9 out of 10 Aussies can't budget for their fitness goals

9 out of 10 Aussies can't budget for their fitness goals

Aussies will spend more than $4.7 billion on health and fitness products this year in an effort to meet their new year’s resolutions, according to research from Commonwealth Bank. 

57 per cent of Aussies have “getting fit” and “getting healthy” as their 2018 goal. 56 per cent also listed “losing weight”. 

Commonwealth Bank (CBA) research has found that while we make resolutions to get fit and healthy, almost nine out of ten Australians (89 per cent) aren’t budgeting to make it happen, and are overspending by $25 million per month. 

Clive van Horen, Commonwealth Bank Executive General Manager, is encouraging these Aussies to set budgets for each resolution to “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 or fitness 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,” said Mr van Horen. 

How much do “fit & healthy” resolutions cost? 

CBA research found that Australians spend $712 million a month on health and fitness activities, working out to $38 monthly on average. 

Gen X are the generation most financially invested in fitness, spending $243.4 million a month. This is followed by Gen Y who spend $189.2 million.

Feeling guilty about skipping the gym? For all the money Aussies are spending, more than a million health and fitness passes go unused. Further, only a third of people believe they’re getting “good value” from their health and fitness spending. 

Mr van Horen also shared tips for making “financially fit new year’s resolutions”. 

  1. “Don’t declare too early: Instead of buying new equipment the day you make your resolution, look online first – investigate what kit your local club has or borrow a mate’s second hand or unused gear.”
  2. “The best things in life are free: Getting fit doesn’t have to break the bank. Get friends together for a workout or go for a run around your local park, download free motivational apps or watch YouTube tutorials for inspiration at home.”
  3. “Don’t wear yourself thin: Be realistic with your goals, time and budget. Signing yourself up to multiple activities can leave you thinly spread and hamper motivation, so be selective and clear about your fitness goals.”

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The short answer is yes – as a parent you can open a bank account for your child.

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As the bank account is for your child, you’ll need to provide some documentation such as proof of ID, including your tax file number.

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Many banks and credit unions will only let you close an account if you go into a branch or call them on the phone.

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