Jump to content

Recommended Posts

So, I have never been very good with my finances, budgeting or even knowing what my income or expenses are. 

Only recently have I started to really get an idea of how much my income goes this sport.

My estimation is 10K or 20% of my annual income post tax.

I understand finances can be a sensitive subject and something many don't want to discuss or disclose and I respect.

I'm personally sharing because I want to get a better understanding of what is I guess considered normal within our sport and how you best manage your finances

Link to post
Share on other sites

Are you doing several ironmans a year? 
 

 In 2019 I entered ironman Melb $500 (roughly) still to do it 

in 2020 season I did 4 sprint races  $60 each and Geelong 70.3 (ablout 400)

i did 2021     3 races  $60 each  

i no longer join TA. I pay the daily fee. 
 

honestly don’t see the value in Ironmans anymore.  $1000 for a one day race is insane. I could do 17 sprint races for that 

 

other cost. TrainingPeaks $100?

pool entry is $11 unlimited swims per week 

Edited by Peter
Link to post
Share on other sites
25 minutes ago, MackaEvo2 said:

So, I have never been very good with my finances, budgeting or even knowing what my income or expenses are. 

Only recently have I started to really get an idea of how much my income goes this sport.

My estimation is 10K or 20% of my annual income post tax.

I understand finances can be a sensitive subject and something many don't want to discuss or disclose and I respect.

I'm personally sharing because I want to get a better understanding of what is I guess considered normal within our sport and how you best manage your finances

Decided it was too much just before covid.

Swimming pool entry and squad fees 1300

Race fees depends but say 2 halfs and an IM 2000, maybe 500 for few other events

Accomodation 3000 for IM, 2000 for halfs, maybe 500 for a few other events

Petrol 800

Food at these things 2000

Clothes cycle stuff tri etc 1000

shoes 500

Bike over period 1000 per year 500 servicing

stuff, swimmers, shorts visors etc 500

About 17 K and could easily be more if you add in physio massage, power meters and other stuff we buy

Link to post
Share on other sites

Bit of a unique position for me as it’s all a ‘business expense’ from a tax perspective.

Last financial year, approx. $15k (racing, travel, TP subscription, swim/bike/run gear, fits, coaching etc.). Probably some stuff I forgot to claim too.

Link to post
Share on other sites

My cost to pool entry is minimal as I can use a pool for free. 
As I coach I have wondered if I can put any of my triathlon expenses through for tax

Here is a bit of a list that I have

TRIATHLON EXPENSES:

Flights: $500 

Accommodation: $1,500 per year (eg 5 nights for an Ironman and 1-2 nights for 70.3)

Race entries: (1-2 IM, 2x70.3, 2 sprints = $2,500-$3,000 per year)
Running shoes: $1,000 per year 

Bike servicing: ($200 per serviceX3 = $600 per year)

Swim equipment: $300 per year (bathers, goggles, anti fog, anti chaffe)
Zwift: $22 per month = $264 per year

Training Peaks: $155 per year 
Car hire: $300 per year (eg Port Mac)
Nutrition: $500 per year (eg Infinit, cliff)
Swim entries: $50 per month = $600 per year
Massage: $110 per month = $1,100 per year
Physio and other medical: $500 per year
Triathlon Australia and club membership: $200 per year

Link to post
Share on other sites

The way I think about it, is how much I am saving as I need to be in bed by 9pm every night. So no late night booze sessions and very little going out to restaurants. I think of it as a lifestyle not a sport. I like being fit and healthy for a bloke of my age and think it is well worth the investment. Is it bedtime yet 😁

  • Like 4
Link to post
Share on other sites

You wouldn’t want to know how much is spent on our adventures 

I never add it up but it would be Alot 

 

  • Haha 1
Link to post
Share on other sites
4 hours ago, MackaEvo2 said:

So, I have never been very good with my finances, budgeting or even knowing what my income or expenses are. 

Only recently have I started to really get an idea of how much my income goes this sport.

My estimation is 10K or 20% of my annual income post tax.

I understand finances can be a sensitive subject and something many don't want to discuss or disclose and I respect.

I'm personally sharing because I want to get a better understanding of what is I guess considered normal within our sport and how you best manage your finances

I don't know if I've reached 10k in 13 years!  Granted it's been light on the last 4 years due to injury, covid etc.  And my big years are light compared to most.  I've slept in my work van numerous times, so we know I'm a tight ass.

Link to post
Share on other sites
5 hours ago, Peter said:

 

pool entry is $11 unlimited swims per week 

Is this usual in metro pools these days?  I've been looking at increasing my swiming, local pool is $15 per week + pretty steep joining fee

Link to post
Share on other sites

I categorize it into two lots. I'd probably spend one or two thousand a year on shoes, bike stuff and servicing, running/riding gear, pool, etc...... But I would do that regardless of racing. It's just lifestyle for me and I'd be training and keeping fit anyway.

Racewise.... Again maybe one to thousand, depending on number of races, travel, etc .

More broadly, from a financial perspective, the critical thing for people to do is to live within their means, ie make your spending decisions (races, gear, etc) on what you can afford, not on what others can.

Link to post
Share on other sites
5 minutes ago, roxii said:

There are quite a few triathletes where the sport has cost them half a house. :lol: 

but they got a mid life upgrade

Link to post
Share on other sites

On one view, triathlon is relatively economical compared to some other past-times (eg jet-skis, wakeboarding, motorsports, horses, gambling).

Also makes a massive difference if the cost of your hobby (say $10k per annum) is only a small fraction of your income...

Link to post
Share on other sites
14 hours ago, MackaEvo2 said:

My cost to pool entry is minimal as I can use a pool for free. 
As I coach I have wondered if I can put any of my triathlon expenses through for tax

Here is a bit of a list that I have
 

TRIATHLON EXPENSES:

Flights: $500 

Accommodation: $1,500 per year (eg 5 nights for an Ironman and 1-2 nights for 70.3)

Race entries: (1-2 IM, 2x70.3, 2 sprints = $2,500-$3,000 per year)
Running shoes: $1,000 per year 

Bike servicing: ($200 per serviceX3 = $600 per year)

Swim equipment: $300 per year (bathers, goggles, anti fog, anti chaffe)
Zwift: $22 per month = $264 per year

Training Peaks: $155 per year 
Car hire: $300 per year (eg Port Mac)
Nutrition: $500 per year (eg Infinit, cliff)
Swim entries: $50 per month = $600 per year
Massage: $110 per month = $1,100 per year
Physio and other medical: $500 per year
Triathlon Australia and club membership: $200 per year

Do you report coaching income in your income tax returns?

Link to post
Share on other sites

Cody Beals puts up a post yearly analysing his triathlon related income and expenses - I always think it's crazy how little he spends.

https://www.codybeals.com/2021/01/my-pro-triathlon-budget-pandemic-edition/

 

Quote

"Over my career, I’ve spent a grand total of $215 on physiotherapy and nothing on medical services or health insurance"

Of course it helps when your entry fees are covered by pro memberships, and accommodation by sponsors. Still!

Link to post
Share on other sites

This was a topic my wife and I had recently as she wanted me to cost out my "hobby" for the upcoming season :)

This is where I landed:

Race Entries $1,600 (2 x 70.3's and maybe an Ironman)

Accom & Flights $5,000

Wetsuit (need a new one) $800

Bike Fit (needed) $350

Running Shoes $800

Run/Cycle/Swim clothing $550

Nutrition (protein, Maurten) $1200

Bike parts/servicing $300

Zwift $270

And that doesn't include any coaching costs as I'm currently evaluating my options.

Link to post
Share on other sites
4 minutes ago, markso1077 said:

This was a topic my wife and I had recently as she wanted me to cost out my "hobby" for the upcoming season :)

This is where I landed:

Race Entries $1,600 (2 x 70.3's and maybe an Ironman)

Accom & Flights $5,000

Wetsuit (need a new one) $800

Bike Fit (needed) $350

Running Shoes $800

Run/Cycle/Swim clothing $550

Nutrition (protein, Maurten) $1200

Bike parts/servicing $300

Zwift $270

And that doesn't include any coaching costs as I'm currently evaluating my options.

still married after that chat...? 

  • Like 1
  • Haha 1
Link to post
Share on other sites
1 minute ago, pieman said:

still married after that chat...? 

Yeah...I think it actually surprised me more. Not the cheapest sport going around. Was much cheaper just running (but the no of running injuries and physio appointments put pay to that).

Link to post
Share on other sites

We have loads of small/community races that don't cost much $30. So I do a few of those. Equipment wise I don't spend heaps. I hunt for bargains, got my Zipp 900 disc, new for $800 (tub). F**k spending $4k!

Link to post
Share on other sites
12 hours ago, Bosco said:

My triathlon ‘addiction’ is a rounding error to my wife’s garden addiction.

Yeah my wife goes hiking now and buys all the lightest gear, her sleeping bag is about $1000, but I sure as hell don't complain after 30 years of tri spending. :lol: 

  • Like 1
Link to post
Share on other sites
12 hours ago, Bosco said:

My triathlon ‘addiction’ is a rounding error to my wife’s garden addiction.

Haha. Very similar here. Which makes it very difficult to say "You spent how much on..."

  • Like 1
Link to post
Share on other sites

I haven't really budgeted this but I'm pretty tight arse on most things, so I don't sweat it too much over the tri expenses. I have done at least one Ironman (except last year due to COVID) in the last 12 years and typically support a few local races in between. But I don't sign up to those series, mainly because if I'll be racing every other weekend I won't get any long training done. I don't do the IM owned shorter events such as Mooloolaba or Noosa, as I can't justify the premium price for the distance. 

Most of my gear I use for a very, very long time. My race goggles are over 12 years old. I wear down my shoes to the bone, thankfully no serious injuries so far. I do join a swim squad at the local pool, as I find I benefit more rather than swimming alone. I'm with the South Bank tri club, which does not charge for the group sessions, just one annual fee.

Our family holidays do coincide with my races. My wife doesn't complain, she's quite a workaholic and wouldn't have taken time off work otherwise. Triathlon is pretty much a lifestyle for me and while it can be expensive, I think people who don't do triathlons would spend equivalent, if not more on other things e.g. like dining out or daily coffees etc. which I don't.

Link to post
Share on other sites

I negotiated dollar for dollar dog for sports gear. So far triathlon is cheaper than the dog. That is over 23 years.

Also purchase from supermarket is household expenses not sport, so nutrition for training is whatever supermarket has.

Came from 2 more expensive sports of windsurfing and multi sport (run,bike,kayak) so again tri is lower gear costs.

costs for year are 

bike service $1000, 10year old bike needed rebuilding,

wetsuit $800, 10 year old wetsuit perished

nutrition $100

swim pool entry $200, use sea a lot

running shoes/clothing etc $400

Race entry $1100 approx, one local race and 1 IM

All up about $$3500

Fuel drove to event, stayed with friends so transport/accomodation minimal

My MTBing costs more as allot more gear demanding cost wise, and costs to ride at bike park.

Link to post
Share on other sites
×
×
  • Create New...