Aussies are expected to fork out a whopping $4.7 billion on health and fitness products this year, with new year's resolutions in full swing.
According to a report by the Commonwealth Bank, 57 per cent aim to get fit, with 57 per cent wanting to focus on health and 56 per cent setting a goal to lose weight.
However, while many people have identified health and fitness as key goals for the year, it's understood that many have not budgeted for their resolutions.
In fact, Aussies are overspending by as much as $25 million per month.
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 or fitness equipment that was never used," Commonwealth Bank Executive General Manager Clive van Horen said.
"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."
To make sure that your bank account also stays in shape, van Horen has the following tips:
- Instead of purchasing your own gym equipment early into your health kick, see what gear your local club has or try to borrow some from a mate
- You don't have to spend money to get fit. Get a group of friends together and go for a jog. You could also download free fitness apps or watch YouTube tutorials.
- Be realistic with your goals and budget. Don't sign up for too much at once.