We recently decided to cancel our Y membership, not because of the cost of the membership itself, but because of the cost of traveling to and from the Y. Just going three times a week (x2 since we usually go at different times) cost us about $200 a month. We only live 6 miles from the nearest Y, which does not seem like it is that far, but it adds up. (This cost includes wear and tear on the vehicles as well as gasoline).
There is also the time cost involved. My thirty to forty minute workout usually takes about two hours out of my morning because of the travel time and clean up after the workout. Since the little one takes her nap in the afternoon, this does not leave us much time to do many activities together in the morning.
We are going to make an initial investment into some equipment to use here at the house as well as making us of the great outdoors. After the second little one comes, I hope to be able to work out more often than just three times a week since I will not have to spend any extra time traveling to and from the gym in order to accomplish this goal.