From bicycles to boosters, try renting big-ticket items instead

ARE you looking for ways to shave your expenses? Try renting instead of buying.

The rental economy has quickly become popular online, with Australians selling and borrowing everything from the wacky to the practical to save and earn extra cash.

It also benefits the environment, as reusing items reduces the need for more products to be made.

Whether it’s a tool for a oneoff job or a tuxedo for an event, it’s worth exploring your rental options, said Glen James from the finance podcast My Millennial Money.

“Websites like Gecko allow you to either rent out stuff you don’t often use, or by renting items you only need to use once,” he said. Gumtree and Facebook Marketplace let you to tap into nearby resources to hire items such as gym equipment, luggage, camping gear, electronics and furniture.

If you only need baby equipment short-term, hire it from a website like Tree Hut Village. A booster seat costs about $30 a week to rent but popular brands can be more than $200 to buy. Mr James said any money saved could be put into an emergency fund.

Financial adviser James Gerrard recommends trying before buying. “If you’re getting into cycling, try renting a bike or borrow from a friend before forking out potentially thousands on something which may sit gathering dust,” he said.

Investigate rental options at Kennards and Coates Hire stores, which offer power tools for a fraction of the purchase price – and they won’t clutter your garage. You can rent a chainsaw at Kennards for four hours for about $100, or buy one and shell out more than $300.

For technology, outdoor furniture and home appliances, hop to Rent The Roo, which offers rental payment plans and free delivery. Don’t splurge on designer clothing when websites such as Dresses For Hire and Suitor rent a range of formal wear.

Mr Gerrard said any savings made from renting should go into an account for a car, holiday or home deposit, “so you’re motivated to save it and keep it”.