Money Matters: Gym memberships during COVID-19
COLORADO SPRINGS, Colo. (KRDO) - Over the past week, gyms around Colorado have been reopening. For many, this means monthly membership fees will start again.
A survey by RunRepeat.com found nearly 13% of respondents in Colorado have already canceled their gym membership.
Many gyms have reached out to members to give them options on the next steps forward.
Some things to consider when moving forward with your membership:
How comfortable are you going back to a gym in the coming days and months? If you feel safer at home that could be a sign to cancel.
Look at your budget. If you have lost your job or are struggling financially right now, it would help to cut the additional monthly expense.
Availability at the gym may also play a factor in your decision to cancel a membership - if you're no longer able to get into spin class because of the capacity limit, it may be time to cancel.
Finally, look at your contract with the gym.
Cancelling a membership is easier said than done.
If your gym has reopened, experts say you are bound to your contract. However, some gyms are making accommodations.
Most gyms are posting coronavirus and membership updates on their websites. You can also call the gym to speak to someone directly.
If your gym doesn't allow you to cancel your membership, see if they can freeze it so you are not paying monthly fees.
If all else fails, you could consider filing a dispute with your credit card company over the monthly charges. However, you should look at the legal aspects before doing so. Experts suggest you send a letter or email giving notice of your cancellation and keep a copy on file.
