Renting & Sharing: A Cost-Effective Way Of Life

By BankBazaar | October 2, 2018

You don’t have to buy everything that is expensive. You can always enjoy the benefits from renting or sharing things to save money.

 

Most desirable things in life seem to have a massive price tag attached to it. Thereby, these things seem to be unattainable by the common man. And many a time, we end up spending a lot of money on things that are either not worth it or that which we don’t really need.

What if we told you that you could totally enjoy the perks of these ‘desirable’ commodities without having to purchase them? Well, we’re talking about the latest concept of renting and sharing.

You would underestimate how much money you actually end up spending on things on a daily basis. And if you’re someone who is shy to take the leap on a big-ticket loan such as a Home Loan or a Car Loan, then this concept will resonate with you perfectly.

Whether it’s office space, furniture, car, cab or clothes, these days you have plenty of options to either rent or share them. This is not just cost-effective but also turns out to be a sustainable living option and minimises the problems of hoarding things.

Here are some great ways to minimise costs and reap the benefits of renting or sharing.

  • Rent-A-Car

Buying a car can be a tad bit heavy on your pockets if you’re going to be paying a huge EMI on that Car Loan. So, if you choose not to buy a car for yourself, you can use the option of renting a car whenever you need to.

Perhaps, you’re doing a weekend trip or need a car just for a few days during a function. You don’t have to spend lakhs of money to own one. You can rent a car these days at less than half the cost of the EMI you would pay if you were to purchase it.

Zoomcar, Avis and Myles are some great options to rent a car.

Additional Reading: Renting A Cab Vs Buying A Car

  • Share A Cab

If you’re someone who doesn’t like taking the public transport to work then you’re sure to be spending a lot of money on auto fare or cabs. These days you can always share your cab with other passengers for an affordable price.

Cab companies like Ola and Uber have the share option, wherein you can share your ride with other passengers thereby subsequently minimising the cost on that ride.

Suppose you pay Rs. 150 for a single journey in a cab, with the share option you could travel for half the price! So, that cuts your costs into half per day.

Additional Reading: Buy A Car Or Rent A Cab? We Have Some Answers

  • Office Space Sharing

Starting your own business or company means spending a lot of capital, and one of the most expensive things is finding the right working space. If you were to go looking for an office space by yourself you have to consider paying a huge amount as the lease, deposit and other charges for electricity, housekeeping and other maintenance

But start-ups and small businesses these days can do without shelling a lot of money for a working space. Thanks to companies like Wework, Awfis and Innov8, you can save tons of money with collaborative work spaces.

These companies offer shared office spaces for an initial investment that covers infrastructure, security, pantry costs, internet and other fitments.

Additional Reading: Kickass Ways To Save Before Starting Up

  • High-end Clothes & Accessories

Have to attend a family wedding and can’t afford the designerwear you’ve been lusting after for weeks? Don’t worry. Expensive clothes these days can be rented too.

Usually, you would spend thousands on new fancy clothes that you pick for a big occasion. But more often than not, since these clothes are way too fancy and grand, they cannot be worn daily or cannot be repeated for the next family wedding.

Ultimately, they end up lying in your wardrobe until you don’t fit into it or regret buying it. But not anymore! These days, you can rent clothes and jewellery at 10-15% of their retail prices.

Don’t believe us? Try out fashion rentals like Flyrobe, Rent It Bae, and Liberent that offer a variety of high-end clothing and accessories. You can pay for these outfits on a per-day basis. The charges also include delivery, pick up and a customised fitting.

And the best part? You can enlist your own clothes on such portals and earn up to 10% of the retail price every month. Now, this is sustainable fashion!

Additional Reading: Want To Become A Smart Shopper? Here Are Some Tips

  • Furniture & Appliances

Tired of moving cities due to your job? Well, then you must be tired of buying and disposing of your immovable furniture and other appliances as well?

It is painful to pay money on transporting furniture from one city to another. Besides, there is no guarantee for damage. So, why waste money by buying expensive furniture when you can rent it?

Furlenco and Rentomojo are great portals to rent furniture. You can pay a minimum monthly sum which also covers installation and relocation costs. They also give you an option to buy the furniture after a year at a nominal price as compared to the showroom price!

  • Travel & Living

You no longer have to burn a hole in your pocket when it comes to lodging during your travel. Most hotels are not only expensive but do not cover your meals as well.

With modern-day options such as Airbnb, Tripadvisor and homestays.com, you can live in an apartment or a home which comes with a private bathroom and a kitchenette (to cook your basic meals). These options work out way cheaper than hotels and are equally good as compared to the former.

Additional Reading: A Beginner’s Guide To Airbnb Bookings

With these renting and sharing options, you can definitely cash in on the trend. Saving a few bucks isn’t good enough. Saving smartly is what will help you in the long run. A great way to save smartly is by investing in Mutual Funds.

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