Recently I had been debating over whether to purchase a gym membership or buy a stationary bicycle. I have been a member of a gym before, but I only attended sporadically. I really wanted to buy a stationary bicycle, but was a little leary about the cost.
The bicycle that I wanted to purchase was $240.00, the gym I would have signed up for was $160.00 for a year. According to my comparison I would need to use the bicycle consistantly for a year and a half, if I wanted to get the same financial benefit as belonging to a gym. While it is certainly possible that I will use the bike for that long, 18 months is a considerable amount of time. I was undecided on the issue until I took one hidden cost into effect.
You see, it is a least a 10 mile round trip from my home to the gym. If I went to the gym 2 times a week, it would cost me an additional 11 dollars each week. Including my gym membership it would cost me slightly over $60.00 a month to use my gym, using those figures, the bicycle would pay for it self in four months. This made my decision to purchase the bicycle very simple.
The point I am trying to make it that sometimes it is very easy to overlook hidden costs when making a financial decision. This is especially true for adults with ADD who are more likely to make impulsive decisions. A lot of time you can uncover these hidden costs by using the 24 hour rule., and waiting a day before making a financial decision.