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5 Ways To Save Money By Sharing And Renting Research Team | Posted On Wednesday, October 03,2018, 05:42 PM

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5 Ways To Save Money By Sharing And Renting



India is one of the fastest growing economies. The direct result of India’s economic growth impacts the lives of those inhabiting cities be it in terms of growth, opportunity or expenses. People are constantly on the move, looking for jobs and better opportunities, resulting in an increase in living expenses. Cutting down expenses without having to compromise on living standards seems a distant dream.

The cost of living in any area is associated with various factors like food, taxes, housing rent, health services and so on. Therefore, managing basic living along with other expenses on a smaller salary seems an impossible task.  Even with hefty pay packages, people end up spending more, just coping with living expenses.

In this scenario, sharing certain expenses can be an effective way to reduce costs. Sharing certain products and services helps save significant amounts of money for future needs. There are various ways to cut costs, sharing being one of them. These are some of the ways you can explore to save through sharing.

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5 Ways To Save Money By Sharing And Renting

1. Share a cab rather than hiring private cab:

You can make a switch to carpooling or cab sharing, rather than hire a cab for private use. Public transport does not serve its purpose in all situations and consequently we go for taxis or cabs that get way too expensive for travel. In such a scenario you can look for more convenient options like sharing a cab. Through sharing we save a good amount of money for the same distance travelled.

Office-goers instead of using their own vehicles can look for more convenient options like carpooling, where the cost of travelling can be reduced considerably through sharing. Sharing transportation has greater benefits like minimizing road traffic, reducing air pollution and also saving resources. For a distance of 15 Kms a private cab ride will cost around Rs 11 a km, whereas sharing the ride will cost Rs 6 a Km for the same distance. In India the cab sharing facility is offered by various online aggregators like Ola and Uber.

2. Budget travelling or home stays:

Travel doesn’t come cheap, especially when you have to pay for each service availed during travel like airfare, meals and stay. One way to reduce travel expenses considerably is to stay in budget friendly accommodation or home stays. Instead of paying higher fees on hotels, you can look at home stays that offer an attractive alternative and an affordable place to stay.

A home stay would be located somewhere within the city, whereas resorts and hotels are generally located outside the city, where finding transport and restaurants maybe inconvenient. A home stay not only offers accommodation, but also meals within a budget. The other way to save money on tours is to look for pocket friendly accommodation. In India such services are offered by OYO Rooms, where you can rent rooms at a much lower price than that offered by other online aggregators. Rooms include all amenities like free Wi-Fi, television, complimentary breakfast and so on. If you want to explore places on a budget, this is how you can save considerably on tours.

3. Buying second-hand furniture:

While setting up your home in a city, furnishing a house can burn a hole in your pocket. Furnishing doesn’t come cheap. If you want to skip on a huge bill and save some money, then consider buying second hand furniture. You can add a piece of furniture at a fraction of the cost. Used furniture doesn’t always get worn out. Second hand markets have plenty of high quality furniture to offer. You can always consider buying baby furniture second hand, as kids grow up real fast. People quiet often move in and out of the city and offer their almost new furniture at dirt cheap prices. This can be a great option too. Furniture used in office spaces can always be repurposed.

Instead of buying new furniture, you can easily repurpose office furniture by repainting and repairing. Repurposing old furniture reduces unnecessary consumption of natural resources and also stops wastage. In India, online platforms like Zefo and Furlanco offer furniture for sale as well as on rent.

4. Coworking office spaces

Coworking means working in a space which is structured to provide us with an office setup.  Coworking helps avoid the distractions of home and the boredom of office spaces. Startups or small businesses can save a lot of money by choosing to work on shared office spaces. Coworking spaces can save a baggage of charges including internet bills, electricity, housekeeping, and pantry costs.

Moving your startup to a Coworking space saves funds and also provides a place where more than one business can operate. Theses spaces are provided with engineers or architects who help customize space to suit your needs. It is a concept of flexible workspace where you start with a few units and gradually grow as required.

5. Renting bikes

This is a new concept launched by online aggregators that help save your money. The bike renting service costs are considerably low and are a great way to commute. It opens up a convenient method of transportation for solo travelers and can be availed on apps. You can pay through online wallets or payment apps. It helps escape massive traffic jams and provides you with insured rides, real cheap.

Planning expenses properly helps save and create budget surplus. You can either create an emergency fund which helps make personal savings. These simple ways of saving inspire you to save more each day and achieve goals faster.

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