
Finally, don’t pressurise your child just because you’ve invested in their training. “It is easy to get carried away with success, but be there for the failures, too. This will ensure that they confide in you and you become their strength. Competitions can be tough, so be there for your child,” said Jain. While you focus on their present, don’t neglect to build a corpus for their future needs. If there’s an unfortunate turn of events and your child cannot pursue the sport, it’s important to have a backup plan.
