CHALLENGE 70.3: OVERALL BUDGET
Dun, dun, dunnnnn….
Total Budgeted Commitment: $4,285.00
If you’re new to the world of Triathlons or looking to get into it, you need to think about the costs to enter and continue in the sport. After a lot of research, I’ve landed on this budget for the year. This was more expensive than I thought but then again, this is only the budget and not the ACTUAL costs. I will be looking for deals and ways to reduce the commitment, but at least this gives you a sense of what is needed.
I committed to doing a 70.3 without truly knowing the costs and could potentially be very difficult to manage. Knowing the costs after committing was not as wise as it could have been. The commitment could be beyond my means and put a lot of strain on the family finances.
If I haven’t blindly jumped in, I probably wouldn’t have made the investment in the first place. I most likely would have been deterred (or definitely had second or third thoughts) because of financial commitment and would miss out on a great life experience. The good thing about now knowing the costs now (after committing) is that you can ask yourself, “How do I make this work? How can I afford this?” without backing out.
This is only the first year’s budget. There are initial start up costs (or sunk costs) that you will not need to make in the 2nd and 3rd years of the sport. The sunk costs are costs that would last longer than the first year of commitment and only need to be made once. Sunk costs in my budget include equipment like the bike, googles, wet suit, etc. The total sunk costs total just over $3,000.
The variable costs are the reoccurring costs that happen year after year if you want to continue in the sport. In my budget, variable costs include races, accommodations, and and food (outside of regular meals). The variable costs depend on what you want to do for that year, but my budget is based on my plan (which includes hitting my time goals). The total variable costs for 2012 amounts to $1,200.
If you’re thinking of committing to Triathlons ask yourself if you really want to commit. If the answer is yes, adapt this budget to your own training needs. Think about “How” you can afford it, put together a plan and then get by off from your family.
I have no doubt that this is going to be an amazing experience - tough and painful, but nevertheless, it’s going to be an amazing challenge. I hope this helps with your planning and your decision in joining triathlons. Good luck!