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7 Things You Should Rent Instead of Buy

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7 Things You Should Rent Instead of Buy

The economic pressures we all face are becoming more apparent with more people looking at short-term rental options to cut the cost of purchasing an item they may not need to use often enough to justify the cost. The Huffington Post reports that this new trend has a ton of benefits – from saving money, to promoting sustainable practices.

According to Good Housekeeping ,making new products uses a huge amount of energy and resources; from petroleum products to wood, rubber, metals, minerals and more.

Continually buying new products that you only use occasionally takes up precious space in your home, contributing to clutter and the stress of having to maintain the product.

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According to One Green Planet, it is better for the environment to rent instead of buying whenever possible. People should always be encouraged to reuse or repurpose items to ensure a greener planet.

Here are 7 items you should rent instead of buying:

1. Tools

Most of us need some pretty basic tools for quick fix jobs around the house but do you really need a full shed of power tools you never use?

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According to Yahoo Finance the Home Depot rents out a variety of tools for the occasional home repair or maintenance project. For instance, I can rent a 20-inch gas chainsaw from my local Home Depot for $63 a day — a good value, considering that buying one from the store can cost from about $200 to $570.

United Rentals also has over 40,000 pieces of equipment available for rent so be sure to check them out if you are looking for something in particular.

2. Video Games

Not only do video games cost an arm and a leg they also cause clutter and take up space in your home. Rather than owning a million games you never play, it may be more cost effective just to rent the ones you will play. Check out sites like GameFly or Gamerang to rent video games. The service is similar to Netflix and the companies offer large libraries of games to choose from.

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3. Parking Spaces

Driving into work everyday can become a massive hassle if you are continuously needing to find a park or paying for expensive garage parking. Did you know that people rent out car spaces they don’t need to use in your city? Check out sites like ParkAtMyHouse or Parking Panda to see a full list of rentable parking spaces available saving you precious time and money.

4. Dresses and Formal Wear

You need an expensive designer dress for a fancy party but can’t really afford to buy one? Lucky for you there are now many online renting sites catering the need for short-term formal wear. Sites like Rent the Runway allow users to borrow dresses for 3-5 days for as little as 10% of the retail value. They even send two sizes in case the first doesn’t fit. Lending Luxury also rents out dresses and accessories by top designers, many for 90% off the retail price.

5. Textbooks

The expense of buying textbooks you use for one semester is pretty outstanding, especially when money is already hard to come by. Fortunately there are websites like Craigslist where you may be able to find cheaper second hand books. Alternatively you can rent textbooks for a cheap price from Chegg.com. According to Good Housekeeping, the service is quick and simple, and boasts free shipping on returning books. Plus, Chegg plants a tree for every book users rent, sell or buy. So far more than one million have been planted! Rental costs on Chegg range from about 10% of list price to about 30%.

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6. Sports and Fitness Equipment

We all know someone who has an entire room of fitness equipment – a treadmill, a cross-trainer, some expensive weight machine…and they never use it. They may have purchased the items with good intentions on getting fit and healthy but just didn’t find the motivation to keep up with it.

The best scenario here would have been to rent the item rather than buy it. According to Good Housekeeping it is not a bad idea to try before you buy, to make sure you really want to pursue an activity before you invest hundreds of dollars in it.

Check out your local Yellow Pages for great fitness equipment rental suppliers.

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7. Camping Gear

Although we wish everyday was a holiday, this unfortunately isn’t so. You may want to go camping with the family a few times a year, but before you spend hundreds of dollars on camping equipment, check out your local camping shop to see if they offer rentals as many now do. Websites like Eastern Mountain Sports  or Rent Your Tent also offer good rental deals for camping equipments that won’t leave you high and dry.

Featured photo credit: Janne Hellsten via flickr.com

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Last Updated on July 20, 2021

Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

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Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

Have you ever considered your life now, and how it would be if you had more time to spend with your family and less worries about money?

Nowadays, financial stress is one of the most troublesome weights in life. If you’ve ever encountered financial stress, you know the difficulty of not having enough income to pay your obligations or bills.

Many people say that money is not the ultimate goal of life. While that’s true, money certainly plays a very significant role. The meaning of financial freedom changes with the different phases of our life, but ultimately, it is something that many people strive for.

In this article, we’ll explain how to capture that financial freedom you’ve been looking for. Read on to learn the secrets to financial freedom.

Break Free of Your Finances

Financial freedom is about having a constant flow of cash from your assets to cover all your regular needs.

When you are not worried about your income, or living paycheck to paycheck, you gain a great sense of freedom. It’s the freedom to be obtain and do what you truly need to make your way through everyday life.

Gaining financial freedom, though, is a process of growth, making small improvements and gaining emotional strength.

Though it seems hard to believe, it is really very simple to get financial freedom.

To do so, you simply need to make sure that your assets exceed your liabilities. In other words, you’ll need to find the sweet-spot where your residuals meet or surpass your expenses. This is something that you can achieve with the proper plan.

While not every person will accomplish financial freedom, the potential for anyone to do so is certainly there. Anyone can achieve this success, regardless of their income level.

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Outlined below are 9 secrets that will help you in your goals of achieving financial freedom.

1. Stop Unnecessary Spending

We often spend money inwardly, instead of objectively.

For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances.

To stop this habitual spending, log down all your spending over the course of a month.

Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase?

This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.

2. Plan a Monthly Budget

This is a great opportunity to get serious.

Take a seat with your spouse or partner and make a monthly budget based on your income, not your expenses. You are never again going to spend more cash then you have on hand.

Overspending is the thing that led you to more financial obligations. Make sure you decide every month what is coming in and what will be going out and stick to that budget… no matter what.

3. Cut-up Credit Cards

Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game.

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If not, you may want to consider ridding your life of the burden that credit cards bring.

Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up!

Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).

4. Increase Savings

There is no doubt that for a comfortable retirement you must accumulate satisfactory savings throughout your working life.

It’s good practice to save up to 15% of your income.

Start with your workplace 401(k), if you have one. If not, a Roth IRA (if you are eligible) or a traditional IRA (if you are not eligible for the Roth) are the next logical steps.

Increase in longevity means you might be able to look forward to 25 to 30 years in retirement, or possibly even significantly more. Investing now in good retirement plans will ensure that you have a guaranteed a stable monthly income when the time comes to stop working. [1]

5. Invest Wisely

Consider investing in funds.

Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking.

To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock.

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Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.

6. Invest in Gold

There isn’t really a better way to invest in gold than to have the physical gold itself in your possession.

You can purchase gold coins and bars from mints as well as from coin dealers and other private sellers.

Another way to invest in gold is through ETFs (Exchange Traded Funds).

These are is similar to mutual funds but they are exclusively investments of gold. ETFs are great because they offer more liquidity; the ETF owns the actual physical gold, stores it, and retains the value of the shares. These shares can then be bought and sold in the stock market, and one big benefit is that the transaction costs of gold ETFs are much lower than the that of physical gold.

With its consistently-increasing demand, investment in gold can be very wise long-term investment to make.

7. Stash Emergency Funds

Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases.

If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts.

Make it hard to get your cash.

Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.

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8. Find Fabulous Mentors

Find a mentor, such as a friend or family member, who has exceptional control over their finances and pay attention to everything they do.

If you do not have any friends or family that are enjoying financial freedom, then find a mentor online! There are numerous blogs and guru websites featuring the advice of many people who have reached financial freedom, and they exist primarily to let you in on how to achieve it for yourself.

There are also plentiful forums available that share tips and tricks on how to best achieve financial freedom. Read as much as you can and start changing your habits for the better.

9. Be Extra Patient

Patience is the key of financial success.

Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above.

So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.

Financial Freedom for All

Anyone can achieve financial freedom, regardless of their financial circumstance.

Use the tips provided above to get yourself on the track to financial freedom and toss your monetary concerns out the window. If you wish to achieve a life with financial freedom for yourself and your family then you must adopt a disciplined approach towards your finances.

Following the simple secrets above is a great start to making your money work for you, so you can work less and live more!

Featured photo credit: rawpixel via unsplash.com

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Reference

[1] Hartford Gold Group: IRA Retirement Accounts

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