Every parent saves for their kid’s education and higher studies. But, if your child wants to pursue a career in sports, motivate them instead of worrying about the associated costs. Do not let money come in the way of their dreams. Invest wisely and consider all the options you have. You can even use instant cash loan apps to get loans for sports.
Costs Associated With Sports
There are a number of sports that your kid might be interested in. It can be tennis, cricket, badminton, rifle shooting, athletics, etc.
Some costs associated with any sport include:
- Coaching Fees
- Membership fees at training clubs
- Special equipment
- Travel costs for competition, which includes gas, food and accommodation
- Event entry fees
- Doctors’ fees
5 Ways To Finance Your Child’s Sports Dream
Education loan is offered to students who want to study in India or pursue higher education overseas. The loan covers the necessary course fees and extra expenses like accommodation and training fee.
Your child has to be the primary borrower, and you can be the co-applicant. You can take an education loan for part-time or full-time sports training. The maximum amount offered in India and abroad may be different and varies from one bank to another.
Consider all those factors before applying for the loan.
Personal Line of Credit for Sports
Instead of a personal line of credit for education, you can take a line of credit for sports. It allows you to use the money as and when you need it.
The main benefit of taking a personal line of credit is that you only have to pay interest on the amount you use. You do not have to pay attention to the entire amount you receive. Once you repay the amount you used, the personal line of credit will be available once again for further use.
Sponsorships are an excellent way to support your child’s sports dream. You can either seek individual sponsorship or business sponsorship.
Some individuals are willing to donate money towards a specific sport. Cite different reasons why your child needs sponsorship. You will have a better chance of sponsorship approval and furthering the kid’s sports dream.
There are a number of businesses too that offer financial assistance to budding kid athletes. If you approach businesses for sponsorship, provide them with average yearly costs associated with participating in the sport. You can even highlight positive individual and community aspects of the game. Mention different advertising opportunities for their business that can help promote their brand.
Rather than taking monetary donations, you can also take product donations. Some businesses give equipment, apparel and other sports-related items.
Ensure that the donor approves of the raffles. There is a good chance that they will support as it can provide them with great publicity. You can use it as an excellent opportunity for a team fundraiser.
Personal loans are easy to apply and receive. Unlike an auto loan or home loan that require you to spend the money on only a car or house respectively, you can use a personal loan for any purpose. This is an excellent way to fund your child’s sports dreams and help them achieve their goals.
You can easily apply for online loans and get approved within minutes. They are no more waiting in line in a bank to help your kids play their favourite sport.
Sports are a high career to pursue, but you can successfully support your kids. By careful planning and thoughtful saving, you can come up with the required funds without having to cut corners.