If you are tired of paying monthly gym fees and are sick of increasing membership charges, you may want to look into building your own home gym. You still want to have a nice place to work out after all! However, it will cost some money to build the gym of your dreams and you may not have the cash on hand. These tips will help you finance your home gym and break out of that monthly payment cycle that commercial gyms require.
1. Equipment Financing
When you are buying equipment for your gym, you may be able to apply for financing on specific items like ellipticals or treadmills. Many retailers will offer you financing packages that will allow you to make monthly payments rather than paying in full for your new gym equipment. Be aware of any interest charges and the terms of the financing before you sign.
2. Small Loans
You may want to consider taking out a small loan from a bank, credit union or online lender in order to pay for your gym. There are a wide variety of small loans that you can look into. Many small loans will get you cash in your hands within a day, enabling you to build your gym quickly. Shop around and see what small loan is the best for your project.
Once you find the best small loan for your individual financial situation, you should also research different lenders. A local bank or credit union where you are a member may offer you a better rate based on a long term relationship. You may also find that an online lender has the best rates and terms for your small loan. Look around and compare lenders and loans before signing!
3. Monthly Payments and Affordability
If you are considering taking out a small loan to finance your home gym, think about how much you are currently paying for your commercial gym membership. If you are paying $50 a month, for example, then you know that you will easily be able to make a $50 monthly payment toward your loan (you will be canceling that gym membership after all!). Only take out a loan for the amount you can afford.
4. Secondhand Equipment
Look online or at local garage sales for second hand gym equipment. You may be able to find the apparatus you need at a discounted price. If you take out a small cash loan, you can use that cash to pay for your equipment too. Not only will you be getting great gear for less money but you will be able to take out a smaller loan as well.
5. Build Your Gym Slowly
Rather than purchasing all your home gym equipment in one shot, space it out and gradually build your gym. Begin by making a list of everything you want for your home gym. Buy the most important things first (the ones you use the most), then, when you are able to afford another piece of equipment on your list, buy it! When you start with the basics, you may even find that you don’t need anything else. Only purchasing what you are able to afford in the moment will definitely help you get what you want without breaking the bank.
Building a home gym can be a fantastic idea. You will be investing in something useful and won’t be throwing your money away by paying gym memberships.
| The Bottom Line:
Small loans, equipment financing and building your gym slowly are all things to consider when contemplating how to finance your home gym.