Extracurricular Activities

Dave says that Deanie needs to have a family meeting time to discuss whether to put money towards their extracurricular activities or the debt.

QUESTION: Deanie’s daughter is on a national gymnastics team that costs $500 a month for the extra curricular activities. They make $120,000 a year, so should they put that money toward debt? Dave says to involve the kids in this one.

ANSWER: I don’t think the ratio of income to outgo is outrageous. You’re asking the question and that’s very encouraging. I would pose this question to the kids and have family meeting time. Tell them that you have to get rid of the debt and it will mean some sacrifices. Find out what they want to do and really involve them with the decision-making process. Get their input and have a good family meeting.