I've generally encourage doing one athletic activity + one arts activity. Doing two sports + the arts + expected community service or groups like boy/girl scouts starts to make for a crazy life, esp with multiple kids so you really need to be flexible about what excites your kid and what works with your life/bank account.
For DS, he liked team sports and so did rec level soccer and baseball in ES-MS. He did a theater class in early ES, sang with the school choir and then did trumpet in 4th-7th grade, dropped that and picked up guitar. Now in HS, he doesn't want to do a team sport but runs on his own and still plays guitar. He also learned to golf from my dad + some local lessons and does that occasionally with friends.
DD doesn't like team sports, she did an afterschool "kid fitness" class in early ES and then started fencing in 4th grade. Yes, it can be expensive if you do it at a very competitive level, but she (now in 8th grade) does it at a more casual level for fun/fitness. She practices 3x a week and does probably one tournament per quarter. For arts, she took art classes when little, picked up drums in ES band, switched to french horn in MS and is continuing that into HS.
I think it's also important to be a good example to your kids about these activities. You aren't making them do it to get into college but because it's part of a healthy, happy life. If that's the case, the parents should do the same. Otherwise, IMO, they get the message that these are not important life-long things but just part of the college rat-race. I go to the gym regularly, sing in a church choir, and model community service through our church (which they participate in) and school volunteer work. DH runs and occasionally plays on a work softball team and plays guitar.