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Cost of extracurricular sports pushing parents to borrow from future funds

WATCH ABOVE: Parents with kids in after-school activities are facing a serious cash crunch. They have to balance those costs with saving for their children's education and their own retirement. Laurel Gregory has more – Nov 24, 2016

Kristi Williams figured swimming would be a perfect activity for her five kids. It’s heart pumping, social and not too expensive.

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“When we went into it I thought it was a bathing suit and cap,” Williams said with a laugh. “It’s far from that.”

READ MORE: What’s it cost to raise a child in Canada? 

Between coaching, meets and pool time, the Edmonton mother spends $12,000 to $15,000 per year on swimming expenses.

“The thing we do without the most is vacations,” Williams said.

“We tend to stay around most of the year. Our vacations consist of swim meets and seeing different small towns in Alberta.”

READ MORE: Extracurricular activities vs. play: which is better for kids? 

Other Canadian families are making even bigger sacrifices to keep their kids in extracurricular sports, according to a new survey.

The Beyond the Blue Line survey found two out of three parents say they or someone they know is borrowing cash or using their retirement funds to keep their kids in activities.

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“What we’re trying to do is encourage families to pay attention to the fact that 18 years from the time your child is born is a really short window of time to get money set aside for university or college,” Peter Lewis, vice president of C.S.T consultants, said.

The survey found one in five Canadian parents are spending $1,500 in extracurricular activities per child per year.

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