The Money Mensch
Martin Lewis, 34, is an awardwinning TV and radio presenter, best known for his website MoneySavingExpert.com, whose weekly email has 650,000 subscribers. Each week he shares some useful cash-saving tips for JC readers Saving on gym membership It is not like me to recommend a way that you can lose pounds, but here we are talking physical fitness. If you want to join a gym, there is a massive loophole that can save you hundreds. Until February 28, PruHealth medical insurance is offering six months’ free membership at all Cannons gyms (except City of London) and selected JJB gyms. If you set things up correctly, you can pay as little as £20 a month for a policy and get the significantly more costly membership thrown in. But let me stress, this is not for those wanting comprehensive medical insurance. It is a cheap means of belonging to a gym. The key thing is to get the cheapest medical insurance possible from PruHealth — carrying a £1,000 excess and offering the most basic level of cover, excluding treatments in London hospitals. For example, if you are a 26year-old non-smoker, a policy would cost around £18 a month, whereas membership at Cannons in Fulham costs £65 a month. Thus, saving £47 monthly over six months, you are almost £300 better off. After the six months, you can continue the gym membership for just £25 a month if you maintain the insurance. Alternatively, you should be able to cancel the insurance and cancel the gym at this point.