smart spending

5 ways a sharing economy helps save money

Tool lending
Tool lending © Daleen Loest/Shutterstock.com

Power drills, weed whackers and sanders can be pricey.

To defray the cost, free tool lending hubs have sprung up. For example, community lending libraries in Oakland, Calif., offer more than 3,500 tools to residents of the city and nearby communities. "It's similar to borrowing books," BeFrugal's Lal says.

Other cities have their own versions of tool sharing, Lal says. For example, the city of Grand Rapids, Mich., partners with Home Repair Services, a nonprofit resource for homeowners that relies on volunteers and donations. Well Home Program, sponsored by the Phinney neighborhood in Seattle, also lends tools and holds free home repair workshops.

Some hardware stores also lend tools for free or for a small fee, Lal says.

advertisement

Show Bankrate's community sharing policy
          Connect with us
REFINANCE HOME EQUITY AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed refi 4.04%  0.02 4.02%
15 year fixed refi 3.16%  0.07 3.09%
10 year fixed refi 3.20%  0.03 3.17%
 
View Rates in your area Next
Product Rate Change Last week
30K FICO-based HELOC 4.33%  0.01 4.32%
50K FICO-based HELOC 4.06% --0.00 4.06%
100K FICO-based HELOC 3.92% --0.00 3.92%
 
View Rates in your area Next
Product Rate Change Last week
60 month used car loan 2.81% --0.00 2.81%
48 month used car loan 3.03%  0.01 3.04%
60 month new car loan 3.25%  0.01 3.24%
 
View Rates in your area Next
Product Rate Change Last week
1 Year CD 1.00%  0.01 1.01%
2 Year CD 1.20% --0.00 1.20%
5 Year CD 1.84%  0.02 1.86%
 
View Rates in your area Next
Product Rate Change Last week
Balance Transfer Cards 15.73% --0.00 15.73%
Cash Back Cards 16.43% --0.00 16.43%
Low Interest Cards 10.98% --0.00 10.98%
 
Next
advertisement
FRUGAL NEWSLETTER

Discover new ways to cut costs and save more every day. Reduce your spending, not life’s pleasures. Delivered weekly.

advertisement
Partner Center
advertisement

Connect with us