Aussies Are Set To Waste $4.7 Billion Bucks On Fitness Fads This Year

Is it possible to exist in the month of January and not make a resolve to ‘get fit’?

Probably not.

Every single year, it’s the same story. You eat and are merry all through December. New Years Eve is usually the final shake of the sauce bottle, and you jerk it dry, eating copious amounts of cheese and guzzling litres of the good stuff.

As soon as the 1st hits, you go straighty 180. Brie is a criminal; pinot a willing accomplice. You’ll be eating clean and feeling serene all of the new year, cheers. You get a gym membership. Maybe you buy an Ab King Pro. You tell yourself you’re turning a leaf.

Of course, it doesn’t pan out quite like that. February rolls around, and so does your love of burgers.

If this sounds painfully familiar, you’re not alone.

According to new research from the Commonwealth Bank, Australians are expected to spend more than $4.7billion on health and fitness products to achieve their NY resolution-based goals.

Commbank found that with getting fit (57 per cent), getting healthy (57 per cent) and losing weight (56 per cent) the top resolutions for Aussies in 2018.

On the whole, ‘Strayans spend $712 million a month on health and fitness activities, equating to a $38 monthly spend for the average Australian.

While that’s all well and good, it turns out we aren’t budgeting for these resolutions and we’re overspending on unused memberships and dust-collecting yoga mats by a whopping $25 million per month.

Younger Australians spend the most on their health and fitness activities, with Gen X spending $243.4 million a month, followed closely by Gen Y who spend $189.2 million.

More than one million health and fitness passes go unused in Australian wallets with only a third (36 per cent) believing they get good value out of their health and fitness spending.

Commonwealth Bank Executive General Manager, Clive van Horen, has some handy hints for keep track of spending.

“While we’re setting New Year savings goals for holidays or homes, nearly a third (30 per cent) of Aussies don’t think about how much they are spending on fitness goals; for example, 2.6 million Aussies admitted to buying sports orfitness equipment that was never used.

“Getting financially and physically fit can easily go hand-in-hand if people keep track of spending using simple tricks like researching before committing to health and fitness memberships, class passes or costly equipment – then using online banking to track spending while using apps to track steps.”

He recommends researching for better deals online before buying pricey equipment, as well doing exercise that doesn’t cost you anything (walking, running, playing in the park).

He also reckons there’s value in being realistic with your goals – if you’re currently a full-blown couch potato, it’s probably not a great idea to sign up for a marathon in three weeks time.

Start small and work your way on up.