Joining the gym?
The first rule with building wealth is to keep an eye on your costs. Sensible spending is top of the list to creating extra cash that can they be invested at the end of the month or year. Gym membership is something that catches many people out. How can you ensure your finances remain fit whilst you do too?
What is your New Year’s resolution?
New Year’s Resolutions are often centred around breaking bad habits, such as giving up smoking or drinking less alcohol, or, taking up good habits, such as exercising more and eating healthy.
In fact, according to the Journal of Clinical Psychology, in 2015, these were the top 10 New Year’s resolutions.
1
|
Lose Weight |
2
|
Get Organised |
3
|
Spend Less, Save More |
4
|
Enjoy Life to the Fullest |
5
|
Stay Fit and Healthy |
6
|
Learn Something Exciting |
7
|
Quit Smoking |
8
|
Help Others in Their Dreams |
9
|
Fall in Love |
10
|
Spend More Time with Family |
According to the same research, it was estimated that around 45% of the population make some sort of resolution for their new year.
However, despite these good intentions, less than 8% achieve their desired result, or keep up their promise for the full 12 months. Realistically, it could be much less.
Further research suggests now that 3 weeks is the optimum time period before someone gives-in and breaks their commitment.
Taking everything into account, the enthusiasm in the new year to burn-off the Christmas pudding, often results in bad financial decisions.
Is joining the gym the best option for you?
Gym membership is often a commitment for 12 months, with little flexibility to break the contract.
Subsequently, millions of pounds are lost each year by consumers joining gyms and not even breaking a sweat, only their bank account.
The Office for Fair Trading have been trying to protect customers from contractual small print by gyms that result in customers paying out but not benefiting from the facilities. However, the final decision is really in your own hands.
Before you commit to join the gym, consider these points:
- Is the gym the best option for you? Do you have time to commit to the gym or would something more flexible suit you?
- Do you enjoy just walking or running? Do you have a park nearby that would mean free exercise at your leisure?
- Would PAYG contract that you can manage around your working life, suit you better?
- Have you researched low-cost-monthly contracts? Often the cheaper gyms have broadly the same facilities as the £100+ per month ones, if you are keen to just keep fit.
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