Saving Money in 2015: Buying vs. Renting


Some look to save money whenever possible because they don’t earn enough. But even if your financial situation is comfortable it may be a good idea to cut your expenses a little bit – because the money you save you can use in more useful ways. For example, invest them.

Knowing when to buy and when to rent is a big part of saving; so let’s take a look at how to better do it in 2015.

1.      Clothing

The idea of renting clothing may look ridiculous, but just think about it: you have a big occasion but don’t have a proper dress/suit to wear. You may buy one – and probably never wear it again (which is especially true for women who don’t like to appear in the same dress many times in a row) or rent it from a service like GirlMeetsDress and have a beautiful attire for a fraction of its cost.

2.      Housing

Experts say that now is a good time to buy real estate; but it should concern you only if you are looking for something to invest in, not if you are trying to decide whether to rent or buy your own house. If you are unsure where your career will take you within the next 5-7 years it is better to keep renting it – for it is much easier and less risky to break a lease than to sell a house at short notice. And if you pay a lot of attention to your career, you probably will have to relocate multiple times.

3.      Cable Modem

If you have Internet access at home (and who doesn’t these days?), you probably don’t even remember on what conditions you got your modem. Chances are, you still rent it from your Internet provider – and although the price of buying one may look rather steep at first, it is one of those things that are better bought. Cable modems rather rarely break down, can be used even if you change your provider or relocate and in general are a pretty good investment.

4.      Books

One may think that reading paper books is so last century, but physical books may turn out to be an excellent way to save on education in addition to reading blogs and other Internet sources. Books, even e-books, are often outrageously expensive – and you can easily cut the costs of your education and entertainment if you simply get them from your local library. You don’t even have to go to the library itself – today in most places you can easily order them via the Internet. The same goes for movies and magazines.

5.      Power Tools

Unless you work in construction or are one of those serious DIY types, you probably won’t need power tools all that much. Things like nail guns, chainsaws, hammer drills, steam cleaners and the like cost a lot and are used extremely rarely or not at all. You may need them for occasional repairs or construction, but these needs are easily met by rentals.

6.      Exercise Equipment

Let’s face: the majority of expensive exercise equipment we buy when we make yet another New Year resolution is used for maybe two weeks and then left somewhere in the basement. So maybe it is better to rent them instead of buying? This will show you whether you are really willing to work out and, who knows, if you pay for the rent you will be more motivated to use what you keep on paying for?

All in all, there are a lot of opportunities to save a considerable amount of money by renting things instead of buying them; but it is not true for every situation. Use your common sense and look for new ways to live frugally!

Melissa Burns