Wednesday, May 18, 2016

The True Cost of a Gym Membership

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May is National Physical Fitness and Sports Month. If you type in the word gym, it returns over 630 million search results. This shows that many people are concerned about health and physical fitness. According to research from International Health, Racquet and Sportsclub Association and Bureau of Labor Statistics the average person goes to the gym twice a week. The average cost of a gym membership is $58 per month but prices can range from $10 to $100 per month. Approximately 58 million people go to a gyms or health clubs. 

Benefits of Joining a Gym

  1. Several options available for physical activity
  2. Meet new people
  3. Socialize with like-minded people
  4. Increases the production of endorphins and improves your mood
  5. Helps you lose weight and reduce or eliminate health issues
  6. Releases stress, anxiety and tension
  7. Increases energy
  8. Improves mental health
  9. Improve heart health
  10. Improve cognitive abilities
  11. Improves focus and helps reduce procrastination
  12. Helps improve sex life

How to Select a Gym/Health Club
  1. Read the agreement. Some gyms offer extra services that are included in your membership, take advantage of them.
  2. Pass. Ask for a guest pass to try out the facilities before joining.
  3. Comparison shop. Look for deals for memberships online and use coupons from Groupon or Living Social.

How to Negotiate Prices
1.      Set a price you want to pay and offer 10% - 20% less than that amount.
2.      Price match. Quote competitor prices to get a better deal.
3.      Fees. Ask that the initiation fee and other fees be waived.
4.      Referrals. Refer friends and family to the gym to get credits on bonuses on your membership.
5.      Manager. Ask for the Sales Manager and negotiate. The front desk clerk may not have authority to negotiate.
6.      End. Negotiate when your contract is about to expire.
7.      Say no. Do not accept the first or second offer.

How to Save Money on Fees
  1. Month-to-month. The gym will make automatic withdrawals every month from your bank account and is usually the most expensive option.
  2. Short Term. Some gyms will offer three to six month memberships.
  3. Yearly. If you pay by the year you can save anywhere from 20% – 40%.
  4. Multiyear. Some gyms let you sign contracts for a few years in advance.
  5. Pay as you go. Find pay-as-you-go facilities.
  6. Coupons. Look for deals on memberships online and use coupons from Groupon or Living Social.
  7. Pay in cash. You may be able to get fees waived or reduced if you pay cash.
  8. Avoid extras. Avoid buying extra membership services most are never used.

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