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7 Things You Should Rent Instead of Buy

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.

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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Published on November 20, 2018

The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

The truth is, there are many “money saving guides” online, but most don’t cover the root issue for not saving.

Once I’d discovered a few key factors that allowed me to save 10k in one year, I realized why most articles couldn’t help me. The problem is that even with the right strategies you can still fail to save money. You need to have the right systems in place and the right mindset.

In this guide, I’ll cover the best ways to save money — practical yet powerful steps you can take to start saving more. It won’t be easy but with hard work, I’m confident you’ll be able to save more money–even if you’re an impulsive spender.

Why Your Past Prevents You from Saving Money

Are you constantly thinking about your financial mistakes?

If so, these thoughts are holding you back from saving.

I get it, you wish you could go back in time to avoid your financial downfalls. But dwelling over your past will only rob you from your future. Instead, reflect on your mistakes and ask yourself what lessons you can learn from them.

It wasn’t easy for me to accept that I had accumulated thousands of dollars in credit card debt. Once I did, I started heading in the right direction. Embrace your past failures and use them as an opportunity to set new financial goals.

For example, after accepting that you’re thousands of dollars in debt create a plan to be debt free in a year or two. This way when you’ll be at peace even when you get negative thoughts about your finances. Now you can focus more time on saving and less on your past financial mistakes.

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How to Effortlessly Track Your Spending

Stop manually tracking your spending.

Leverage powerful analytic tools such as Personal Capital and these money management apps to do the work for you. This tool has worked for me and has kept me motivated to why I’m saving in the first place. Once you login to your Personal Capital dashboard, you’re able to view your net worth.

When I’d first signed up with Personal Capital, I had a negative net worth, but this motivated me to save more. With this tool, you can also view your spending patterns, expenses, and how much money you’re saving.

Use your net worth as your north star to saving more. Whenever you experience financial setbacks, view how far you’ve come along. Saving money is only half the battle, being consistent is the other half.

The Truth on Why You Keep Failing

Saving money isn’t sexy. If it was, wouldn’t everyone be doing it?

Some people are natural savers, but most are impulsive spenders. Instead of denying that you’re an impulsive spender, embrace it.

Don’t try to save 60 to 70% of your income if this means you’ll live a miserable life. Saving money isn’t a race but a marathon. You’re saving for retirement and for large purchases.

If you’re currently having a hard time saving, start spending more money on nice things. This may sound counterintuitive but hear me out. Wouldn’t it be better to save $200 each month for 12 months instead of $500 for 3 months?

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Most people run into trouble because they create budgets that set them up for failure. This system won’t work for those who are frugal, but chances are they don’t need help saving. This system is for those who can’t save money and need to be rewarded for their hard work.

Only because you’re buying nice things doesn’t mean that you’ll save less. Here are some rules you should have in place:

  1. Save more than 50% of your available money (after expenses)
  2. Only buy nice things after saving
  3. Automate your savings with automatic bank transfers

These are the same rules that helped me save thousands each year while buying the latest iPhone. Focus only on items that are important to you. Remember, you can afford anything but not everything.

How to Foolproof Yourself out of Debt

Personal finance is a game. On one end, you’re earning money; and on the to other, you’re saving. But what ends up counting in the end isn’t how much you earn but how much you save. Research shows that about 60% of Americans spend more than they save.[1]

So how can you separate yourself from the 60%?

By not accumulating more debt. This way you’ll have more money to save and avoid having more financial obligations. A great way to stop accumulating debt is using cash to pay for all your transactions.

This will be challenging, depending on how reliant you are with your credit card, but it’s worth the effort. Not only will you stop accruing debt, but you’ll also be more conscious with what you buy.

For example, you’ll think twice about purchasing a new $200 headphone despite having the cash to buy them. According to a poll conducted by The CreditCards.com, 5 out of 6 Americans are impulsive spenders.[2]

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Telling yourself that you’ll have the discipline to not buy things won’t cut it. This is equal to having junk food in your fridge while trying to eat healthy–it’s only a matter of time before you slip. By using cash to make your purchases, you’ll spend less and save more.

A Proven Formula to Skyrocket Your Savings

Having proven systems in place to help you save more is important, but they’re not the best way to save money.

You can search for dozens of ways to save money, but there’ll always be a limit. Instead of spending the majority of your effort saving, look for ways to increase your income. The truth is that once you have the right systems in place, saving is easy.

What’s challenging is earning more money. There are many routes you can take to achieve this. For example, you can work long and hard at your current job to earn a raise. But there’s one problem–you’re depending on someone else to give you a raise.

Your company will have to have the budget, and you’ll have to know how to toot your own horn to get this raise. This isn’t to say that earning a raise is impossible, but things are better when you’re in control right? That’s why building a side-hustle is the best way to increase your income.

Think of your side-hustle as a part-time job doing something you enjoy. You can sell items on eBay for a profit, or design websites for small businesses. Building a side-hustle will be on the hardest things you’ll do, be too stubborn to quit.

During the early stages, you won’t be making money and that’s okay. Since you already have a source of income, you won’t be dependent on your side-hustle to pay for your expenses. Depending on how much time you invest in your side-hustle, it can one day replace your current income.

Whatever route you take, focus more on earning and save as much as possible. You have more control than you give yourself credit for.

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Transform Yourself into a Saving Money Machine

Saving money isn’t complicated but it’s one of the hardest things you’ll do.

By learning from your mistakes and rewarding yourself after saving you’ll save more. What would you do with an extra $200 or $500 each month? To some, this is life-changing money that can improve the quality of their lives.

The truth is saving money is an art. Save too much and you’ll quit, but save too little and you’ll pay for the consequences in the future. Saving money takes effort and having the right systems in place.

Imagine if you’d started saving an extra $100 this next month? Or, saved $20K in one year? Although it’s hard to imagine, this can be your reality if you follow the principles covered in this guide.

Take a moment to brainstorm which goals you’d be able to reach if you had extra money each month. Use these goals as motivation to help you stay on track on your journey to saving more. If I was able to save thousands of dollars with little guidance, imagine what you’ll be able to do.

What are you waiting for? Go and start saving money, the sky is your limit.

Featured photo credit: rawpixel via unsplash.com

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