Budgeting the Offseason: The Full Year Mindset

Playing overseas, many athletes unknowingly shoot themselves in the foot by spending their in-season checks as if they are year-round income.  

Monthly Income vs. Reality

During the season, your bank account looks healthy because you are receiving larger increments. However, these increments are being paid in a shorter period of time. Those eight months of pay during the season must sustain a twelve-month lifestyle.  

If your salary during the 8 month season is $80k, you don’t actually have $10k a month to spend. Your true income month-to-month is roughly $6.6k if you want to survive the summer stress-free.

The Solution: A Summer Fund

In order to maintain financial stability, you must adopt a full-year mindset. Don't wait until May to realize you’re out of cash.  

• Set up a separate "Summer Fund" account: This should be a high-yield savings account distinct from daily spending.  

• Automate your savings: Have a portion of every single in-season check automatically moved to this account the moment it hits.  

• Excel: Personally, I have an excel sheet that I use month-to-month for keeping track of my budget, rent, and general expenses. It keeps me up to date on whether I’m overspending, and helps me put money aside for later use.

• Cover the Gap: This fund ensures your lifestyle costs: rent, training, and travel, are fully covered during the months you are without a team.  

Ignoring your true monthly income can cost you your entire offseason savings in just a few weeks of overspending. By automating a Summer Fund, you aren't just saving money, you're buying the peace of mind to focus on you rather than the bank.