Money Management

Joining a gym doesn’t have to break your budget. Check out the five best-value gym memberships for 2024 to help you get fit without draining your wallet. 

Improved fitness is the most-popular New Year’s resolution for 2024, according to a Forbes Health/One poll survey of 1,000 adults in the U.S. The survey found that 48% of respondents said that getting more fit was their No. 1 goal in the new year.

Joining a gym can be a good way to improve your fitness, but it can also be a big expense. Also, the costs of joining a gym aren’t always transparent. Gyms often advertise a low monthly cost, but they frequently add on start-up fees, annual fees, and processing fees. Here, we’ll break down the best gym memberships that won’t negatively impact your personal finances.

1. Planet Fitness

Basic membership: Starts at $10 per monthAnnual fee: $49Number of locations: 2,400

Planet Fitness is hard to beat if you’re looking for a no-frills gym membership. Classic memberships start at $10 a month and give you unlimited access to your home club and workouts via the PF app. Depending on the club and type of membership, you’ll pay a one-time start-up fee that often ranges from $39 to $59, on top of the annual fee.

If you travel frequently or like to bring guests to the gym, you may want to opt for the PF Black Card. Starting at $24.99 per month, the Black Card allows you to visit any of the 2,400 Planet Fitness locations worldwide, plus you can bring a guest any time. You also get access to premium features, like use of massage chairs and exclusive PF+ app workouts. The startup fee for this option is only $1.

2. Crunch

Basic membership: Starts at $9.99 per monthAnnual fee: Up to $89, but varies by clubNumber of locations: 406

Crunch’s Base membership starts at $9.99 per month for a 12-month commitment, or $14.99 a month with no commitment. The basic membership gets you access to cardio and weight equipment, a “Power Half Hour” circuit, and the locker room at a single club.

If you’re willing to shell out extra, you can get access to all 406 Crunch locations plus guest privileges with the Peak membership (starts at $22.99 per month) and Peak Results membership (starts at $29.99 per month). The Peak membership allows you to attend group fitness classes, while Peak Results comes with access to Ride classes, Advanced HIIT classes, and HydroMassage.

Some clubs charge an enrollment fee of up to $75, but it varies by location and membership. It’s sometimes discounted or waived if Crunch is offering a promotion.

3. YouFit

Basic membership: Starts at $9.99 per monthAnnual fee: $49.99Number of locations: 80

YouFit has a basic membership that starts at $9.99 per month with a 12-month commitment, or $14.99 a month with no commitment. The basic membership allows you to use all cardio, free weights, and weight machines, plus locker room facilities whenever you want.

There’s also a Premium membership that starts at $19.99 per month that gets you access to all YouFit gyms, unlimited guest privileges, group fitness, and indoor Pickleball. Premium+ memberships start at $29.99 a month and get you small group training, indoor Pickleball with reservations, and YouFit’s nutrition app.

Enrollment fees vary, but they typically range from $19 to $79. You may be able to have these fees waived if YouFit is offering a promotion.

One area where YouFit shines is affordable personal training: Training sessions start at just $35. A downside, though, is that there are only 80 locations in the U.S.

4. LA Fitness

Basic membership: Starts at $39.99 per monthAnnual fee: $59Number of locations: Over 550

LA Fitness is a good option for those who want to go beyond regular gym floor and group fitness workouts. Many clubs have a swimming pool and spa, racquetball and basketball courts, and even leagues you can join.

Memberships start at $39.99 a month with a $75 initiation fee, or $49.99 a month with no initiation fee. You can work out at any LA Fitness gym nationwide with either membership, but some amenities will cost extra.

5. Anytime Fitness

Basic membership: Varies, but average is $41 per month in the U.S.Annual fee: Varies by individual gymNumber of locations: Over 2,500

Anytime Fitness has the highest monthly membership cost of the gyms on this list, but the price may be worth it if you want 24/7 gym access. Your membership gets you access to all Anytime Fitness locations worldwide.

Membership costs (including monthly charges, annual fees, and enrollment fees) as well as amenities vary by location, so it’s best to contact your local club for details if you’re considering joining. Many clubs also offer student, military, and senior discounts, as well as insurance discounts.

Should you join a gym in 2024?

Gyms make a lot of money off of people who sign up and then rarely use their memberships. According to Finder research, about one-third of gym memberships go unused, which amounts to $1.3 billion wasted every year.

If you’re not sure whether to make a gym membership part of your 2024 budget, here are some questions to consider:

What are the overall costs? Consider the monthly charges, as well as enrollment and annual fees, in determining your budget. Group fitness, personal training, and amenities, often cost extra, so be sure to account for those costs if applicable.Is it easy to cancel? Gyms often charge hefty cancellation fees or require a 12-month commitment, so be sure you understand the costs of quitting. Some gyms offer month-to-month memberships for a few extra dollars each month, which could be worth it if you’re not sure how much you’ll use your membership.Can you try it for free? Many gyms offer you a free trial of anywhere from a few days to a week. If you’re on the fence, ask if you can do a test run before signing an agreement.

Joining a gym can be a great way to improve your health and fitness — assuming you actually go to the gym. But make sure you choose a gym that’s convenient and that you actually like. Otherwise, you could end up draining your wallet without getting the health benefits.

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If your pet is like family to you, they deserve a gift. Take a look at one that could make a lasting difference. 

More than 80% of Americans buy holiday gifts for their pets, according to a recent USA Today survey. And while pets aren’t exactly difficult to shop for, it never hurts to throw a new idea out there. So here’s one: pet insurance.

I know it might not seem very exciting and it’s not something your pet can use right away. But it could be key to ensuring a long, happy future with your fur baby. I’ll explain why below.

Vet visits are tough on more than just your pet

A vet emergency bill could cost you hundreds of dollars, and an overnight stay could easily run into the thousands of dollars. That doesn’t easily fit into a lot of people’s budgets.

Owners often find themselves faced with a difficult choice: Either go into debt to give their pet the care they need or put the pet down to end their suffering. It’s a position no one wants to be in.

Pet insurance doesn’t eliminate vet bills, but it can make them more manageable. You pay monthly premiums, as well as a deductible and copay when your pet needs care, and the pet insurer takes care of the rest.

To be clear, pet insurance doesn’t typically cover routine checkups, though you may be able to find a policy that includes this. Its primary focus is unexpected expenses like illnesses or injuries. Hopefully you won’t ever have to use it, but if your pet has a problem, a pet insurance policy could save them — and your wallet.

How to find the right pet insurance for you

The first step in finding pet insurance is deciding what type of policy you want. There are two main options: accident-only and comprehensive. Accident-only policies cover injuries, like a broken bone, but don’t cover illnesses, like cancer. These policies are cheaper because of their more limited coverage. Comprehensive coverage takes care of both accidents and illnesses.

Many pet insurers also have optional add-ons that enable you to add things like wellness care if you’re interested in these. However, they come with additional charges. If your goal is to keep premiums to a minimum, you may want to skip this.

Once you know what kind of policy you want, start comparing pet insurance providers. Most have online quote tools that can give you an estimate within a couple of minutes. All you need to do is enter some key information about your pet and where you live. Then, you’ll receive a quote you can customize.

You’ll usually get to choose your deductible and your copay, and this in turn affects your premiums. A higher deductible and copay result in lower premiums, but you’ll also have higher out-of-pocket costs in the event of a claim. If you go this route, make sure to save for the deductible and copay in an emergency fund.

Compare quotes from a few providers before making a purchase. Make sure you read the policy’s fine print so you understand what is and isn’t covered, and reach out to the pet insurer with any questions. If you take action right now, you could have your policy before the year is out.

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Business class has a reputation for being expensive. Find out why that’s not always the case and how you can travel this way at a lower cost. 

The business class experience sounds amazing, but the price tag is a splash of cold water. Seats can cost upwards of $4,000 or $5,000 — more than what many people make in a month. If you’ve seen prices like that before, you might have resigned yourself to flying economy, unless you win the Powerball or get a massive raise.

While business class costs much more than economy on average, it’s not all bad news. Business class isn’t always expensive. There are ways to get these tickets at a much more affordable cost. Below, I’ll go over the best methods to fly business class for less, including for under $100.

Book with miles and only pay taxes and fees

Cash isn’t the only way to pay for a business class ticket. Many frequent flyer programs let you book business class with miles. Since you’re using miles, you don’t pay a thing for airfare — just the taxes and fees.

The cost in miles and the taxes and fees vary, as these depend on the frequent flyer program and the flight. Taxes and fees can be as low as $5.60 (and I’ve seen business class tickets available for that amount, plus miles). If you have the miles, it’s entirely possible to fly business class for under $100 every time.

The challenge is having enough miles. Business class airfare can cost anywhere from about 30,000 miles to over 100,000 miles each way. That’s where travel credit cards can make all the difference. By paying for all your regular expenses on a travel card, you can earn rewards that you use to book business class flights.

Buy an economy ticket and upgrade it

Airlines don’t always sell out their business class cabins. When they have seats available, they may give economy passengers the option to upgrade.

Some simply let you pay a fixed cash price to upgrade to business class. Others have bidding systems. You submit a bid with how much you’re willing to pay, and the airline notifies you if your offer is accepted.

It’s usually much cheaper to pay for an economy ticket and an upgrade than to pay for business class outright. One frequent flyer at The Ascent, who has bid on business class upgrades several times, reported that on her accepted bids, she paid $90, $115, and $325, with the most expensive being for a 12-hour flight.

Be on the lookout for business class deals

It’s possible to find reasonable cash prices for business class airfare. If you’re traveling to a destination with a lower cost of living, airfare could be much more affordable. For example, I’ve traveled between the United States and South America several times, and I often find business class tickets in the $500-$700 range.

There are also plenty of deals available, where you can book business class for lower prices than usual. Here are a few tips on how to find these offers:

Sign up for email updates with your favorite airlines and travel booking sites. Airlines and travel booking sites often send out deals. If you keep an eye on your email, you could grab cheap airfare before it sells out.Consider subscribing to a flight deals service. Thrifty Traveler Premium and Dollar Flight Club are two of the popular ones. These have annual fees, so they’re mainly for frequent travelers, but they can help you save a lot of money — like $1,800 on a roundtrip business-class flight.Be flexible about when and where you travel. If you’re locked in to a date and destination, there might just not be a deal available. It’s much easier when you’re flexible. One of the best ways to find low business class prices is to search for flights to anywhere from your home airport and see what costs the least.

Those business-class seats aren’t just for people with thousands to spend on airfare. If you’d love to fly this way, I’d recommend starting with credit cards that earn travel rewards. That’s how I book most of my business class flights. You could also find good cash deals from time to time if you shop around. And if all else fails, book an economy seat and see if you can upgrade it later.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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If you’re a driver, you probably understand the value of car insurance discounts. Here are six other perks associated with insurance discounts. 

The most obvious perk associated with auto insurance discounts is the money you save. However, other, less-apparent perks put money in your checking account and even help keep you safe. Here, we peek into the other ways you can benefit by taking advantage of every car insurance discount available to you.

1. Gives you the chance to stack discounts

Before we move on to the other perks, let’s linger on cost savings for a moment. Did you know that you can stack discounts? That’s right; if you qualify for three or four different discounts, they can be stacked atop each other. Here’s a sample of what that might look like for the average driver:

The driver sets up auto-pay with their bank so their premiums are always paid on time. They score a discount of 5% (although all discounts vary by insurer).The driver also agrees to go paperless and receive all correspondence from the insurer via email. Their policy is discounted another 1%.The driver has had their license for decades and qualifies for a 10% mature driver discount.

Stacked, the driver’s discounts are worth 16%, which is nothing to sneeze at.

2. Helps provide for your personal safety

Auto insurance discounts are typically tied to safe driving behavior. When an insurer offers you a discount for your clean driving record or completing a defensive driving course, you have a built-in incentive to drive carefully. By emphasizing safe driving, those discounts may just protect you from physical and financial harm.

3. Rewards the organizations you’ve dedicated yourself to

This lesser-known auto insurance discount is offered to members of certain professional groups and organizations. Let’s say your insurance company offers a discount because you’re a member of a civic organization in your town. That discount serves as a reminder that you’re part of something bigger and may foster a greater sense of loyalty toward the organization.

4. Ultimately puts safer vehicles on the road

Nearly every auto company offers safety features, like airbags, anti-theft devices, and anti-lock brakes. Because there’s a built-in financial reward associated with driving a safe car, drivers are encouraged to buy vehicles with built-in safety features.

The more everyday drivers seek to drive safe cars, the more auto manufacturers focus on advancing safety technology. The more cars on the road with safety features, the more accidents are avoided, and that’s good for everyone.

5. Frees up money for the future

Auto insurance discounts aren’t just about today. Like a 401(k) or an IRA, discounts are an investment in your future. That’s because the money saved throughout the years of leveraging discounts adds up and can be redirected toward planning for your future.

6. Puts the reins in your hands

The variety of auto insurance discounts available allows you to tailor your insurance policy to meet your needs. If one insurance company is stingy with its discounts, you can always shop around to find an insurer with a full menu from which to choose. That way, you have a greater sense of control as you determine how much you’re willing to pay. For example, if you want to receive a deeper discount, you might take a defensive driving course or pay your policy in full upfront each year.

The next time you shop around for auto insurance, remember this: You cannot fairly compare one company’s rates to another until you’ve factored in the money you’ll save by taking advantage of policy discounts.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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The less debt you have, the better. But it’s possible to have great credit even with debt in your name. Here’s why. 

The higher your credit score, the more likely you are to have flexibility when it comes to borrowing. There are some credit card offers, for example, that are reserved for applicants with credit scores above a certain level. And if you’re applying for an auto loan or mortgage, you’re more likely to get approved and qualify for a competitive interest rate if your credit score is outstanding.

Meanwhile, the two biggest factors that go into calculating a credit score are payment history and credit utilization. Payment history speaks to how timely you are with bills, while utilization speaks to the amount of revolving credit you’re using at once relative to your total credit limit.

You might assume that to attain great credit, you can’t owe any money on your credit cards. But actually, you’d be wrong.

It’s all about percentages

FICO analyzed consumers with perfect credit — meaning, a score of 850 — to see what factors they had in common. Unsurprisingly, they found that consumers in that category have basically no reported history of missed or late payments.

But what was surprising is that a lot of borrowers with a score of 850 had outstanding credit card debt. Not only that, but the average amount of debt (excluding sums owed on mortgages) was around $13,000.

So how did those borrowers manage to get perfect credit? They kept their revolving debt — meaning, their credit card balances — low relative to the total amount of spending power their cards gave them.

In fact, FICO says that among consumers with perfect credit, the average credit utilization level was 4.1%. This means that those with perfect credit use very little of their total credit limit.

Keep your credit card usage to a moderate level

You might assume that to attain perfect credit, or even really good credit, you can’t run up a balance on your credit cards at all. But that’s not true. If you keep your balance low relative to your credit limit, you may find that it doesn’t hurt your score at all — especially if you then pay your credit cards off in full every month.

A good credit utilization ratio is generally considered to be 30% or less. This means owing $3,000 or less on a $10,000 credit limit.

If you’re someone who likes to use credit but wants as high a score as possible, one solution is to secure higher spending limits across your credit cards. You can often make this happen by reporting increases in income to your credit card issuers and requesting credit limit increases.

A $3,000 balance on a $20,000 credit limit, for example, puts you at 15% utilization. That’s a more favorable percentage than a $3,000 balance on a $10,000 limit, which puts you at 30% utilization.

All told, you don’t have to steer clear of using credit to have a great credit score. And to be clear, borrowing in the form of installment loans like mortgages and paying those debts on time could help your credit score improve. But the one type of debt that might hurt your credit score by having it is credit card debt. If you keep your balances low relative to your personal limit, though, it may not damage your credit at all.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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In 2022, identity theft cost Americans over $43 billion. While you can pay for ID protection, here are free steps you can take. 

As our world becomes more digitized, the threat of identity theft grows. Fortunately, there are steps you can take to avoid becoming the victim of an identity thief. Although there are plenty of companies willing to help you protect your identity for an average price of $10 to $30 per month, here are 10 steps you can take that are both effective and absolutely free.

1. Monitor your accounts

It takes mere minutes to review your bank statements, credit card transactions, and investment accounts. Poor a cup of coffee or your favorite beverage, log in to your account and make sure you recognize each transaction.

Tip: Identity thieves often charge a very small amount to your bank account or credit card. What they hope is that you won’t notice. If they get away with that, they ratchet up the amount they steal. Even if the unfamiliar transaction you see is quite small, report it to the bank or credit card company’s fraud department.

2. Be greedy with personal information

All an identity thief needs to pretend they’re you and run up bills in your name is your personal information. Never provide anyone you don’t know with details like your birthdate and Social Security number. Once the bad actors have your name, address, Social Security number, and birthday, pretending to be you becomes infinitely easier. Do not make it easy for them.

3. Be suspicious of phishing attempts

Phishing is the act of literally fishing for personal information. ID thieves need enough of your personal information to take over your identity. Any time you receive an email, text, or call from a person or institution you’re not intimately familiar with, it’s safe to assume they’re looking for something you don’t want to share. Don’t click links in messages and don’t provide personal information. If you want to verify the legitimacy of the sender, it’s as easy as contacting the company directly through their official channels.

4. Make your password stronger

Undoubtedly, creating a strong, unique password for each and every one of your accounts is a pain in the derriere. However, doing so makes it harder than sin for a thief to get into all your important accounts. And don’t forget to change those passwords on a regular basis.

5. Enable two-factor authentication

Are you ever annoyed when you type in your password only to receive a notice that the website requires two-factor authentication? Don’t be. If you choose to have that verification code texted to your phone or sent to your personal email account, it provides a nice level of protection.

6. Take advantage of free credit monitoring services

As mentioned, there are companies that provide a monitoring service for a fee. However, some financial institutions and third-party service providers offer monitoring for free. Their mission is to notify you if there are significant changes to your credit report. These notifications allow you to act quickly to investigate suspicious activity. See if your bank or credit card issuer offers free credit monitoring for customers.

7. “Santa Claus” your credit reports

At least once a year, order a copy of your credit reports from Equifax, Experian, and TransUnion. Like Santa, check each list and then check it twice. If you see a debt that’s not yours or a change of address you did not requisition, report it as suspicious activity to the credit reporting agency in question. In fact, report anything that looks suspicious.

8. Secure your devices

Installing antivirus software from a company you know and trust serves as one layer of protection. The next level involves securing your home wifi network with a strong enough password to avoid unauthorized access. Taking these steps can help keep your data safe.

9. Take action

If you suspect that your credit report has been accessed, consider placing a fraud alert or freeze on the account. Once your account is frozen, it’s next to impossible for an identity thief to open a new account by pretending to be you. Note that you’ll need to unfreeze your credit to apply for a new loan or credit card.

10. Give family and friends the side-eye

Ideally, no one you know would ever take advantage of you. But be careful about who you share private information with and who you allow to have access to your financial documents.

Finally, if you ever have reason to believe that any of your accounts have been compromised, take action immediately. Contact your bank, credit card company, or brokerage firm. Report the incident to the Federal Trade Commission (FTC), and don’t forget to file a report with your local police department. Not to put too fine a point on it, but your credit and personal finances are at stake.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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