How to fit pricey gym memberships and other wellness expenses into your budget

Is living healthy a big priority in your life?

Technically, it should be for a lot of us. Yet some go the extra mile.

Exercise, eating healthy, and other wellness activities become a big part of who we are. That could mean opting for a specific type of fitness membership, like a Cross Fit gym or yoga studio, rather than a “one-size-fits-all” gym to get the results you want. Or, it could mean signing up for meal-prep delivery services or practicing meditation, both of which can come with pricey monthly charges.

Do you want to add these healthier, albeit expensive, choices to your routine and budget? That’s good! These are great ways to spend your money since they’re investments in something critical — your health. Still, it can take some planning to afford these higher-end options rather than the cheaper alternatives.

Here’s how you can best fit these activities into your budget:

Look at your income and expenses on a monthly level

Think you can’t afford a $150 per month gym membership? Let’s find out.

1. Calculate your net monthly income (after taxes and pre-tax contributions to retirement or other accounts)
2. Calculate how much you currently spend monthly on recurring bills (rent/mortgage, student loan payments, car payment, insurance, cable/Internet, cell phone, utilities, etc.)
3. Calculate how much you spend each month on everyday expenses (groceries, gas, weekend activities, coffee, lunches, etc.)
4. Subtract the totals of Steps 2 and 3 from the total in Step 1

That number is how much money you have left over each month to save or spend how you see fit. Let’s say, for example, that your leftover amount is $400. Congrats — you have enough to afford the $150 monthly gym membership fee! Then you’d have $250 remaining to put toward any savings goals you have.

What if you don’t have the $150 you needed? Or, what if you have the $150 but don’t like how much it takes away from your monthly savings contributions? Then, you could consider cutting back in some areas.

Perhaps you don’t need to spend as much on weekend activities? Maybe you can save some money on your car insurance by switching providers? You can make these decisions knowing that the savings will go toward something you really want: your health.

Now that you know you can afford it, let’s set up a plan so you know how to do so.

Create goal-specific bank accounts

Imagine if you had a checking account where:

• All your monthly bill payments were automatically pulled from, and
• You always have enough money on hand to make payments

Wouldn’t that be nice? Let’s set it up!

Start by having checking accounts for each of the following goals:

• Bills
• Everyday spending

Then, set up separate savings accounts for each savings goal — one for your down payment fund, another for that new car you want, and yet another for your next Caribbean vacation.

Set up automatic transfers

Next, set up automatic transfers from each paycheck to each account. This will ensure that you always have the money you need to pay your gym or yoga studio membership fee or your delicious Blue Apron™ meal delivery plan.

Here’s how to do it: Divvy up your monthly contributions to each account equally by the number of paychecks you receive each month. That means if you get paid bi-weekly and your bills account needs $1,470 each month, you’d transfer half of that total — $735 — from each paycheck. You’d do the same for all your accounts.

Your monthly contributions to each account might look something like this:

Then, if you get paid bi-weekly, your automatic transfers from each paycheck might look something like this:

This setup may seem tricky at first, but it’s really helpful when it comes time to make bill payments. When your gym membership fee is due, you can set up an automatic bill payment from your bills account with the confidence that:

1. You’ll never miss a payment, and
2. The money will always be there

Pretty great, right?

Why wellness activities are worth the investment

Your health is a great thing to invest in, arguably more so than any stock out there. That’s why expensive gym memberships, yoga studios, meal-prep delivery services, or any other wellness expenses can be worth the price.

If a gym membership helps you lose weight and get in better shape, then it’s money well spent. If your meal-prep service helps you eat healthier and gives you more energy, then it’s money well spent. If going to yoga consistently helps you find physical, mental, and emotional balance, then it’s … well, you get the idea.

And the best part is, since you’re paying more for these wellness activities, you might be more motivated to use them and get your money’s worth. That’s a great incentive to partake in these healthy activities.

While these wellness activities might seem expensive on the outside, there might be more room in your budget for these expenses than you think. Take a look at your income and expenses on a monthly level. That way, you can get the most out of every dollar going in and out of your bank accounts.

More information

Need help setting up your goal-specific bank accounts? Come in for a Citizens Checkup at your nearest Citizens branch for the guidance and support you need to execute this financial game plan.