Trying to cancel your gym membership can be more tiring than actually attending that kick boxing class you've been avoiding. Getting out of your gym contract can be so difficult, in fact, that people are going to great lengths to avoid paying any penalties. After going into debt living a lifestyle she couldn't really afford, this woman forged fake documents to convince Equinox she had moved out of state. She photoshopped her name onto bills sent to her parents home in Virginia. She hadn't really moved, but it worked and she saved herself over $1,000 in penalties.
But before resorting to forgery, there are a few legal and effective ways to cancel your membership without paying. Most gyms let you cancel free of charge under certain conditions like, illness, relocation, disability, and sudden unemployment. Even if your reasons for canceling fall under those accepted circumstances, it's still not as simple as it might sound. You have to submit "official" proof from your doctor, boss, or submit proof of your new address by showing a lease or bill in your name.
Most people don't take the gym contract they sign as seriously as they should. It's just a gym membership right? How serious could it really be? But it's important to read the fine print before signing ANY contracts.
A contract for a gym membership is legally binding, so it's important to read ALL of the fine print. Understand what you're really getting yourself into, and make sure you know what the conditions are to cancel and how much you'll be charged. And get every interaction you have with gym staff regarding your membership in writing. Some employees might promise more lenient policies than are actually written in the contract.
Not moving, sick, or unemployed? You can still likely cancel without paying.
Most gyms include a clause that allows you to cancel if they stop offering all the services listed in the contract. Did your favorite hatha yoga class get cut from the only time slot you had free to take it? That might just be grounds for legal termination, without paying any fees.
If you're trying to ditch your gym membership because you'll be traveling for a few months, tending to an illness or family emergency, or even just in between freelance gigs, you can also opt to freeze your account instead of canceling it entirely. Most gyms let you stop paying your monthly membership for a certain amount of time, so long as you give them a heads up and plan to renew once the freezing period ends.
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How to get out of your membership if all else fails?
If the cancelation conditions don't apply to you, you're not interested in freezing your account, and you aren't willing to commit forgery, there is another option. If the terms of the contract you signed weren't explained to you before you signed, you can likely get out of it. Legally, cancellation policies have to be explained beforehand.
You can also threaten to take your complaints about the high cancellation fees and unexplained membership contract to social media. Businesses will try to avoid bad online reviews at all costs and will most likely just let you cut ties for free. Again, get every interaction in writing. If they agree to let you out of your membership without paying a penalty, ask for a written letter of acknowledgement.
If you're thinking this all sounds like too much effort and cancelling your credit card or just taking your payment method off your account is a better solution. Think again. Unpaid fees will get transferred to a collection agency. Even if the amount you owe is small, the impact to your credit could be big. It isn't worth it.
Cancel Subscriptions for FreeTrim App
Instead, consider hiring a cancelation service like Trim. This free and convenient service cancels your subscriptions for you, negotiates on your behalf, and gets you better deals on subscriptions you want to keep. Trim will even send your gym a letter requesting to cancel on your behalf. Let them do the haggling for you.
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What is Robinhood?
The Robinhood app debuted in 2013 as a first-of-its-kind revolutionizing free investment platform. Much like the 700-year-old story of the hero to the people, Robin Hood, FinTech entrepreneurs Vladimir Tenev and Baiju Bhatt created the platform in order to make stock trading easily accessible to the general public and not just the wealthy.
The National Financial Educators Council (NFEC) surveyed young adults in 2017 and asked them what high school level course would benefit their lives the most.
The majority responded that money management was the course that would be most beneficial.
With personal debt is at its highest record and COVID-19 threatening to have the hardest economic effects on youth, understanding money and finances is an important life lesson that should be taught to children at a young age.
The following is a list of the best financial literacy lessons and tips to teach children throughout different life stages.
I thought I had a pretty good handle on my finances out of school. I worked several jobs while attending university and had little to no problem managing my income. However, once I graduated, I realized how much more complicated personal accounting could really be.
There were so many variables I needed to keep track of. Biweekly bills, monthly charges, and general necessities amounted to a heap of confusing numbers that were often impossible to decipher. The funniest part was that I was actually trying to do this by hand (I don't know what I was trying to prove to myself, either).
After messing up for the 17th time, I decided to give Microsoft Excel a shot. I used Excel a bit in school and I knew all the big-wig finance people used it, so what could I possibly have to lose? The answer is about six hours of my precious time. Excel isn't much of an improvement over handwriting and it's still dependent on the user to manually input all of the information. It's like doing everything by hand with the slightest help, meaning that it still required a tremendous amount of time and concentration. Well that was all for nothing, I guess.
It's sort of funny. I was certain that I could manage my personal finances with ease, when it's practically a full-time job. I was already stressed out enough with my first job and I knew I didn't have enough time to give my finances the attention it deserved.
That's why I decided to try out a budgeting app. My best friend told me that he uses an app called Truebill to manage his finances. "What does it even mean to manage your finances?" I asked him. He told me that Truebill was the personal financial assistant I wished I could have. It could aggregate all of my account information into one place and give me specific insights and actions.
I loved the idea of having full control over my finances, especially during a time of financial uncertainty, and I realized that Truebill would be the easiest way to accomplish this. The user interface is incredibly simple and intuitive, so it doesn't even feel like a finance app! Truebill offers a multitude of features, with their most popular being the ability to cancel subscriptions with the press of a button.
Okay, I had no idea how many subscriptions I was still subscribed to. In fact, I wasn't even using a quarter of the subscription services I was signed up for. Subscription boxes, streaming services, my old gym, and even an old subscription to my favorite magazine--it was all there and I was livid. How could I let myself waste all of this money and how did I never catch this? Thank goodness for Truebill.
Truebill also offers bill negotiations. There is a 40% fee based on how much you save and Truebill even claims that there is an 85% chance that they'll be able to lower your bill once a negotiation is requested. Why wouldn't I take them up on this? There was zero risk and I would only have to pay once my bill was lowered (which means that I would be saving money regardless).
More standard features of Truebill include the ability to generate a credit report on-demand and even request a pay advance. I only used the pay advance feature once when I wanted to buy a gift for my mom, but didn't have enough cash in hand and Truebill automatically reimbursed itself when I got my next paycheck.
The credit report is another fantastic feature and practically taught me what good credit meant. Truebill's credit report basically shows you which financial decisions have the most significant impact on your credit score and ways that you can improve your credit month-over-month. I've never had such control over my credit and it feels good.
I'll be the first to admit that I was extremely naive coming out of school. I figured that as long as I was attentive, I could manage my finances with ease. We manage money to some extent throughout our entire lives, but once you're thrown out on your own, it's a completely different story. With Truebill, I've finally been able to take control over my finances and stay on top of all of my responsibilities.