Here’s something to help you get your butt to the gym:
The fitness industry banks on the fact that you will not exercise. Actuarial studies have found that the average gym user will go less than twice a week. With the average monthly cost of health club memberships reaching $55, that’s approximately $39 worth of the membership goes to waste each month. Health clubs almost always oversell the space in the gym, expecting a large percentage (up to 67%) not to show very often!
Why do people spend all that money and rarely use their membership?
Overconfidence, says a study performed by Stefano Dellavigna an assistant professor of economics at the University of California at Berkley, and Ulrike Malmendier , an assistant professor of finance at Stanford.
First, we tend to overestimate the number of times that we will go to the gym, which leads us to buy more expensive membership that rewards the frequent visitors with financial savings. The busiest month in health clubs is January, when people are hot to trot on their resolutions, but guess what? That crowd quickly fades away, and you may be locked into your club contract for a year.
Just because your wallet is skinnier, doesn’t mean you are. The only way to tip the scale (both literally and figuratively!) in your favor is to use the membership that you have purchased!
How can you make sure you are getting your bang for your buck at the gym?
Posted on June 10, 2015