I’m a Financial Expert: Here’s the One Subscription You Need To Cancel Today
Written by
Sean Bryant
Edited by
Jenna Klaverweiden
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Do you have a gym membership? How often do you use that membership? If you’re like most people, you eagerly head to the gym and sign up for a membership. Unfortunately, after a few months, you’ve spent a lot of money on the membership but can’t remember the last time you used it. If this describes you, it may be time to cancel that subscription.
Here’s why health club memberships are a subscription you need to cancel, as well as what the financial impact of monthly charges are and some alternatives to consider.
Also see three signs you’re spending too much on subscription services.
When It’s Time To Cancel Your Health Club Membership
“When was the last time you went to your health club?” said Erica Sandberg, a consumer financial expert at CardRates.com. “If you can’t remember, either commit to going (really, this time) or cancel your membership. That fee is being deducted from your checking account or added to your credit card bill every month.”
It’s not uncommon for health club memberships to sit dormant for years, especially if your club requires an in-person cancellation. After all, working up the courage to cancel your membership can feel defeating and time-consuming.
And if you know you won’t use your membership for a few months, consider putting a pause in place. For example, if you are planning a month-long trip overseas, pause your membership to avoid paying the fee. Once you return, you can reactivate your membership.
The Financial Impact of Recurring Charges
Unused health memberships can deplete your budget and take away from other financial goals. The cost of health club memberships will vary based on the amenities. For example, a standard membership might cost only $20 per month, while an exclusive club may have a price tag of over $100 per month.
Regardless of the price, the monthly charges add up, especially if you have multiple memberships. A $20 per month membership costs $240 per year. What could you do with an extra $240? Not to mention the financial impact of higher membership fees. Spending $100 per month on an unused subscription totals $1,200 for the year.
“Unlike other subscriptions, which have relatively low rates, such as streaming services and news organizations, the average gym membership is often in the $50 to $100 range,” Sandberg said. “That’s a tremendous amount of money to lose.”
Alternatives To Consider
Even if you are living an active lifestyle, you have other options. Let’s say you really enjoy taking one particular class at your gym. Instead of paying for a health club subscription and leaving amenities unused, find a gym or fitness center that specializes in that class.
Or you can invest in your own fitness materials and work out at home. “You can invest in your own set of dumbbells for less than one month’s membership fee,” Sandberg said. “And if they end up under the bed, at least you won’t have the regular charge to feel guilty about when they just become dust collectors.”
Other options include online classes and AI-created workout plans. AI platforms can generate a customized workout at home for free. In addition, you can find thousands of workout lessons and videos on YouTube and other fitness apps. If you aren’t using your health club membership, look for free alternatives online to save money.
Canceling your health club membership doesn’t mean you can never step foot in the gym again. Instead, it realigns your spending with your current season. If you are considering re-joining a health club, take advantage of free trials. Spending money on health club memberships isn’t wasteful if you leverage the amenities and regularly use your membership.
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Source
- Erica Sandberg, CardRates.com
