There’s an episode of Friends where Chandler Bing had a gym membership he never used. He tried to cancel the membership, but the gym made it extremely difficult to cancel. He kept up with the monthly payments without using the facility. Can you relate? Recent surveys found that 63% of gym memberships are never used and more than 80% are used only once a week. Just like Chandler, you may be wasting precious money simply on the laminated membership card. Our hosts Philip Michael and Jen Gottlieb discuss the economics of gym memberships.
Break down the economics
When you evaluate your budget, break it down. How much are you spending per trip to the gym? If you pay $50/month and go twice, you’re paying $25 per trip, which may have only lasted half an hour. You may find that a gym membership isn’t a necessary part of your monthly spending. That money could go toward necessities. So, what are some alternatives to consider?
Four alternatives to a gym membership
- YouTube workouts. Simply type in “workouts” into YouTube and you’ll find hundreds of free videos to follow. And you can take the video to your living room, balcony or local park!
- IG Live/IGTV workouts. Your Instagram is filled with influencers. And quarantine only heightened the popularity of in-home workouts! Following these influencers also gives you motivation and inspiration.
- Take up a free activity. Running, cycling, swimming and hiking are great ways to get your body moving. Here are some great tips for beginner runners.
- Ask your employer if they have a health incentive. Healthy employees mean less money funneled into insurance. So some corporate offices offer health incentives to employees. You may get a free gym membership!
If you’re serious about saving money, you always can find ways to rearrange your budget. Think about what you could buy if you canceled those unnecessary memberships. Be stronger than Chandler Bing. You’ve got this!
