Opinion
Tips to keep yourself (and your finances) fit and healthy
Dominic Powell
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When it comes to keeping fit and healthy, we all have our different coping mechanisms. Some of us are gym buffs, pilates enjoyers, runners (weirdos), cyclists, or hikers. Others prefer to keep our workouts less land-based and opt to swim at the pool a few times a week.
You don’t have to fork out hundreds of dollars to stay fit and healthy.Credit: Aresna Villanueva
While it’s impossible to say what form of exercise is best (it’s the pool), whatever your poison, it’s likely you’re shelling out a fair bit of cash to do it, either in gym/class fees, or equipment. And though it’s important to keep ourselves fit and healthy, it’s just as important to keep our finances fit and healthy too.
What’s the problem?
According to the Australian Sports Commission, adults spent about $12.5 billion last year on participating in sports and physical activities, with the median spend being $624 for males and $648 for females. This marks an increase of about $2 billion on the year prior, a rise the ASC attributed to people getting back into regular exercise habits after the pandemic.
However, despite this bump, it’s clear that our exercise spending is something we’re cutting back on as cost of living pressures rise. The average amount we’re spending on gym memberships has fallen since last year, and CBA spending data for June shows the amount we’re paying for health and fitness services has declined nearly 6 per cent since 2022.
What you can do about it
If you’ve been putting your health and fitness on the backburner due to rising costs, here are some things you can try:
- Subsidise your costs: For those paying for a gym membership or regular classes, look for ways you can get those costs covered or reduced, says Canstar’s editor-at-large, Effie Zahos. For example, some workplaces may have employee health programs that offer cheaper gym memberships, or the ability to salary sacrifice health-related costs, she says. Certain health insurance providers will also cover your gym costs, so it’s worth checking if your level of cover will fund it.
- Negotiate your fees: Zahos says it’s increasingly common for exercise memberships to come with a range of hidden fees and costs, such as joining fees, exit fees, or even ongoing “administration” fees in particularly egregious situations. While you may not be able to negotiate down your monthly bills, these fees are fair game, she says, so it’s worth talking to your provider about them. In a similar vein, make sure you check your gym’s cancellation policies before you re-sign - they may have changed and could see you slugged with costs when you try to leave.
- There’s an app for that: If you’re looking for the motivation and tailored workouts gyms and personal trainers provide, but without the high costs, there are a plethora of workout apps that can provide a similar experience. They range from free to monthly subscriptions, so do some research into what you’re getting for the price.
- Stay home: No, this tip isn’t about giving up and just sitting on the couch instead. Home workouts are a cost-effective way to stay fit, one which many of us got familiar with during the pandemic. Angel Zhong, finance academic at RMIT and self-confessed home workout fan, says there are plenty of resources available on the internet for those looking to work out at home. “There are a large number of online resources, fitness apps, and YouTube channels that offer free or affordable workout routines catering to various fitness levels and goals,” she says. “They range from bodyweight exercises, tabata, HIIT, pilates, dance workouts, yoga, to resistance band workouts.” Similarly, picking up a different, cheaper form of exercise, such as running, can save you money while keeping you fit.
- Go secondhand: It’s very easy to get sucked into the vortex of thinking you always need the latest and greatest for whatever form of exercise you do, which can quickly end up in you spending $3000 on a brand new bike. Sussing out your second-hand options on eBay and Facebook Marketplace can save you hundreds, especially for those looking to build a home gym.
Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.