When I first started my fitness journey, I proudly spent $0 on the project for the first two years and still managed to get in the best shape of my life.
A few years in, after settling down, I bought a set of weights that cost me nothing and I’ve been grinding away ever since for the last six years, working out five to seven days a week.
But I’m bored. I’m bored of fitnessblender.com. I’ve done every single free video of theirs and just wasn’t feeling motivated. They bought on new trainers and the original duo stopped recording as much.
Then, with the one mile project, I tried 34 gyms and saw the energy from working out with a lot of people. Team training.
I got hooked and signed up for a gym and now pay $165/month (!) for the privilege of exercising. It’s a lot and I’m not sure how long I’m going to stay there. I currently ride my bike, but come winter, driving and parking seems like a real hassle.
F45 is my gym of choice. It’s cardio and strength training and I love it. They have tons of monitors at the gym so you can see exactly how you’re supposed to move your body. The music is loud and varied and the workouts are efficient. The lowest weights they provide are heavier than what I would use just by myself. I feel strong. I’m heavier than the 86 lbs at my “fittest,” but I don’t think I’m too bad hovering at around 90 lbs.
How much do you spend on a gym membership? I did the math for mine. $165 x 12 months = $1,980/year. Assuming I invested that money in the market instead and just kept working out at home, in twenty years, I’d have nearly $80,000 more in my investment account than if I never started the gym.
But how much money do I need? How much until it becomes hoarding and unhealthy? The Thriftygal who has consistently gone to a difficult workout class for twenty years is likely way healthier than the Thriftygal who didn’t push herself at home for twenty years, but has slightly more money in the bank.
I asked myself my questions when it comes to shopping.
- Is this an item that I know to be useful or believe to be beautiful? – Yes! A gym membership is very useful and I go five times a week regularly. It can help keep me beautiful.
- Will buying this item make my life better or worse in the long run? Better! See above.
- What is the opportunity cost of using that money instead of buying more VTSAX? $80,000. That’s actually a steal.
- What are the externalities of that item? – I’m outside more, biking to and from the gym, causing my skin to age faster. I occasionally drive to the gym when it’s raining, using up gas and resources.
At the end of the day, I bought the membership and have been paying monthly since May. Actually, I’m a member of two gyms, F45 and my local recreation center, which I’ve been using for two years. It’s fabulous and cheap at only about $12/month. It gives me access to pools and workout equipment. Unfortunately, the centers near me don’t have good classes, so I joined F45.
Saving versus spending
When you get to a certain point in your retirement, your mindset shifts from saving to spending. Do you want to die with money? Or do you want to fully enjoy the fruits of your labor? I’m not sure my answer quite yet, but it’s something I’ve been thinking about a lot lately.
It’s a lot harder to change your habits than you think. I have to deliberately spend out and write it on my resolutions chart. People think I’m nuts when I say it’s not easy to “let” yourself spend money when you’ve been in the frugal mindset for so long. It’s true! I have to stop analyzing every single purchase and just tell myself to splurge.
What about you? Do you want your estate to distribute vast amounts of money to your loved ones or do you want to keep just enough for the cremation?
So true. I’ve also been spending money for convenience lately. In my FI journey, I never reached my number not got anywhere near it, but now I’m much more interested in putting money to work for me, and not in the stock market! I partly discussed it here: https://edwardsays.substack.com/p/getting-grumpy-with-age
I agree with a lot of what you said in the article except about using weights versus machines. I like weights.
Glad to see you’re still out there. I have an elaborate home gym, but do spend $50/mo for some group classes at the boxing gym nearby. Being old and sick will be expensive.
That’s a really good point about life being expensive if you’re sick! Thanks for the comment. 🙂
Hi, good to hear from you. Let’s see, I don’t belong to a gym. I moved to a very hilly area 3 years ago and hill walking for 30-60 min/5-6 times/wk is my exercise. In rain or cold, I jog in place at home or walk 3.5 flights of stairs inside up and down. My bucket list doesn’t have a flat firm abs like yours:) However, I don’t think $165/m is excessive if you value good health and staying beautiful. In terms of what to leave behind…I would like to leave something to help my daughter reach her dream. If she desires to write a book or travel the world and quit her job, I would like my estate to help fund that dream. Recently, I had a serious health scare and sort of made a bucket list. It was a short one as I had made one before and I am over 60. One of the items on the list was to invest in a new hybrid piano I could record all my improvisations whenever an idea got stuck in my head. It is worth every penny of the $10K I spent. I spend more time playing, improvising, listening and improving. The collection now holds over 15 pieces. My daughter gave me a beautiful blank handmade journal while traveling in Italy for Mother’s Day gift. I am writing a short note for each musical piece as each improvisation was triggered by a memory, dream or a fleeting impression of a place, person or another piece of music. A little flash drive with music and the notebook will be for my daughter. A healthy estate is nice but this musical legacy is how I would like her to remember me by.
You are so right when you say that allowing yourself to spend money can be difficult My 83 year old mother came over to Paris with me this summer. She has millions in the bank, but spends like she earns minimum wage. When the menus would arrive at the table, she would look at it with chagrin and say “I will just have tap water.” Argggh.. Then I would treat so that she would at least order some fries. The rest of the time, she ate the bag of frozen vegetables that she bought at the store and warmed up in the microwave. She didn’t want to go anywhere because of the entrance fees and would take subways to get to the airport even though her mobility is definitely compromised. It was so aggravating to watch someone not be able to enjoy her money. I am determined to spend down what I have and enjoy the thrill of flying business class occasionally or staying in a 5 star hotel. She is beyond doing any of that I am afraid, and it makes me sad for her.
Your story makes me sad for her, too. :'(
I agree with you completely. I’d love to try flying business class or stay in a all-inclusive resort in the tropics somewhere occasionally.
I love this. Thanks so much for sharing about the splurge that brings you so much happiness. What else is on your bucket list? I love me a good bucket list.
I’d happily pay $80,000 to a gym if it kept me fit the last 20 years. Health and youth is fleeting. Keep kicking butt!
As soon as I did the math, I felt better! Eighty grand is a steal.
You are absolutely right…. it is extremely difficult to switch from a habit of saving to one of spending. This may be the biggest hidden issue in living a thrifty lifestyle. At some point you hit “escape velocity” where you will never be able to outspend your income without a drastic shift in spending habits. But after years of the frugal habit being ingrained it is almost impossible to shed. Even Astrid Buffett, Warren Buffett’s wife, recently complained about the price of a $4.00 cup of coffee at a retreat in Sun Valley!
The rule of thumb given to me by my very frugal father was “If you use it and enjoy it, it’s not a waste of money.” With that standard, if you spent $165 on your gym membership, only went twice a month, and had to drag yourself there for even those times, that would be a waste. But if you enjoy going, look forward to it, and use it regularly, then it’s worth every cent. It sounds to me like this is the case in your situation. Not that you need my approval, but I think you’re doing the right thing.
As for keeping “just enough for the cremation”, it’s too difficult to forecast when you will pass, so it’s imperative to err on the side of caution and remain somewhat conservative in your spending. Although I guess one solution to that problem would be to purchase an annuity, ensuring that you will never run out of money. But no respectable thrifty person would purchase an expensive annuity. 🙂
-Bob
Yeah, I just assume I’m going to die at 100. It’s a nice round number that makes calculations easier and odds are I won’t make it that long, so I’ll still have some money left over. 🙂
I know exactly what you mean.
In the last 2 years I felt its easier for me to spend then it used to be. I think about it a lot, it feels like the core of me has changed and it makes me afraid it a slippery slope and maybe I’m being reckless.
But once I got that safety feeling of having enough, it just happened…
P.S: I just started going to Pilates classes, these are expensive
I worry I’m being reckless, too! The thought that I’ll run out of money haunts me. I have to remind myself I’m still spending below my means.
I love Pilates! They are expensive here as well, so it’s a rare treat. I can’t justify three gym memberships.
I belong to the YMCA of San Diego County. It cost $61 a month. I can go to any one of about a dozen Ymca‘s in the county. There are tons of classes, all different kinds, weight training, cycling, water aerobics, Pilates, yoga, boxing etc. I love love love the Ymca
Sounds like the Denver Rec Center. They have dozens of locations, three within a mile of me, but the ones that have good group fitness classes are not bikeable for me. They also have other classes like pottery and swimming lessons and glass jewelry making and bookbinding. Very random things.
I am in retirement and am drawing down, except I still fund my Roth every year. I’m 47 so I hopefully have a way to go before I’m cremated. I live un a budget, but splurge on health related things like good food, exercise, massage and considering getting a physical trainer. I figure I could even use my Roth if I make it to old age to buy an immediate annuity that will pay me out a monthly income, if I deplete my taxable account.
Personal trainer is the next big splurge for me one day.
“Even Astrid Buffett, Warren Buffett’s wife, recently complained about the price of a $4.00 cup of coffee at a retreat in Sun Valley!”
Is this attitude/thought/habit still serving me?
Obviously, a billionaire should have no concern for the price of any daily staple items. But even for me, having just passed the 1M net worth mark, I’ve drastically shifted my mindset. I’m still earning big $, and I’m almost certain to die with many, many extra dollars. So I’m not sweating the price of a cappuccino when I want one, and that person working hard to make that coffee available when and where I want it is getting a nice tip too.
Stacking bills higher than necessary reminds me of my kids hiding their toys so their siblings can’t play with them. Illogical and counterproductive. Less joy for everyone.
I like that you tip well. We can’t take it with us!
I can relate to everything here. It’s a very interesting topic for those of us who have always lived modestly and focused on financial responsibility. I have also recently come to the conclusion that the world is not going to end if I get that $8 bunch of flowers at Trader Joe’s. If I enjoy it and I can afford it, it’s OK for me to buy it just because I want to. (But I still probably wouldn’t buy the $12 bunch of flowers because let’s not get crazy.)
Hehe. I get the five dollar bunch of flowers or the clearance 99 cent ones. They still last a while and look good. Except for roses. Roses die so quickly.
Thriftygal! I was just wondering how you were this weekend! And your post is timely, because I have just this week started wondering if am hoarding. I work part time now and my plan was to see what it felt like starting to draw on the ol’ accounts . Instead, I make enough to live ‘good enough’ on and part of that is from training myself to want less. It also seems I can’t bring myself to part with the hard- earned cash but I don’t think I want all of it going to nameless relatives or the cats , or even the friends who have dropped out of the workforce prematurely and yet get free medical care paid for by my taxed labor. How does one learn to ‘live a little’ after 3 years of lockdowm and decades of monetary discipline? I will have more in retirement income than I had over earned income these past three years , and that just seems backwards to me now.
I would balk at a $165 gym membership , except you get excellent use of yours , so cost per use is far lower than mine. Far far lower.
Believe me, I balked at the $165 as well when I first started my one-mile project. But it’s been nice having an excuse to go out and do something most days.
I also spent decades training myself to want less, so undoing that is harder than anticipated. Luckily, my boyfriend knows how to spend money to make himself happier and he’s rubbing off on me. 🙂
and still with the BF – good for you guys!
More than two years and still kicking!
I had a similar mindset. I had been wanting to learn how to swing dance for years but didn’t want to spend $100/mo for weekly classes. Well that all changed last December and I’ve been happier than ever. I also spend another ~$50/mo for going to social dances to practice all I learn in class and I have made many new friends. I’ve been unemployed for 4 months now but I decided to keep going to class regardless of having a lower income at this moment ;D I’m still not in retirement phase so this has been a good exercise.
Great example of spending out to make yourself happier. I want to learn to dance eventually, too. It’s on the life bucket list.
I read your interview from biglawinvestor, got to your blog, then bought your book, and here I am again. For the last 48 hours, I haven’t been able to go outside being on two deals that simultaneously had fire drills. Waking up to “hey let me know when you’re online” messages at 8 am is just not fun anymore. I’m a 5th year associate but having lived in NY and starting out with student loans that I refinanced for $180,000 – I’ve only saved up around $300K… 🙁
I hope one day I get to have your life 🙁
First, welcome to the blog! Second, and more importantly, 300k saved in New York is no joke! You should be so proud. I’m proud. I see you getting to retirement sooner than you think. I’m cheering for you!
I belong to a rock climbing /gym $55/mo and just recently bought a 10 class pack ($190)for barre classes at another facility. I run approximately 50-60 miles per week and walk about the same on top of running. I hit my retirement number at 37 (3years ago)and have been floating here, still working, but this fall I am starting to take months off each year and begin a “soft retirement”. I have become much less concerned if I need to make a larger purchase since I hit my number and have seen the money continue to grow. Anything related to being stronger, healthier, and happier— I have loosened the purse strings, and will spend extra. With more free time I’ll likely join more gyms or classes. I’m so glad to see you have begun to do the same!!
Yours sounds like a fabulous life. 🙂
Hi! You mentioned intermittent fasting in a past post. You still doing that?
Most days my eating window is noon to eight. I’m more strict about it some months than others (if I put it on my resolutions chart). 🙂
One word – children. Currently I am single; so as a man children aren’t an option until/if I get into a long-term relationship with a woman.
If the doctor told me I was infertile, then my thought process would be to enjoy most of my money and leave the rest to my niece. However, if I have children in the future, then that changes everything. Those children will reduce my financial growth which is fine and I’ll also want to leave them substantial assets when I die – so there would be less spending on me during my life but that pales in comparison to the fulfilment in having children.
Yeah, children are a big factor. Gotta leave the old inheritance to give them a chance in life.
“When you get to a certain point in your retirement, your mindset shifts from saving to spending. Do you want to die with money? Or do you want to fully enjoy the fruits of your labor?”
Have you ever read the book “Die With Zero” by Bill Perkins? It’s basically all about this. Pretty good read, although imo it does a better job of explaining the why than the how.
I’ve already requested it from the library! Appreciate the suggestion. I have 13 people ahead of me and then I’ll read it. 🙂
I happily pay $69 a month for my membership at a climbing gym : )
I hit my retirement number well over a year ago but still can’t bring myself to leave my job. Instead I’ve switched my mindset to one of “coast FI” where I am not allowing myself to save any more beyond maxing out my HSA and making the minimum contribution to my 401k to qualify for my employer’s match. For me this has made the shift from saving to spending easier since I can spend while still growing my net worth. My recent purchase of a home has also helped with this shift as it has come with many expensive externalities like a seemingly never-ending list of maintenance and repairs!
That’s a brilliant idea! Love it.
But also? Pull the plug! Retirement land is great.