Whether it’s office space or furniture, car or clothing, you can save a lot of money by sharing. If you have more things and you are not able to use them, then you can earn them by renting them.
Table of Contents
These 5 ways can save you a lot of money
1. Clothes or Accessories
Are you looking for a designer dress to go to a wedding in the next few days? Buying that dress can be quite expensive. You could always go for a rental dress. Clothing, accessories and jewelry will be available for rent for just 10% of the retail price.
But if you have purchased them, you will be able to use them at most twice a season. There is no better option than renting them.
The fashion rental site Flyrobe, Rent It Bae, Liberant, etc. rent things for one to three days. This includes delivery, pick-up and fitting everything.
You can also rent your clothes on these websites. You can earn up to 9 percent of their retail price every month.
How will savings be done?
- Designer dress price: Rs 10,000
- Rent: 1200-1500 rupees
- Savings: Rs 8500
If you rent such dresses twice a year, you can save at least 17,000 rupees.
2. Transport
The daily cost of commuting to and from your office can be heavy on your pocket. Public transports cannot work at all times.
Regular taxis are expensive. You can take shared rides from companies like the taxi aggregator Uber / Ola. You can save a lot on this.
Also read: Brilliant ways to save money
How will savings be done?
- 20 km journey: Private taxi Rs 220
- Shared Cab: Rs 140
- 23 working day expenses in a month: Rs 1840
- Savings in a year: Rs 22,080
3. Sharing the working space
Startups and small businesses have been using shared office space for some time. Companies like WeWork, Awfis, Innov8 are helping people in this.
This helps you reduce your office rent, electricity bill, housekeeping staff costs, security, internet and pantry expenses.
In this, the cost of IT infrastructure, equipment, brokerage and security deposit, etc. can also be saved.
How will savings be done?
- Monthly rent / other expenses of an office of 500 square meters: Rs 65,000
- Rent in working space: Rs 30,000
- Savings throughout the year: 4.2 lakh rupees
4. Travel and stay
If you like to travel, you can save expenses by choosing the homestay option for your stay. Sites like Airbnb, Tripadvisor, and Homestay.com offer private rooms, shared spaces, and apartments, etc.
In these, you can stay at a rate of just Rs 500 per night.
If a room is empty in your house, you can also rent it up on your own. You can gain a lot from this.
How much will be saved?
- Cost of 3 star hotel in Delhi: Rs 2500 per night
- Cost in one room of Air BNB: Rs 1500
- Savings per night: Rs 1000
- If you go on holidays for three nights twice a year, your savings will be: 6000 rupees
5. Furniture & Utensils
If you have a job where you have to move to another city in a few years, buying and selling furniture can be expensive.
Companies like RentoMojo and Furlenco help you get furniture for rent. Apart from renting furniture and equipment, you can also save the cost of installing it.
If you take furniture or other equipment on rent and change the city after one year, you can also save up to Rs 15,000 for installing them.
If you want to buy them after paying the rent for one year, you can buy them for a little money.
How will savings be done?
- Monthly installment of to purchase refrigerator, TV and washing machine: Rs 3240
- Their monthly rent: 1997 rupees
- Total Monthly Savings: Rs 1243
- Total Savings in a year: Rs 14,916
Also read: 10 easy ways to save money
Frequently Asked Questions
1. How to save money from salary?
Automatic monthly payments are one of the best ways to enhance savings for such salaried persons. Avoiding late payment penalties is also a way to save.
2. How to save money in India as a student?
Saving seems to be a challenge if your income is your pocket money, but you can always opt for online transactions, which is sure to save you money by keeping an easy record of use.
3. How to save a lot of money in a short time?
To save a lot of money in a short time, you must go for Sweep-in fixed deposit to save more money than a savings account in bank and obtain higher returns. Get your savings deposited in the Provident Fund. There are many options in the market which serves higher returns.
