As a young athlete, it's crucial to start thinking about your money future. While your focus may currently be on developing your skills, having a solid financial plan in place can provide you with the confidence to pursue your athletic goals without the financial uncertainty of financial worries.

One of the biggest issues young athletes face is the transition from high school to college. While some may be lucky to secure sponsorship deals, many will not. In fact, according to the US Olympic Committee, only about 6% of college athletes will go on to compete professionally. This means that for most young athletes, securing a stable financial future will require a plan that extends beyond their athletic career.

So, where do you start? Here are a few key steps to consider when it comes to long-term budgeting for young athletes:

1. Create a spending plan and track your financial activity. Understanding where your money is going and how to manage your finances will be essential as you navigate the ups and downs of your athletic career.
   
   
2. Build an safety net. An emergency fund is a safety net that will help you cover financial surprises, such as medical bills. Aim to save at least six months' worth of living costs.
   
   
3. Invest in your education. While you may not need a traditional 9-to-5 job right away, having a solid background will provide you with practical experience and a safety net in case your athletic career are cut short.
   
   
4. Take advantage of available resources. Many groups, such as the Amateur Athletic Union (AAU) and the National Federation of State High School Associations (NFHS), offer financial assistance specifically for young athletes.
   
   
5. Consider opening a savings plan. Yes, you read that right - a retirement account. Starting early and investing regularly can make a big difference in your long-term financial picture, even if you're not planning to retire from sports anytime soon.
   
   

Finally, remember that budgeting is a long-term process. It's important to stay adaptable and adapt to changing circumstances, Yahoo news update whether that means reassessing your finances. With a solid plan in place, you'll be better equipped to handle the ups and downs of your athletic career and build a successful prospects, regardless of what the road ahead holds.