January gym rush: Weigh your options

Fitness centres across the country are preparing for the rush of new members this January.  Sadly, most of us will give up on our New Year’s resolutions after just a few short weeks.  It helps to find the right gym at the right price if you’re determined to stick to your fitness goals in the New Year.

The puzzling thing about buying a gym membership is the lack of pricing information available online.  Most fitness websites keep their pricing and promotions vague, to say the least.  Instead, they encourage you to drop-in and meet with a consultant for more information.  Why do fitness centres keep their gym membership prices hidden from the public?

If you’re serious about buying a gym membership, you need to weigh your options carefully.  Here’s what to look for:

Is there a one-time initiation or sign-up fee?  Fitness centres are known for pushing this fee on unsuspecting new customers.  Initiation fees can run up to $129 or more and are pure profit for the fitness centre.  This is an unnecessary cost when buying a gym membership.  The fitness market is extremely competitive, so shop around for a gym that will waive the sign-up fee.

How much are you willing to spend per month?  According to this thread in the Red Flag Deals forum, the cost of a gym membership in Toronto seems to vary for each customer.

• Extreme Fitness: from $30 - $62 per month
• Goodlife Fitness: from $20 - $73 per month
• LA Fitness: from $29 - $60 per month
• Premier Fitness: from $25 -  $38 per month
• YMCA: from $20 - $67 per month
• Gold’s Gym: from $36 - $55 per month

 What does your gym membership include?  Many fitness centres include access to basketball courts, squash courts, swimming pools, exercise classes, whirlpool and sauna.  Some gyms allow you to visit multiple locations in a specific region or even across the country. 

Do you need to sign a contract?  In addition to the one-time fee, another common sales tactic for fitness centres is to lock you into a long-term contract.  Typically, a longer term will mean cheaper monthly fees. 

Customers need to be cautious when signing-up for a long term plan.  The enthusiasm of early morning workouts quickly fades away, but your fitness centre will still happily debit your account every month for the duration of your contract.  Once you’re locked-in, it’s difficult to cancel your gym membership.

If you lack the motivation to keep going to the gym, try transferring your membership.  That’s exactly what I did after our daughter was born and my wife and I stopped going to the gym.  I posted our gym membership on Kijiji and was able to transfer both memberships to another couple without incurring any fees.

Also Read:

Easy ways to cut my fitness costs by $500

Lose the gym and get a fatter wallet

Robb Engen is half of the Boomer & Echo personal finance blogging team with his mother, a former financial advisor.  Reach him at robbengen@gmail.com