The 2012 Olympic Games may be aspiring a lot of young athletes, but a sports commitment can take a big financial toll on their parents.

Kiplinger's Personal Finance advises parents to take things slow when their budding Olympians want to dive into a new sport. It also suggests starting out with used sports equipment in case a child loses interest.

Other ways to save money include car pooling to practices and games, and finding out what youth leagues or gyms offer a family discount.