Reassessing My Gym Membership: A Cost-Benefit Analysis
As I reflect on my fitness journey, I realize that my gym membership has been collecting dust since I moved two months ago. Initially, I had signed up for a Planet Fitness membership with no annual fee, thinking it was a steal at $99 per year. The convenient location near my office and home in South Boston made it easy to fit in a morning workout before heading to work. However, my new apartment has changed the dynamics, and I’ve only managed to visit the gym once since the move.
The False Economy of Cheap Gym Memberships
At first, I thought I was being frugal by opting for the cheaper gym membership. But, as I dug deeper into my spending habits using Mint.com, I realized that I was actually losing money and time by trying to save a few bucks. The cost of transportation to the gym was adding up, and I was using the excuse of not wanting to spend $4.50 on a round-trip train ticket to avoid going altogether.
The Hidden Costs of Commuting
My erratic work schedule meant that I rarely bought monthly passes, instead opting for ad-hoc train rides or weekly passes when needed. However, this approach resulted in me spending less than $200 on public transportation in 2016. To make going to the gym a habit, I would need to buy a monthly pass for $84.50, which would be a significant expense considering I wouldn’t make full use of it outside of gym trips.
A Better Alternative
After crunching the numbers, I discovered that switching to a more expensive local gym would actually save me $533.14 per year and 45 minutes of daily commute time. The new gym is just a 10-minute walk from my apartment, eliminating the need for transportation costs and time. Although the new gym membership comes with a higher monthly fee of $31.74 and a one-time activation fee of $29.99, I’m willing to pay the extra cost for the convenience and motivation it provides.
The Lesson Learned
Reevaluating my gym membership has taught me that the cheapest option isn’t always the most cost-effective. It’s essential to consider the whole cost, including factors like time and transportation, to make an informed decision. In my case, paying more for a local gym membership has turned out to be the better choice, providing me with a stronger motivation to work out regularly and saving me a significant amount of money and time in the long run.
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