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Help me put a response to this-A personal example of mine in using sunk costs to help my decision making regards my 'unused' gym membership.
Help me put a response to this-A personal example of mine in using sunk costs to help my decision making regards my 'unused' gym membership. Purchasing a gym membership 6 months ago, I was really determined and dedicated long-term to go at least 4 times a week, so I purchased a long-term membership. After a few months, I realized that I wasn't using the gym regularly. I had continued to pay for the membership for the remaining months left because I've already paid for it at the beginning. The money I spent on the unused months of the membership is a sunk cost because it's already been spent and can't recovered. Going forward, I will get a plan to pay by the month so this doesn't happen again
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