Is A Gym Membership Worth It Or A Waste Of Money?

You’re working hard to pay down debt, build an emergency fund, save for your children’s college years, or fund for retirement. (Maybe all of those!) You’re also determined to improve your health and reduce stress too. But when you pay your gym membership each month, you ask yourself if you’re wasting money you could be putting toward other financial goals.

You know there are plenty of ways to work out for little to no money. But you also believe paying for your membership motivates you to work out. So, is your gym membership worth it or are you wasting money? Let’s find out.

Spending on Gym Memberships

According to Statista, close to 61 million people were members of fitness centers in 2017. With an average monthly membership fee of about $60, paying for your workouts may not seem like a budget-busting expense. But some reports state almost 70% of memberships go unused after the first few months. An NPR article suggests the business model of most gyms depends on people paying for memberships and not showing up.

What Gyms Offer Their Members

People obviously join gyms to focus on their health and physical fitness. Gyms and fitness centers offer members a variety of equipment to use and numerous classes to choose from.