Do a search for “treadmill” on kijiji and Ontario alone nets you 2,531 results. I imagine a lot of people did a quick calculation to find out how much money they would save by buying their own equipment versus paying gym membership fees in perpetuity.
Couple the cold hard math with the excitement at the centre of your brain when you go shopping, and it's pretty easy to see why so many people try to put together a home gym. No waiting for machines, no travel time to and from the gym, and after perhaps a couple of years you'll be saving money since it's pay-to-play at the gym (and sometimes it's pay-to-play for a while, then it just becomes “pay”).
Mathematically, of course, it makes sense to have your own gym equipment. You pay upfront once, or you finance it over a set period of time, and that's it. You own the equipment. A gym membership would be a drain on your bank account forever.
But the real question is, what is your primary goal? In this case, it is to be fit. Or at least fitter. Being efficient with your money is a secondary goal. Ultimately, the determining factors are going to be time and discipline.
Perhaps the environment of a gym motivates you to work out more often because it's a bit of a getaway from life.
Maybe you run a few extra minutes on the treadmill because you started up after the guy next to you and you don't want to leave earlier, too. Or perhaps the regulars motivate you just because they look like shiny happy people.
Any of these factors could help contribute to more time in the gym. If this is what it takes for you to work out regularly, a gym membership might be the right way to go. It'll cost more, but you are more likely to reach your primary goal of getting more fit.
If money is tight, for about $50 you can purchase all the equipment you'll ever need to get the body most people would die for. You only need a chin-up bar and access to YouTube. You’d be amazed how much of a workout you can get by simply sticking to body-weight exercises. There are numerous gurus on the Internet providing free videos of body-weight workouts (check out Zuzana at bodyrock.tv but try not to stare too hard). The catch is you'll need extreme discipline, because it's really easy to cheat when no one is looking.
If you fall off the wagon with either approach, joining a gym or working out at home, the silver lining is that you normally only have to pay off the balance of one year at the gym, and you can try to sell your equipment online.
But there's lots of supply out there, so your barely used treadmill won't fetch much on resale.
How much are you out of pocket if you don't stick with your workout plan?
Buying equipment
Precor Commercial 966i treadmill
New: $2,600 including tax.
Used on kijiji.ca: $1,500
You would be out $1,100 if you bought a new, higher-end treadmill and later sold it due to lack of use.
Gym Membership
Ranges from $20 to $100 per month. But assuming $50 with a minimum one-year commitment before cancellation is accepted, and two months before losing motivation, you would be on the hook for $450 for nine unused months.
If buying equipment, you don’t have to buy the best right away, or you could start by buying used. After all, most of your results will be related to your effort, not how much you spend. Then, if you didn't stick with the plan, you might be able to resell for little to no loss out of pocket. If you join a gym, you'll have access to much more equipment and a social environment. But it's use it or lose it, and cancelling a gym membership can be difficult.
Preet Banerjee, B.Sc, FMA, DMS, FCSI is a W Network Money Expert, and blogs at wheredoesallmymoneygo.com. You can also follow him on twitter at @PreetBanerjee
