The 2012 games has a lot of youngsters starry-eyed with dreams of Olympic glory, but a commitment to a sport can take a financial toll on a family, as lesson, travel and equipment adds up.

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If your budding Olympian wants to dive into a sport head first, Kiplinger’s personal finance advises taking things slow at the start.

“It's really good to give your kids, I think, a broad experience, but you don't want to overdo it. You don't want to overdo it on yourself, and you don't want to overdo it on the kids,” said Janet Bodnar with Kiplinger's Personal Finance.

Sports equipment can be a waste of cash if a child loses interest, so don’t but new right away.

“Get something used. Get something used first, at least for the first one, maybe even through the first couple of seasons, until the kids, again, really make a commitment to this, Bodnar said.

Purchase new equipment at the end of a sport’s season when item are likely to be on sale.

With gas prices still high, shuttling kids to and from practices and travel team matches can add up. A carpool is a cost and time-saving move.

Also, for multiple kids, ask is the local youth league, pool or gym has a discount for families.