5 Ways The Sharing Economy Can Help You Save Money

Sharing Economy
Image by Alan Devine | Flickr

The sharing economy refers to a socio-economic system where people exchange goods and services on a peer-to-peer level for either a fee or an item of equal value. Goods and services accessed through this system are generally cheaper than those accessed through the regular methods and can thus they help save you money. In this article, you will be introduced to five ways the sharing economy can help you save money.


Transportation is generally a large chunk of monthly costs. Public transport, while cheap, may not be ideal for all situations and conventional taxis are expensive and, in some instances, not always easy to find. Ridesharing is a way to travel in comfort while spending less money. Ridesharing apps like Uber or Lyft allow you to hail a cab using your phone and are much cheaper than regular taxis.

Holiday Accomodation

Finding accommodation during travel is an expensive and time-consuming affair. Hotels can be pricey while other arrangements can be unsafe. Using services like Airbnb and HomeAway can help you find accommodation that meets the criteria you set such as price range and access to other amenities. Using these sharing economy services may even make the travel experience richer because of the immersive nature of staying in a local person’s home.

Tool Lending

D-I-Y is a great way to save money but the tools that you may need can be very expensive. A way to save money on expensive tools is by joining a tool sharing service like LocalTools (USA) and Streetbank (UK). Using these services you can have access to other people’s tools for a small fee and save on the cost of actually having to buy tools. You can even become a lender yourself and make money by sharing your tools with others.

Nanny Sharing

Finding affordable yet safe childcare can be a challenge. Services like Nannyshare help make things easier by having families share a nanny and the costs associated with hiring one. The families get to vet the nanny beforehand and agree on time-sharing. This way the children are taken care off, while the families split the cost of the nanny. This helps families save over 40% on nanny costs.

Clothes Swapping

You may have many items of clothing lying around that you don’t use, or you may be looking to change your wardrobe to fit your changing lifestyle. You can sign up on Swap (USA) or Swishing (UK) to exchange your clothes for other previously owned clothes or to even get new clothes if your clothes meet certain requirements. These services help reduce the costs associated with buying new clothes.

The sharing economy is a growing phenomenon with many startups developing platforms that allow individuals to spend less on products and services that they can share with their peers. If you intend to borrow or purchase something you will need in the future, keep in mind that the sharing economy might offer you the opportunity to get whatever you are looking for at a lower cost.