52 Ways to Save $100 a Month | The Art of Borrowing {Week 11 of 52}

Welcome to my 52 Ways to Save $100 a Month series. We’re serious about saving money in 2016. Sometimes it’s the little things and sometimes it’s the big things. I’m here to walk you through some little things that can add up to BIG savings. 52 little things to be exact. Every week, join me back here for another small money saving tip or idea that might not seem like significant savings until you see the overall yearly savings. It might just blow your mind. So pop in each Tuesday and read a new tip that will help you on your way to save $100 a month!

I know some of you are cringing already. Some people hate borrowing things from others and some people despise loaning things out. I get that and I hear you. But, bear with me. Borrowing/renting instead of buying can save you thousands. Yes, thousands. Because you can borrow small {like a cup of sugar from your neighbor} or you can borrow/rent big {like a wedding dress or a jet ski}.

Sometimes I’ll take a look in our garage and see tools that cost thousands but are rarely, if ever, used. Sure it’s nice to have when you need it, but Joe next door also has a garage filled with the same exact tools that he also rarely uses. Makes more sense to ask Joe to borrow a skill saw for the one project you need it for a year, than to cough up the cash and buy one. Sometimes borrowing just makes sense.

We’ll first tackle the rules of borrowing and then we’ll talk about renting vs. buying.

The Rules:

1. Set Expectations: If you are loaning out something of value, let’s say a lawnmower in this instance, make sure the person you are loaning it to understands your expectations. Be very clear and very specific. Let them know you require it to be brought back in the exact same shape you loaned it out in. So if they fill up the grass bag, it needs to be emptied. If they drain the gas that was once full, they must refill it. If they know exactly what you expect, the likelihood of you getting your items back in tip top shape drastically increases.

2. Return it Better Than You Got It: If you are the one borrowing something, a great rule of thumb is to return it in better shape than you got it. For instance, back to that mower, if the blades are covered in grass when you got the mower, perhaps think about taking a minute and cleaning the blades. It will be an unexpected surprise, a great way to say thank you, and will more than likely make the lender more apt to lend to you in the future.

3. Reciprocate: Don’t always be the one borrowing. If you are asking, you better be willing to loan. It’s almost a different form of bartering. If you ask your next door neighbor for an egg, let them know the next time they are missing a cup of flour for their recipe, you’re the house to go to. Again, you can always jump in your car and buy some eggs. But the gas it takes for just one item doesn’t make sense. Form a borrowing relationship with your neighbors and those emergency trips to the store can stop.

4. Keep a List: If you only occasionally loan things out, this might not be that necessary. But let’s say you have loaned out a book to one neighbor, a new DVD to your sister and a sewing pattern to a friend. Might be hard to keep track in your head. Just jot it down in the notes app on your phone or in a notebook. Sometimes friends with the best of intentions will forget they have your stuff. This way, you can kindly remind them!

5. Say Thank You: This can be as simple as a thank you card or a batch of fresh chocolate chip cookies. I can’t stress enough how important a thank you is. They are trusting you with their belongings and saving you a bunch of money. A simple thank you is the least you can do.

Renting vs. Buying

This is a little trickier because it really depends on your lifestyle. We live in an age when you can pretty much rent ANYTHING! A boat? A motor home? A wedding dress? A projector? You name it and you can rent it. It is always a good idea before making a big ticket purchase to take a second and do some math.

Calculate how much the item will cost up front and then how much it will cost to maintain. Let’s say you decide to buy a boat. You would also need to invest in a trailer. You would possibly need to rent a storage space for said boat if you don’t have the room at your house. Then you would have maintenance and upkeep fees, as well as docking fees, etc. If your family only plans on using the boat a few times a year, it probably makes more sense to rent a boat, which can be done by the hour, day or week.

Another example is a wedding dress. I was talking to my friend Amberlina who spent $1,200 on her wedding dress. I had another friend who rented her dress for only $99. Now Amberlina’s dress is stuffed in the attic, never to be used again. Clearly one makes more financial sense than another, but that’s assuming you can be emotionally detached from your wedding dress. Tuxes, prom dresses and Halloween costumes can also be rented, saving a bundle of money!

Do you borrow instead of buy? What about renting?

How Much Can You Save: $1,101+ Just using the wedding dress as an example, over a thousand dollars was easily saved!

More Ways to Save:

52 Ways to Save $100 a Month | Clean Out Your Closet {Week 1 of 52}

52 Ways to Save $100 a Month | Break Up with Cable {Week 2 of 52}

52 Ways to Save $100 a Month | Barter Better {Week 3 of 52}

52 Ways to Save $100 a Month | Change Your Own Oil {Week 4 of 52}

52 Ways to Save $100 a Month | Adjust Your Thermostat {Week 5 of 52}

52 Ways to Save $100 a Month | Take Advantage of Your Perks {Week 6 of 52}

52 Ways to Save $100 a Month | Pack Your Lunch {Week 7 of 52}

52 Ways to Save $100 a Month | Make It Yourself {Week 8 of 52}

52 Ways to Save $100 a Month | Preserve Your Bounty {Week 9 of 52}

52 Ways to Save $100 a Month | Keep the Change {Week 10 of 52}