Run smart, spend smart: Cost-saving strategies and budgeting for runners

Running’s enduring popularity is well-deserved. The sport offers immense physical, mental, and even social benefits.

But the costs of races, shoes, clothing, gear, nutrition and more can add up quickly. On average, runners spend $1,748 annually on their hobby.

Fortunately, you don't have to choose between your running goals and your bank account. As the Official Bank of the TCS New York City Marathon, we asked a few of our Team Citizens runners what their top budgeting tips for runners were.

Whether you’re new to the sport or an experienced marathoner, here are strategies for how to save on running costs.

Determine your running goals and priorities

Any budget begins with an assessment of your goals and priorities. Start by getting clarity on what matters to you as a runner by asking yourself these questions:

• Is running a fun hobby for you? Maybe your priorities include getting healthy or prepping for a 5K.
• Are you looking to become or remain a more serious runner? Your focus may include big-name marathons, destination races and personal training.
• Are you a social runner? Perhaps you value fun runs with friends, participation in running clubs and post-workout gatherings as part of your routine.

Once you outline your goals, try to get specific; drill down into the practices, training methods, gear, races, and social activities that make the activity the most fulfilling for you. You'll use this information to determine what to prioritize and how much to budget for each.

List your running expenses

After identifying your running goals and priorities, you should create a list of uniquely tailored expenses for your spending plan. If you're looking for a brief outline, here's a list of the most common expense categories our Team Citizens' runners mentioned:

• Shoes: Shop supportive running shoes or competition shoes to prevent injury to your feet and legs.
• Clothing: When shopping for activewear, look for moisture-wicking fabrics to maximize comfort. Invest in supportive undergarments and supportive running socks. Depending on your climate, you may need to stock up on cold-weather gear (thermals, running gloves, waterproof shoes). Get compression gear for joint protection if necessary.
• Safety gear: Protect yourself on your runs with sunglasses, reflective vests, headlamps, and a runner ID tag.
• Recovery supplies: According to research, foam rollers and more can protect and heal your body.
• Nutrition: You'll likely need extra calories from specific food groups, plus vitamins and supplements, like gels, electrolytes, and protein powder.
• Hydration: Look into handheld running water bottles or belts, and hydration vests or packs.
• Training: Explore options for gym memberships, at-home equipment, fitness classes, personal trainers, running clubs, training programs, fitness apps and smart watches.
• Race fees and travel expenses: Plan for the races you'll tackle this year. Consider entry costs, transportation, and accommodations.

Incorporate money-saving strategies into your running budget

Now that you've considered your running goals and listed out all possible expenses, look at how to incorporate those into your budget.

If you don't already have a budget, create one using a budgeting strategy that feels right for you. This will help you determine how much money you'll have for running-related costs.

If your potential expenses are higher than what you have available to spend, don't feel discouraged. You can learn to cultivate positive financial habits that will help you achieve your goals. Consider these factors to help you determine your spending priorities:

• Distinguish needs from wants: Start with the essentials in crafting your budget. Incorporate extras only as your budget allows.
• Make a savings plan: Prepare for anticipated larger expenses, like replacement running shoes or travel to a race. A tool like Citizens Savings Tracker™¹ to help you save toward your goals each month.
• Swap high-ticket items for low-cost alternatives: If it won't impact your safety, look for ways to slash your costs: For example, runners on Team Citizens suggest participating in local events versus costly, big-city races, which eliminates cost of the race, travel, and lodging.

We asked our runners for their budgeting hacks in four key expense categories: shoes, clothing, training, and race fees. Check out their tips and feedback below.

Save, but don't skimp, on shoes

Across the board, our runners said that quality running shoes will be one of your most expensive, but essential purchases you will make. In-store prices average $121, with higher price tags for extra arch support, waterproofing or other features. Depending on your running habits, you'll need replacement shoes every six to 12 months, or every 300 to 500 miles, to prevent injury.

Here are a few team tips for how to save big without sacrificing support and comfort:

• Buy online: Studies show that 86% of running shoes cost less online than in stores, with the average savings at 38%.
• Purchase last year's model: Often, a shoe's midsole remains unchanged from one year to the next. So, the feel of last year's (now discounted) shoe will be very similar to that of this year's more expensive model.
• Try them out first: Get professionally fitted at a running store so you can be confident in your purchase. Also go for a trial run on a treadmill in case the store won't take a return with outdoor wear and tear.

Unlock savings on clothing and gear

The right clothing and gear can increase your comfortability, prevent injury, and boost your enjoyment of the sport. With all the brands out there, it is easy to overspend on trendy designs and latest tech.

Our team’s tips include:

• Try before you buy: Get honest reviews from trusted running friends who use products and services you're considering. If possible, borrow the item to test out before you commit.
• Buy used: Check with your local running group or at thrift stores to for gently used gear. Can't find any? Organize your own gear swap for local runners.
• Shop smart: Look for sales, coupons, and free shipping from your favorite stores. Join a loyalty program to nab exclusive deals and rack up rewards.
• Consider quality: In the long run, investing in quality may be the wiser financial move. Research to ensure the items you buy will stand the test of time, offer the comfort you need and ward off injury.

Train and socialize for less

Our runners stressed the importance of community within the sport of running. While running alone is okay, running with a group is even better. No matter your city, run clubs offer camaraderie, training and expert advice for runners of all levels.

If you want to get involved, but don’t want to break the bank with annual membership fees, try out these budget-friendly options:

• Free running groups, typically organized through a neighborhood group, social media or local running store
• Free fitness apps that support your training with guided, interactive programs
• A free trial pass or join a friend with a guest pass to a gym or class to ensure it's worth the cost

Plan ahead to save on race fees

Finally, our runners acknowledge that it may be tempting to register for every race, however those race fees can add up. Here are a few ways they recommend how to save:

• Race closer to home: Small, local races often charge less than large, popular races do. Get more races for your money by finding these gems.
• Register early: Entry costs tend to increase as the race date approaches, so reserve your spot as soon as you're ready to commit.
• Review payment policies: Read the rules before you pay. If you're unable to run on race day, you'll want the ability to transfer your fee to a future race or another runner instead of forfeiting it.
• Skip the swag: Race t-shirts and swag can jack up entry fees. Save money by opting out, if possible.
• Track down discounts: Running stores, local running groups and subscribers to race organization email lists may offer promo codes for race savings.
• Explore membership options: Some race organizations offer memberships that yield savings when you sign up for multiple races. Consider one of these bundled deals instead of paying full price for each race.
• Sign up to volunteer: Some race organizations offer helpers race credit they can use to offset the cost of future races.

Finish your journey strong

It's possible to accomplish your running goals, optimize your health, have fun and honor your finances.

Budgeting for runners has its obstacles. But you can conquer the course and your wallet with clever planning and money-saving strategies.

You are made ready for every moment — from start to finish.

Citizens is committed to helping New York residents, small businesses and neighborhoods thrive. As the official bank of New York Road Runners (NYRR), we are excited for this year’s race and are here to help you reach your financial goals. Get started today by opening an account with Citizens.