Rent, borrow or barter, and save for tomorrow

You’ve heard me say the road to financial health is a marathon, not a sprint. Along the way, we pick up a few paces by saving chunks of change wherever possible. They definitely add up, and so do the dollars we don’t spend. http://americasaves.org/for-savers/make-a-plan-how-to-save-money/54-ways-to-save-money

Some of the easiest purchases to avoid are the one-and-done items – things we may need at the moment but will likely never use again. I’m always amazed that people buy hardcopy books when the library lets you read it for nothing. But that’s only one example. There are plenty of others.

Dresses, purses and shoes – Ladies, you know what I’m talking about. That upcoming wedding or holiday party always seems like perfect justification to splurge, because you just don’t have anything to wear. I’m fairly certain we all have a dress or two in the closet we’ve only worn once, probably some shoes and handbags, too.

If you really feel you just don’t have anything, borrow or trade with a friend or family member. I know my friends have a lot of super cute outfits they are happy to lend. And if you still must have something new, then trying borrowing clothes from sites like www.renttherunway.com. This site is amazing! It allows you to rent a designer dress for a low cost. The site ships you the dress and then you return it once you are done. http://www.bagborroworsteal.com allows you to do this with designer bags. Trust me, no one will know you rented these items.

Tools –If a few limbs fall down from a tree in the backyard, by all means homeowners feel like they have to have a new chainsaw and chipper/shredder. This is one of the best examples I can think of for borrowing. I know our neighbors have several tools or equipment that we don’t. And we have several things they don’t. We swap all the time. I cannot even tell you how much money this has saved all of us. http://www.bhg.com/health-family/finances/tips/swap-skills-with-your-neighbors/

And if what you need is nothing something anyone has on hand, Home Depot (www.homedepot.com) and Lowe’s (www.lowes.com) both have tools and equipment you can rent for a few hours or a week. On average, most tools are between $25-65 a day to rent, which can be a huge savings!

Kids stuff – Children may not have the same one-time needs – although Halloween costumes come to mind – but they grow out of so many things long before the item’s useful life has expired. That first bike is a good example. This is when www.craigslist.com and www.ebay.com come in very handy. When Jack is done with something and if it is still in fairly good condition, I sell it. A little money is a lot better than watching that toy, crib or bike collect dust in your attic.

What do all these have in common? There’s no need to buy them when you can borrow them! Never be too proud to do it, especially when it can save you serious money. A good friend and a good neighbor can be worth their weight in gold.

Sure, it can be a little humbling to occasionally borrow from people. That’s why it’s essential to return the favor. And if you can’t, then offer something in return, even if it’s just a small token of appreciation, like lemon bars or an apple pie. Or you can always barter, such as swapping kids clothes and costumes or offering to mow your neighbor’s lawn in exchange for a couple hours with their pressure washer.

Don’t be afraid to explore the rental option for any number of things you’d ordinarily consider buying for a one-and-done occasion or won’t use enough to justify the purchase.

Kat's Money Corner is posted on Dollars & Sense every Tuesday. Kat Hnatyshyn, when not blogging or caring for her little one, is a manager with CommunityAmerica Credit Union. For more financial chatter, click http://twitter.com/savinmavens.

This story was originally published May 27, 2014 at 12:38 PM with the headline "Rent, borrow or barter, and save for tomorrow."