Annual Membership Perks Pay Off

By Melissa Maynarich, NEWS 9

A growing number of businesses are offering annual memberships, saving consumers money on the products and services they purchase.

Every month, Michael Cahill takes a spin in the barber seat, and the haircuts can add up.

"I knew that coming into this year I had to cut back on some of my spending," Cahill said.

Cahill trimmed his budget by purchasing a yearly membership for unlimited haircuts.

Trend expert Dr. Audrey Guskey said memberships aren't just for wholesale clubs anymore. The concept is quickly spreading to places like car washes, spas and salons.

"If you use a particular service quite a bit over an annual period, you could save tremendous amounts of money," Guskey said. "Perhaps 20,30, even 40 percent or more."

Guskey suggests examining how much is spent on a service or product a year and compare it to the membership's price tag.

She also suggests reading the fine print before signing the dotted line.

"Understand what the restrictions are and what the regulations are for this particular service," Guskey said.

Cahill paid about $500 for his stylish membership, but since individual cuts were $50 each, he's already saved a chunk of change.

"It's an investment that I made that now I can just benefit from," Cahill said.

Dr. Guskey said that annual memberships can be a great deal, but don't go into debt trying to pay for one.