Like the start of every other year, people up and down the country have signed up to gym memberships. It’s the time when many consider their lifestyle and try to improve their fitness after a Christmas period spent over indulging.
New year deals also reel many people in. But evidence shows for millions of people, this is little more than a fad they will quickly lose interest with. For those who forget about subscriptions or find themselves unable to cancel, they could be throwing away hundreds of pounds.
Finance experts found 80% of new year gym memberships are abandoned by mid-February. They cost around £47 each on average, money which could be put to better things if people have no intention of going to the gym beyond the first few weeks of the year.
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It’s one of the areas Brits strapped for cash are being encouraged to think about making easy savings. Other ways households regularly waste money is on things like streaming services which are rarely if ever used.
Fiona Peake, personal finance expert at Ocean Finance, said: “January is when gyms rake in their biggest profits, with many offering seemingly irresistible new year deals. But these contracts often lock people in for 12 months, meaning Brits are collectively wasting upwards of £500 million annually on unused memberships.
“Committed to joining a gym? Set a monthly cap on what you’re willing to spend,” Fiona added. “Consider how often you’ll realistically go to the gym and divide the cost per visit. If it’s more than £5 a session, it might be worth exploring pay-as-you-go options or other alternatives.”