Five fitness mistakes that can crunch your financial future

Getting fitter is an investment in yourself, but there’s no need to waste money on unnecessary expenses, experts say.

Is your New Year resolution to get fitter, stronger or skinnier in 2021 now looking a little wobbly?

You wouldn’t be alone, and it could be crunching your finances too.

Many get-fit-quick schemes create costly mistakes as excited consumers make too many errors on the financial side.

Here are five common mistakes, and how to prevent them.

1 FEE FOOLISHNESS

Most gyms charge joining fees but with a little arm twisting you can often negotiate a big discount or a fee waiver.

MyBudget founder and director Tammy Barton says today’s gym and fitness industry is “incredibly competitive” and consumers have the upper hand.

Don’t be afraid to haggle, and be wary of fixed-term contracts, Barton says.

“Gyms have an arsenal of sales tactics for attracting new members … then one day you need to cancel your membership and discover you’re locked into a fixed-term contract,” she says.

Barton says before signing, always ask a gym’s membership officer if you can cancel or change if you move away, lose your job, get sick or injured, or change your mind.

“It may be better for you to commit to a more expensive deal that gives you the flexibility to cancel at any time,” she says.

Tammy Barton from MyBudget says make gym fees worth it. Source: Supplied

2 OOPS, I FORGOT

Online fitness apps and programs surged during the pandemic and you may have forgotten about a workout, yoga or meditation app you signed up for during lockdown but no longer use.

It will still be debiting your credit card or bank account, though, so regularly check your financial statements.

If you’re going on holidays, travelling for work or recovering from surgery, contact your gym or fitness studio.

“Most contracts allow you to suspend your membership for a period of time,” Barton says. “Take advantage of this and stop paying for weeks you’re not using.”

3 NOT SHOWING UP

“A lot of people lose money on their gym membership because they don’t use it,” Barton says.

“The key is to create a system of positive fitness habits. That could include putting your workout gear in the car so you can go straight from work to the gym, or having an accountability buddy – a friend you meet at the gym.”

Financial adviser and author Helen Baker says fitness should be enjoyable, not a chore.

Financial adviser and author Helen Baker recommends treating fitness as return on investment.

“Are you actually using it?” she says.

“Turn fitness into enjoyment rather than a chore. If you go to the gym on your own and leave on your own, it can be pretty boring.”

4 KNOWLEDGE GAP

There are big discounts and freebies in the world of fitness.

Baker says people should check with local councils and health insurance funds for free classes and activities.

“If you get referred to pilates or a gym, there are private health funds that will reimburse you the full amount or a portion of the amount,” she says.

“I don’t think many people know that.”

Learn about free apps and online videos, and today’s big trend of training in groups.

Lindsay Perry, a personal trainer for almost a decade who will soon open a Body Fit Training business on the Gold Coast, says group training is “personal training at one-third of the cost”.

5 SUPPLEMENT SALES TRICKS

Ignore the celebrities on TV telling you to pop this pill or swallow that vitamin.

In many cases, a healthy balanced diet delivers all the supplements you need, which means those vitamins simply turn urine neon yellow.

Perry likens supplements to building a home.

“The supplements are like the nuts and bolts, but you can’t put the nuts and bolts in unless you have the right structure – nutrition, sleep, stress management and sunlight,” she says.

Perry says helping people get healthier is her purpose in life because “the way we feel controls everything”.

“Budgeting for your health and fitness is like putting away for your future – it’s a different kind of saving,” she says.

“You are investing in yourself, so don’t skimp on that.”

@keanemoney

Lindsay Perry will soon open her own Body Fit Training business. Picture: Scott Powick

TRIM YOUR FITNESS COSTS

• Consider buying good quality second hand fitness equipment from online sites such as Gumtree.

• Look for free fitness machines in your local areas, which are increasingly being provided by local councils.

• Create your own bootcamp with friends, meeting regularly to train together.

• Find free fitness apps and online videos, such as Yoga with Adriene which has 9.3 million YouTube followers.

• Understand the contract before signing a gym membership, and be prepared to negotiate.

Source: MyBudget