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5 ways to save money by renting and sharing

You can earn some extra bucks by renting out stuff you don’t use full-time. ET Wealth tells you how to cash in on the trend.

, ET Bureau|
Last Updated: Sep 03, 2018, 10.08 AM IST
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There are plenty of opportunities to save money through the sharing economy. ET Wealth tells you how to cash in on the trend.
Be it office space, furniture, car or clothes, there are plenty of opportunities to save money through the sharing economy.

You can also earn some extra bucks by renting out stuff you don’t use full-time. ET Wealth tells you how to cash in on the trend.

Want to wear a designer outfit for an upcoming wedding? Such clothes can be expensive and are usually worn twice in a season at most. So why not rent clothes, accessories and jewellery at 10-15% of the retail price?

Fashion rentals like Flyrobe, Rent It Bae, Liberent etc, offer one to three-day rentals. This includes delivery, pick up and customised fitting. You can also list your own clothes on the portals and earn up to 9% of the retail price every month.

How you save
Price of a designer dress: Rs 10,000
Can be rented for: Rs 1,500
You save: Rs 8,500
If you rent two such dresses in a year, you can save about: Rs 17,000

Your daily commute can be heavy on the pocket. Public transport may not be a solution in all situations and regular taxis are expensive. You can share cab rides offered by taxi aggregators Uber and Ola, and save a substantial amount.

How you save
A 20-km private cab ride will cost : Rs 220
A shared cab ride for the same distance will cost : Rs 140
In a 23 working days month you save : Rs 1,840
Over a year, you can save : Rs 22,080

Startups and small businesses can save a lot by opting for shared working spaces. Collaborative workspaces like Wework, Awfis, Innov8 etc, help save on rent, electricity, housekeeping, security, Internet and pantry costs. The initial investment of about Rs 2 lakh required for IT infrastructure, fitments, brokerage and security deposit is also done away with.

How you save
Monthly rent and operational costs of a 500 sq ft semi furnished office in a metro: Rs 65,000
A team room in a co-working space costs Rs 30,000 Total monthly saving: Rs 35,000
Over a year, you can save: Rs 4.2 lakh

Save money while travelling by putting up in a homestay. Platforms like Airbnb, Tripadvisor and homestays.com offer private rooms, shared spaces and apartments with basic amenities starting at as little as Rs 500 per night. If you have spare space in your own home, you can also avail of the earning opportunity by listing your space on these platforms.

How you save
Room in a Delhi 3-star hotel: Rs 2,500 per night
Similar facility in an Airbnb homestay: Rs 1,500 per night
Saving per night: Rs 1,000
For two vacations of three nights each in a year you can save: Rs 6,000

If your job requires you to move every few years, buying and selling furniture can be costly. Portals like Rentomojo and Furlenco help you save money by renting furniture and appliances. You save on installation and relocation costs of about Rs 15,000 too, if you move after a year of renting. You can also own the rented furniture after a year by paying a small sum, which comes cheaper than downright buying.

How you save
Monthly EMI of fridge, TV and washing machine package on purchasing: Rs 3,240
Monthly rent of the same package: Rs 1,997
Total monthly saving: Rs 1,243
Over a year, you can save: Rs 14,916
Click here for all the information and analysis you need for tax-saving this financial year

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