To Finance or Not to Finance Your Home Gym That Is The Question

by Christina Jogoleff

“At-Home” Does Not Equate to Most Cost Effective When thinking of funding something at home, it is important to debunk the myth that because it is “athome” this somehow implies more cost effectiveness and/or simplicity. A lot goes into creating anything new at-home, including a home gym.

Any hobby or interest is going to require dedicated time, energy, and capital. Of course, there are ways to mitigate over-spending and taxes, but if you are planning on creating a home gym because it is “cheaper” than something else you have in mind, this would be the wrong reason. So, if this is your reason, please stop yourself while you are ahead.

Yes, having a home/garage gym can save you time, energy, and maybe the monthly bill of a membership. Your new home/garage gym will require an initial investment, and more than likely, it will grow into a love-filled passion that will want more (and more). This is the same with any hobby or interest. Anything we put our hearts into, tends to grow. It is the beauty of humanity and our spirituality. So, you will find more power in accepting that you are embarking on an ever-growing journey (that requires some financial savviness).

Question to consider: “Is it financially sound to finance your home gym equipment so you can get everything you need right away?”

While this question may seem simple to answer in either a yes, or no fashion, let us unpack a few things and dig a bit deeper.

First, Financially Sound: Before investing into anything or taking out another line of credit, we want our finances to have a solid foundation. What does this even mean?

I am going to give an example for a family, however, this is applicable to a young single person, and as a young single person, you will be ahead of the curve if you are financially sound going into any relationship or building a family/business.

Ask yourself: -Do we have 3-5 months of living expenses in cash savings for emergencies?

-Do we have the proper amount of life insurance if either of us were to pass away? And for our children (this is a wonderful way for building generational wealth and creating funds for college, first cars, children’s weddings, down payments on their first homes, etc. -- fun fact: life insurance does not need to be reported when children apply to financial aid for college)

-Are debts paid down or off? -Do we have a good habit of saving a percentage of our income? -Are all bills being paid (without strain)?

These are just foundational questions and have nothing to do with wealth accumulation. If you answered NO to any of these questions, you may not be in the place to finance your home gym (or anything for that matter). Create a solid foundation of savings, protection, income generation and paying off current debts before delving into more debt.

Solutions to Become Financially Sound: Often, when I work with people and ask them what would help them save more, they typically respond, “If I earned more money.” However, this is most likely not true. Also, I am not some finance fairy that can magically increase your earnings. We must build the habit of saving (or financial soundness) first, because if you are familiar with blowing your money, when you get more, guess what? You will blow it. While I would love to go into solutions to becoming more financially sound, I do not want to take away from the initial question. Let’s discuss Financial Fitness and quick tips to build a solid financial foundation another day.

Finance: The Credit Line Financing anything really should be a last resort. Building credit in this country is wonderful, and to have purchasing power requires establishing good credit. However, far too often people want to finance their home, car, business, travel, shopping sprees, and now their home gym (or any personal hobby).

It is the American way of life to live beyond our means, have the most current anything, and be drowning in debt. Seriously! Do not do this. Be different.

Don’t finance something just to have that something. Align with what it is you want, and trust God/ universe will provide a means to get this.

What are you training for? What are your life goals? You may think these do not go hand in hand with creating a home gym, however when we discuss financing a home gym we are now meshing our personal life goals (business, family vacations, bigger purchases like a home or car) and our training goals (do you plan on competing, is this recreational, or are we taking overall preventative health measures)

Whether you are training to become a competitive athlete or merely training to have more energy, financing your home gym has now entered the realm of your (personal) finances.

First and foremost, if you have a spouse, make sure you two are on the same page. If s/he is hesitant to support a home gym, maybe take some time to identify something s/he thinks some of the money should be going towards (debt, proper insurance coverage, savings, another personal investment, etc.)

Attain the Home Gym:

Do your research. Learn how much things cost. Find used items, close out sales. Do this even if you are not ready to purchase today, because this will let you know how much to be ready to spend (remember align with what you want. Get really clear on the amount of money needed, the equipment you need for your set up— and God/universe will provide). Do your research and have fun delving into the world of home gym equipment, knowing it will become a reality sooner than later.

Set aside a certain amount you can spend on your home gym right away. Maybe you cannot get everything you want, but maybe you have some cash to work with right now. Having done your research will let you know what you can start with.

Set a (bigger) goal to save for and then when you reach that goal begin some of your (larger equipment) purchases. Accumulate equipment over time. Maybe you do not have the money for weights, so investigate resistance bands, TRX, or even used weight sets.

I know when I was first started building my home gym, it was about collecting what I could, I didn’t have a complete set of dumbbells for years. I took anyone’s left over anything. Someone was moving and didn’t want their bench, free weights, bands, what have you. Perfect, I will give them a new loving home. I was still able to get in a solid full body workout without having a complete set of weights.

Identify what your essentials are and build your home gym around these needs. Also, begin telling others you are interested in doing this (not the whole world), but I’ve found that as I share what I’m working towards, it opens doors of opportunity. You never know who might have an inside scoop on someone selling gently used equipment.

Do I Finance or Not?

Simply, the answer is no. As with anything, it is a bit more complex if we dive a bit deeper than the polarities of yes vs. no.

However, if you’re financially sound, then, finance your home gym! Most likely you’ve developed the habits of paying things off quickly, using credit as a tool to build yourself, and it will be paid off quickly without accrued interest.

However, since you’ve created a financially stable foundation, you may also have the means not to finance it and planned for a purchasing equipment to build your home gym.

Christina Geri Jogoleff, is aSan Diego based financial adviser. Her professional background in academia, social justice, and energy healing foster a unique approach to financial wellness that thread together wealth accumulation, protection, spending, saving and giving to the community. Fitness was the catalyst that ignited betterment in her life and anchors her well-being. As movement healed her life, leaving academia was necessary. Her fitness journey began with half marathons, shifted to Spartan races, endurance training, and calisthenics, and now primarily focuses on weightlifting.