My wife and I have been paying $155 a month for a gym membership for years. I can count with my fingers how many times a year I don’t work out. I’ve also been a big advocate that it’s easier to make exercising part of your lifestyle if it’s an event. For these reasons I’ve thought the high cost of my full priced gym membership was worth it. That changed last week.
I used to go to spin classes all the time, but the class times just don’t line up with my availability. So, last week I bought a spinning bike and set up a home spinning studio in my basement for cross training. I hooked my laptop to the television and created a play list of free spin classes from YouTube. I’ve hopped on that bike every day for the last week, and loved every minute of it.
My gym is rich with amenities including a hot tub, pool, sauna, steam room, racquetball, basketball, group fitness classes, and every cardio and strength training machine known to man. But except for a very infrequent trip to the hot tub, I always use the same narrow slice of equipment.
I did an analysis of what I use, and what I could do to maintain access to similar exercise methods and what the cost would be.
I’m a runner, so I spend a lot of time on a treadmill. I also like to run outside. In the warmer months of the year, I spend most of my time on outside trails. I’m currently searching for a high quality used treadmill. I’m targeting to spend about $1000.
My body requires days off from running, and it’s nice to inject variety into your cardio training. I have a set of roller blades for good weather days, and as mentioned I just bought a spinning bike. The roller blades I’ve owned for years, the spinning bike cost me $600.
My strength training goals are simply to build and maintain healthy muscle tone, not to be a body builder. I can do this minimal weight equipment including a set of dumbbells, a bench and a few other things for $400 (just so my total comes out to a nice round number).
When Do I Start Saving Money?
My home gym of a treadmill ($1000), spin bike ($600) and strength training equipment ($400) is projected to cost about $2000.
My gym membership costs $155 a month, but that’s not the only cost. A round trip to and from my gym is 16 miles, 112 miles a week, or 448 miles per month. If my van gets 20mpg, that’s roughly 22.5 gallons of gas each month. Currently gas is about $2 per gallon where I live, so that’s an additional $45 spent on my gym membership.
$155 membership dues + $45 in gas per month = $200 total cost of gym membership per month.
My home gym would pay for itself in $2000 / $200 = 10 months. After that, I’d have $200 extra in my pocket each and every month.
Gym memberships provide access to high quality equipment that one could never assemble in their own home. But looking at what my wife and I actually use at the gym, and utilizing our basement (used to be our kids toy room when they were young) we can buy what we really need, and save a significant amount of money.
How about you, EOD Nation, are you a former gym goer that decided to workout at home to save money?