We all know fitness gyms were hit hard during the COVID-19 lockdowns of 2020, but Blink Fitness has filed for bankruptcy and indicates they never recovered from the pandemic. The filing cites rent payments Blink has been unable to catch up on in the past four years and states that some of its locations are not profitable.
Blink Fitness is owned by Equinox Group, which, according to CNBC, saw a 27% revenue increase in 2023. Blink Fitness has reported a revenue increase of 40% in the past few years.
That math seems counter-intuitive, but it's no surprise that people are ditching their gym memberships for cheaper and more convenient alternatives to streamline personal finances in the face of rising costs in every market.
There are many cheaper alternatives to a gym membership for those looking to exercise, so if you're dumping the fitness fee to boost your bank account , see which of these low-cost options is a better fit for your lifestyle.
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1. Go for a walk
Enjoy the changing season as the green of summer shifts to the brilliant oranges and yellows of autumn by getting out and discovering the great things in your neighborhood with a walk. It’s a free option for anyone who wants to add some exercise to their daily routine.
You can also vary your speed and terrain if you need more challenges to increase the intensity of your workout.
Own a car? Here's 7 warning signs you're paying too much for car insurance. 2. Find online workout videos
YouTube is a great place to find all kinds of free exercise options compared to pricey gym memberships. You can also try searching for exercise websites that offer videos tailored to specific exercise options or workout routines you're interested in.
3. Search through podcasts
Check out podcast options that can cater to your exercise needs to see if one can work for you.
You can get tips from running professionals, learn about different exercise techniques, or find ways to keep yourself motivated as look for exercise options that best suit your needs.
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4. Download a fitness app
There are plenty of different fitness apps out there that you can use depending on your fitness goals.
Some apps offer different fitness classes you can participate in each day while others help you track your progress. You can even find a few that are free if you’re on a tight budget.
5. Do housework
It sounds boring, but housework not only benefits your home but also your body.
Consider devoting a certain amount of time each day to physical housework and see if you can get a workout in at the same time.
6. Look for used equipment
Sites like Facebook Marketplace and Craigslist make it easy to find new-to-you equipment at a discount. If you have a home space dedicated to working out, a few choice additions can fill out your exercise routine.
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You may be surprised to find plenty of free or cheap alternatives for exercise right in your neighborhood.
Your local community may have tennis courts with free access for residents or perhaps you have parks with hiking and biking trails in the area to get some extra exercise in.
Check out different local options and see what’s available to you.
8. Join a local exercise group
One way to get motivated and stay motivated is to work out with a group of other people who also want to get in shape.
Find out if there are local running groups that you can train with or check out free weekly classes like yoga in the park or other local community options to keep you going.
9. Develop a no-gear-needed routine
Do you need to sell your exercise equipment to free up cash because you’re struggling to get ahead financially ?
You can find no-gear-needed exercise routines to help you stay in shape and use the cash from selling your Peloton for something else.
Exercises like sit-ups and push-ups, running and walking, or exercise videos don’t require you to purchase extra equipment.
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10. Use video games
If you’re a video gamer already, add a few exercise options to your game library to get motivated and keep you moving.
You can choose different games depending on what you like to do, including dance, boxing, and even running from zombies. Do some research to see which options are available for your gaming system to get you in shape.
11. Check Groupon and discount sites
Groupon and other discount sites might offer deals on sessions for your local Pilates studio or discounts on gym-use in your area.
You can also go directly through studios in your area to see if they offer open houses or deals on buying a certain number of sessions. Switching fitness costs from recurring monthly fees to a limited-time expenditure may tempt some to keep utilizing fitness centers.
12. Dig out your old equipment
You can get additional workouts from things like basketballs, tennis rackets, barbells, and any other equipment you haven’t used lately.
You may be surprised by how much you miss using those items or find different ways to use them and keep you motivated.
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Bottom line
There are some great cheap and free options if you want to increase your activity while you lower your financial stress .
The most important thing is to find something that works best for you so that can develop healthy exercise habits that you’ll go back to time and time again.
Money tips that can work for everyone
No matter what your bank account balance is, there's always an opportunity to optimize and improve your finances. Here's a quick checklist of things you can look at today.
Focus on paying off your debt . Debt can hold you back from making progress with your overall financial well-being. Aside from cutting expenses, there are tools that can help you pay off debt faster like balance transfer credit cards and debt counseling.
Earning extra income can give you breathing room. If finances are tight, earning some extra money to supplement your income can make a huge difference. A new job is one option to consider, but if you're not ready to make a big change or already retired, a part-time side job could be a better choice.
Cut your expenses. It sounds painful and so not fun, but it doesn't have to be. Take a look at your biggest expenses because that's where you'll probably find the biggest savings. For example, auto insurance rates have been soaring so shopping around for a new insurance company can be the fastest way to cut your bill. Also, look for ways to cut your grocery bill (despite rising inflation).
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