My older cp did not have time for anything else, but she was on 2 teams plus her school team, and in the gym 5 days a week. My younger one ran track and cheered at the same time. Now she's in irish dance, and does that, volleyball, and track. But she's only in 6th grade and none of these are serious activities for her yet (dance is getting there though).
It really depends on 5 things: your child's ability to handle lots of things, what team and how many teams they're on, your sanity level, finances, and whether you have other children.
A higher level team or multiple teams (or both) will make doing something else difficult at best, impossible at worst.
My children excel with more activities. If they have too much down time they get lazy really quickly. When they have something every day, then they are better at sticking to a schedule because they know they have to. When there's no activity that day, homework gets forgotten because they spend all day thinking they have all the time in the world (they got this from me" so I'm no help).
But you also have to consider how much YOU can take. My older one's schedule was too much for me. I about had a nervous breakdown her last year doing both allstar and school cheer. I now know that 5 days a week of activities is about all I can take, including Saturday competitions/games. Otherwise I start to get overwhelmed and can't get my own things done. So it's important to remember that you exist too.
And yes, cheer is extremely time and energy and money consumung. Of all my kids' activities, cheer was definitely the biggest commitment. If money is an issue, cheer will make it an overwhelming issue. If you have other kids, they better either cheer or be ready to sacrifice. My younger one didn't get to start Irish dance until my older cp graduated because of money and time. That probably was unfair to her, but it is what it is.
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