How to decide between gym memberships or buying your own equipment

Keeping in good physical shape is very important to me. In my case, the workouts I do are weight resistance which require heavy pieces of metal.

When I was in college, my tuition gave me access to the recreational center. Two to three times a week, I was there lifting weights. Over the course of 4 years, I spent hundreds of hours there.

While there, I did the following exercises.

Bench press
Pull ups
Arm curls
Lateral pull downs
Shoulder flies
Seated rows
Sit us
Running
Squats

That was a pretty good 4 years when I think about it now.

After graduating, I didn't have that much money so I decided to just buy my own equipment to keep strength training.

I spent $300 on an Olympic bar and a bench to keep doing bench press.
I spent $150 on a power tower that would allow me to keep doing pull ups and leg lifts to work out the core.
I spent $50 on a 40 pound weighted vest to make pull ups and running more challenging.
Another $50 was spent on weights to do arm curls.

All total, I spent $550 on fitness equipment during 2011.

Today, I can bench press more than 260 pounds.
I can do pull ups with 40 to 60 pounds attached to me.
Without any weights, I can do 22 consecutive pull ups.
50 consecutive push ups is not difficult for me.
I can run 3.4 miles in 32 minutes.
I can curl a 50 pound dumbbell in my left hand and a 50 pound dumbbell in my right hand.

Keep in mind, I've been strength training since I was 14. I didn't achieve all this in 3 years.

The $550 is all the money I spent on fitness equipment in the last 3 years.

The cost of this equipment comes out to be $15.27 per month (550/3/12).

Much cheaper than the current comparable rate of $30 a month at a place like LA Fitness close to my house. Over a 3 year period the cost of the membership would total $1080. Over a 5 year period, the total would equal $1800.

Gym equipment is pretty durable, so the longer my equipment lasts, the cheaper the average monthly cost comes to be.

After 5 years, the month cost comes out to be $9.16.

I would recommend buying your own equipment if you don't plan to move location very much, have the space for it, and you don't need all the extra luxuries some gyms include like swimming pools, basket ball courts, tennis courts, fitness spas, or nutrition cafes.