In the past three years, Aussies have spent upward of $8.5 billion on fitness related products and services annually. Since the population of the country is only 21.4 million people, that’s a ridiculously large heap of dough spent each year on an important-to-your-health field.
So, the question is, how do you make these investments in your health affordable on your budget?
Take a Look at Your Overall Budget to Find Your Sweet Spot
You’ve all got – or should have – budgets for your annual, monthly, and weekly spending. You can only earn so much money and have so many plans for each year. There’s travel you want to do, housing repairs that need to be dealt with, education costs for you or the kids, and heaps of other figures that run headlong into the budget, making it difficult to find the right space for fitness.
The best way to figure out how much you can spend on fitness is by determining how much you actually bring home and how much you spend on things you don’t really need. There are many times you toss around cash on things you didn’t mean to – often you aren’t even aware of doing so – so try keeping all of your receipts for a month to figure out where the extra spending goes. This figure, combined with your overall budget, will help you figure out how much you can afford to spend on fitness each year.
Cut Out the Junk Spending to Free Up Cash
You’ll also want to cut out that excess spending so you can dedicate more to helping you reach your fitness goals. Pinpoint “hot” spending zones for yourself and either avoid them or get some accountability on not making those impulse purchases. You can call a friend before heading to the shopping centre or go in with only enough cash to get your mandatory purchases.
Create a Special Savings Fund for Fitness
If you run marathons, work with a functional fitness personal trainer, or just love the latest and greatest equipment in your sport of choice, create a separate savings account for your fitness needs. Look for an account that’s going to have some decent returns, especially if you’re going to be able to manage a heftier chunk of dough when you open the account. Set aside a few bucks or a few hundred from each paycheck – depending on what you’ve determined your income allows – and let the money build for a bit, avoiding frivolous purchases for impulse equipment buys. Save up for that new machine or barbell set instead of splurging in the meantime.
Focus on One or Two Sports to Save More Money
Finally, instead of spreading yourself across a range of sports that interest you, pick one or two that you love. This will save you money on membership fees, new purchases, entry fees, and other expenses that could take away from your specific goals in fitness and health. Narrowing your focus will also help you improve your times, weights, or other PRs, so it’s a win-win.