Is Renting Breaking Your Budget?

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With the Internet making a lot of things easier for people, renting stuff has never been easier either. Millennials are gearing more toward renting than buying. Most people nowadays don’t feel the need to buy stuff when they can rent it when they need it.

Renting isn’t limited to houses and cars these days. If you have something expensive, chances are it can be rented. Musical instruments and electronics are the things that will come to your mind if I tell you to think of something after the obvious rental options. But, there are other things as well.

Most of the time, the reason for the service is valid and means well. But, while it is a good business opportunity, what does it mean for YOU, the consumer?

With social media, our lives have become more public than it has ever been. A lot of people feel the pressure to maintain a lifestyle just for the sake of it, rather than basing it off of their earning. This pressure that the masses feel has also become a business opportunity for the business minds.

The FOMO (fear of missing out) is real for many people. Because of this and the want to maintain a certain stature online, people resort to all sorts of shenanigans. One of them is renting. While this is not as bad as buying stuff for just the sake of it, it still affects your bank depending on the rate at which you keep renting stuff.

If you see a pattern of renting, then you need to stop and question your spending. With buying you have the option of reselling the stuff, most of the time. That’s not the case with renting though, so the returns are pretty limited to the use.

Here are two important things you should ask yourself to make sure that you are swiping your card for more necessities than wants

  • The purpose and intent of the item – If it is a short term stay at a place or a vehicle to get around on a vacation, it is an obvious need because you can’t go around buying properties and vehicles for short term use.

    On the other hand, is it a mansion for a party? While the same you-can’t-keep-buying-properties logic works here, the intend is at fault. Is renting a mansion really necessary for a party? You might want to look for other cheaper options.
  • Is social media pictures a huge part of the decision? – If one of the major thoughts ruling your mind while making a decision is whether the pictures will look good on social media, then you might want to re-evaluate. 

Unless you are an online influencer and your pictures are your source of income, renting something more expensive because it will look better on the gram is not exactly the smartest of ideas you are ever going to have.

Final Thoughts

While renting makes the impact lighter on our wallet, making it a habit is detrimental in the long run. Just because it is easy to get, doesn’t mean it is worth it. Be sure of what you need and how you are going to use it.