A famous Hong Kong bank recently launched a new marketing campaign linking bank and exercise telling us that we should look after our bank account the same way we look after our body in other words to not be lazy!
This leads MyRate to review gym memberships costs & us writing about choosing the right fitness option, assess the savings that can be made in that field & the repercussions it can have on your home loan!
Nowadays there are so many options in regards to improving your fitness: you can join a gym, a boot camp training, have a personal trainer or even join a netball or soccer team.
In Gym clubs alone, there are so many different choices: a women only gym, a premium gym, a gym opened 24 hours a day… It is a jungle out there!
Sometimes it can also feel like the gym chain is only there to take your money. A lot of gyms want members to commit for a minimum period. They use forceful sales techniques to sign you up & to try to keep you on, when you decide that you don’t want to go anymore.
A gym membership can range from $14 to $30 per week on average and a bootcamp training can cost anything between $30 to $50 a week.
You may think it is cheaper to join a gym however it is important to realise that most people give up going to the gym 3 months after joining, according to Alan Marlatt, director of the Addictive Behaviors Research Center at the University of Washington.
Based on an average $75 monthly gym membership, if you committed to a 12 months membership but only went for 3 months, you would be wasting $525.
If you put this $525 as an extra repayment towards a $350,000 loan over 25 years at 6.35% rate, you would save $2,005 in interest.
Review MyRate lump sum repayment calculator now to see how much you could save.