2822: Is a Gym Membership Worth it or a Waste of Money? by Vicki Cook and Amy Blacklock on Financial Advice

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[00:00:26] [SPEAKER_00]: This is Optimal Finance Daily. Is a Gym Membership Worth it or a Waste of Money? By Vicki Cook and Amy Blacklock of WomenWhoMoney.com.

[00:00:37] [SPEAKER_00]: And I'm your host and personal finance enthusiast, Diana Merriam. Now let's get right to it and continue optimizing your life.

[00:00:49] [SPEAKER_00]: Is a Gym Membership Worth it or a Waste of Money? By Vicki Cook and Amy Blacklock of WomenWhoMoney.com.

[00:00:58] [SPEAKER_00]: You're working hard to pay down debt, build an emergency fund, save for your children's college years, or fund your retirement. Maybe all of those.

[00:01:08] [SPEAKER_00]: You're also determined to improve your health and reduce stress too.

[00:01:12] [SPEAKER_00]: But when you pay your gym membership each month, you ask yourself if you're wasting money you could be putting towards other financial goals.

[00:01:21] [SPEAKER_00]: You know there are plenty of ways to work out for little to no money.

[00:01:25] [SPEAKER_00]: But you also believe paying for your membership motivates you to work out.

[00:01:29] [SPEAKER_00]: So is your gym membership worth it or are you wasting money? Let's find out.

[00:01:35] [SPEAKER_00]: Spending on Gym Memberships

[00:01:37] [SPEAKER_00]: According to Statista, close to 61 million people were members of fitness centers last year.

[00:01:45] [SPEAKER_00]: With an average monthly membership fee of about $60, paying for your workouts may not seem like a budget-busting expense.

[00:01:54] [SPEAKER_00]: But some reports state almost 70% of memberships go unused after the first few months.

[00:02:00] [SPEAKER_00]: An NPR article suggests the business model of most gyms depends on people paying for memberships and not showing up.

[00:02:10] [SPEAKER_00]: What gyms offer their members?

[00:02:13] [SPEAKER_00]: People obviously join gyms to focus on their health and physical fitness.

[00:02:18] [SPEAKER_00]: Gyms and fitness centers offer members a variety of equipment to use and numerous classes to choose from.

[00:02:24] [SPEAKER_00]: From strength training circuits to free weights, members can select what best meets their needs.

[00:02:31] [SPEAKER_00]: Treadmills, ellipticals, stationary bikes, and rowing machines are just some of the cardio equipment available for use.

[00:02:39] [SPEAKER_00]: While not all fitness centers have full-size gymnasiums, many do.

[00:02:45] [SPEAKER_00]: This opens other options including basketball, pickleball, and floor hockey.

[00:02:50] [SPEAKER_00]: Group exercise classes offered at gyms include pilates, zumba, yoga, spinning, dance, martial arts, and more.

[00:03:00] [SPEAKER_00]: Many gyms also offer fitness boot camps or high-intensity interval training classes.

[00:03:06] [SPEAKER_00]: If the facility has a pool, various group water exercise classes are usually an option, in addition to lap swimming.

[00:03:14] [SPEAKER_00]: With all of the fitness options offered to gym members, most people can find something they enjoy doing to work on their health.

[00:03:22] [SPEAKER_00]: Advantages you may not have considered.

[00:03:25] [SPEAKER_00]: On fitness center tours, employees may point out other things you'll benefit from by joining their gym.

[00:03:32] [SPEAKER_00]: Many gyms offer instructions on how to use the equipment and create a workout plan based on your current level of fitness.

[00:03:39] [SPEAKER_00]: You can often hire a personal trainer who works at the facility if you need ongoing individualized support too.

[00:03:47] [SPEAKER_00]: Some gyms even offer childcare for free while you work out.

[00:03:52] [SPEAKER_00]: The ability to use a gym in a different city while traveling is an option when you join some national-level organizations,

[00:03:59] [SPEAKER_00]: including participating YMCAs or franchise fitness centers.

[00:04:04] [SPEAKER_00]: Guest passes might be a perk allowing you to bring a friend or family member to go to your gym for free.

[00:04:11] [SPEAKER_00]: Some gyms have hot tubs and saunas for you to enjoy.

[00:04:14] [SPEAKER_00]: You can get a massage at a reasonable rate at many fitness centers.

[00:04:19] [SPEAKER_00]: Cooking classes, CPR certification, and health screenings are also offered at some health clubs.

[00:04:26] [SPEAKER_00]: Working out with others in group classes is motivating to many people,

[00:04:30] [SPEAKER_00]: and it's also a way to grow friendships with others who have similar interests.

[00:04:34] [SPEAKER_00]: Some people even find they enjoy their fitness centers so much that they take a part-time job there,

[00:04:40] [SPEAKER_00]: which can include a free membership.

[00:04:43] [SPEAKER_00]: When gym memberships don't make sense

[00:04:46] [SPEAKER_00]: Even though there's a big list of pros to joining a gym,

[00:04:50] [SPEAKER_00]: there are people who are throwing away money each month.

[00:04:53] [SPEAKER_00]: Many people join a gym even though they aren't committed to working out on a regular basis.

[00:04:59] [SPEAKER_00]: Others find themselves locked into an annual contract at a fitness center they don't like

[00:05:04] [SPEAKER_00]: because they fail to read the document they were signing.

[00:05:07] [SPEAKER_00]: Some people choose fancy, expensive health clubs

[00:05:10] [SPEAKER_00]: rather than low-cost fitness center options that would still meet their needs.

[00:05:15] [SPEAKER_00]: A gym membership doesn't make sense if you don't use it on a regular basis,

[00:05:20] [SPEAKER_00]: and if you live paycheck to paycheck.

[00:05:22] [SPEAKER_00]: And it really doesn't make sense at all if you have a lot of credit card debt or lack an emergency fund.

[00:05:29] [SPEAKER_00]: Until you can budget for a gym membership without adding more debt,

[00:05:33] [SPEAKER_00]: finding free workout options is a smarter choice.

[00:05:37] [SPEAKER_00]: Alternatives to Gym Memberships

[00:05:40] [SPEAKER_00]: There are plenty of low-cost and free options to gym memberships.

[00:05:44] [SPEAKER_00]: Many people prefer to exercise outside by walking, running, hiking, or biking.

[00:05:49] [SPEAKER_00]: Playing tennis at public courts or cross-country skiing in parks are other options.

[00:05:55] [SPEAKER_00]: You can also create a home gym or do exercise or yoga videos in your living room and get a great workout.

[00:06:02] [SPEAKER_00]: These activities may require an initial purchase of equipment,

[00:06:06] [SPEAKER_00]: but you can usually pick up gently used equipment on sites like Facebook Marketplace.

[00:06:12] [SPEAKER_00]: You can also look at community centers for open gym times

[00:06:15] [SPEAKER_00]: or local college fitness centers to see if they have free or low-cost memberships available.

[00:06:21] [SPEAKER_00]: Should you pay to workout?

[00:06:23] [SPEAKER_00]: If you're committed to following an exercise routine,

[00:06:27] [SPEAKER_00]: prefer to workout at a gym or fitness center,

[00:06:29] [SPEAKER_00]: and can afford it,

[00:06:31] [SPEAKER_00]: a membership isn't wasting money.

[00:06:33] [SPEAKER_00]: Regular workouts will not only improve your physical health,

[00:06:37] [SPEAKER_00]: but your mental health too.

[00:06:39] [SPEAKER_00]: Just be sure to include the membership fee in your monthly budget.

[00:06:42] [SPEAKER_00]: If you aren't sure you'll use the gym frequently,

[00:06:46] [SPEAKER_00]: there are plenty of other options for you to consider.

[00:06:48] [SPEAKER_00]: See if you can make a regular exercise routine of free activities

[00:06:52] [SPEAKER_00]: before you commit to a paid membership.

[00:06:55] [SPEAKER_00]: If you find you're sticking to a consistent workout schedule,

[00:06:59] [SPEAKER_00]: a gym membership probably won't waste your money as long as it won't add to your debt.

[00:07:04] [SPEAKER_00]: If you're interested in a gym membership and you can't afford it,

[00:07:07] [SPEAKER_00]: see if the gym offers any discounts.

[00:07:10] [SPEAKER_00]: Some gyms offer free or low-cost trial periods

[00:07:13] [SPEAKER_00]: before they require you to commit to a monthly or annual contract.

[00:07:18] [SPEAKER_00]: Also, check with your employer and health insurance provider.

[00:07:21] [SPEAKER_00]: Some offer health club or gym membership discounts

[00:07:25] [SPEAKER_00]: as a benefit to employees or participants.

[00:07:28] [SPEAKER_00]: Finally, you can review your expenses

[00:07:31] [SPEAKER_00]: to see if there are other areas of your budget you can trim

[00:07:34] [SPEAKER_00]: to find the money to pay for a membership.

[00:07:37] [SPEAKER_00]: Skipping dinner out one night a month

[00:07:39] [SPEAKER_00]: might be enough to cover your monthly gym fees.

[00:07:46] [SPEAKER_00]: You just listened to the post titled,

[00:07:48] [SPEAKER_00]: Is a Gym Membership Worth It or a Waste of Money?

[00:07:52] [SPEAKER_00]: By Vicki Cook and Amy Blacklock of womenwhomoney.com.

[00:07:56] [SPEAKER_00]: And I'll be right back with my commentary.

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[00:09:01] [SPEAKER_00]: I agree with Vicky that a gym membership isn't wasting money as long as you're using it.

[00:09:07] [SPEAKER_00]: And while I do think people living paycheck to paycheck need to take a hard look at their expenses

[00:09:12] [SPEAKER_00]: and would benefit from some cuts,

[00:09:15] [SPEAKER_00]: I have to imagine there are other frivolous expenses in a budget

[00:09:19] [SPEAKER_00]: that could go before a reasonably priced gym membership.

[00:09:24] [SPEAKER_00]: If giving up a gym membership means you will work out less,

[00:09:27] [SPEAKER_00]: the effect on your health might not be worth the monetary savings.

[00:09:32] [SPEAKER_00]: For me, the most optimal and efficient way to work out would be at home.

[00:09:37] [SPEAKER_00]: But I just don't enjoy it.

[00:09:39] [SPEAKER_00]: And I think the key to exercise is finding something you enjoy so that you keep doing it.

[00:09:45] [SPEAKER_00]: I really like hot yoga.

[00:09:47] [SPEAKER_00]: I want to spend an hour in a room heated to over 100 degrees

[00:09:51] [SPEAKER_00]: and sweat out all of my stress.

[00:09:53] [SPEAKER_00]: I want to be inspired by the person next to me standing on their head

[00:09:57] [SPEAKER_00]: to remind me that I can do hard things.

[00:10:00] [SPEAKER_00]: The sheer aggressiveness of hot yoga forces me to focus on my breath

[00:10:05] [SPEAKER_00]: and stay in the present moment so that I don't pass out.

[00:10:08] [SPEAKER_00]: It's absolutely thrilling.

[00:10:10] [SPEAKER_00]: So while hot yoga is not the most cost-efficient way to get my exercise,

[00:10:15] [SPEAKER_00]: I decided that I'm okay with that,

[00:10:17] [SPEAKER_00]: especially because I'm cost-efficient in many other areas of my budget.

[00:10:22] [SPEAKER_00]: And that should do it for today.

[00:10:24] [SPEAKER_00]: Have a happy rest of your day.

[00:10:25] [SPEAKER_00]: And I'll see you tomorrow, as usual, where your optimal life awaits.