My gym opened on June 1, and will start charging members again. There was a temporary closure and pause of charging for COVID in April and May. I do not feel it is safe to start going back despite their reopening. I am wondering if I should cancel my membership?
$50/yr annual fee
$20/mon monthly fee
Initiation Sunk Costs: ~$85/mon already paid
Cost if I kept the membership for a year and used it actively: ~$30/mon
I prepaid the last month when I signed up (company policy). Additionally, due to weird COVID charging at the beginning of the crisis, the gym is offering 3 months "free" that you redeem when you cancel. It would be tacked onto the end, so if I cancel the membership, I will miss out on 4 months of "free" membership, since I don't think it will be safe to use the gym in the next 4 months. Also, I will lose on all the front-heavy costs that were charged when I signed up (initiation fee, first and last months, annual fee). However, if I don't cancel, I just continue paying $20/mon indefinitely without even getting to use the gym. That doesn't seem valuable either, especially with the uncertain future.
The saying goes if you wouldn't buy it then you should sell it. There's no way I would sign up for a gym membership right now, so should I cancel? My fear is that I lose out on all those costs, and if this virus goes away anytime soon, and I want to rejoin, I will have to pay again. Should I just eat the costs?
Back when it was safe, I used the gym 4 times/week. It was good because I would fit it in my schedule so that I was forced to work out. I struggle with self motivation when trying to work out at home.
I know this isn't the biggest concern or cost anyone is facing, but I would appreciate any advice. Thanks!