The 2020 fitness industry was all about streaming classes to your living room, with some people purchasing fancy gym equipment like Pelotons for their homes, while others used rice bags, books and gallon water bottles as makeshift weights.
But many gave up on that in 2021. While Peloton saw massive growth in 2020, the at-home fitness bike company is slowing down. The company's share price got pummeled recently after Peloton reported results that missed expectations.
In short, you might be replacing solo workouts on the Peloton in your living room with a real, in-person group fitness class. If you're one of the people ditching at-home workouts for in-person training, you might actually find yourself saving money. Here's how:
Sell your old fitness equipment
Remember back in April 2020 when prices for basic equipment like dumbbells and pullup bars were through the roof? That's hardly the case anymore. In fact, Peloton dropped its original bike from $1,895 to $1,495 in August.
If the price-dropping trend continues, you might want to offload your old gear before it depreciates in value. If you're looking to sell to people all around the world, then sites including eBay and Bonanza allow you to post a range of goods including fitness gear, taking a cut of your sale.
For local sales — which is likely more realistic if you're trying to offload bulky items too cumbersome to ship, like a spin bike or squat rack — use sites like Craigslist, Facebook Marketplace or Letgo.
Cancel your digital fitness subscriptions
It can be easy to set your digital fitness subscriptions to autopay, and forget that you're paying the often-expensive bills monthly.
Both the Peloton All-Access Membership and competitor Equinox+, which offers virtual fitness, yoga and meditation classes, run about $39 per month — and that doesn't include the cost of equipment you may need to buy. If you're quitting at-home workouts completely, make sure you quit paying for them too, as you'll put hundreds of dollars per year back in your budget.
If you still want to have access, consider applying for a credit card with fitness perks to cut costs. Some Chase cards offer Peloton statement credits, while some American Express cards offer discounts and statement credits for SoulCycle At-Home Bikes, which are similar to Peloton bikes, as well as Equinox+.
Look for free or cheap workouts
There are plenty of free or cheap ways to work out, including joining a recreational sports league in your community or hopping in pickup games at the park. Look for local running or cycling clubs (some are organized by local sporting goods stores) so you don't have to jog or cycle solo.
French writes for NerdWallet.com, a provider of personal finance information.