Saving More II: Renting Instead Of Buying

BOSTON (CBS) - I read an article on the AARP website. It was all about renting instead of owning to save money. They had a lot of interesting ideas.

A Vacation Home: It sounds so glamorous to own a second home but financially it's a big drain on your pocket book and an even bigger drain on your energy.  Renting a place is the better deal. Owning also means you go back to the same place every year. Renting gives you many more options.

An RV: A friend was so very sure the RV life was for him when he retired. He talked with folks, read everything he could on RVing. He bought an RV and set off for his adventures. Three weeks into his new adventure he returned home and parked the RV in the driveway. Selling it proved to be a hassle. If you think an RV is in your future just rent them. Someone else will worry about where to park it when it's not being used.

Musical Instruments: My son wanted to play the saxophone and take lessons. He came up with a game plan and wanted to buy the neighbor's used saxophone. Even buying a second hand instrument it was still cheaper to rent and when he dropped out of the band we returned the sax.

Boats: Unless you are going to be out on the water every day you are far better off renting. I believe the term is charting a boat. The upkeep alone is exhausting.

Special Tools: If you use a tool only once or twice a year it's better to rent. Or if all of the neighbors want to chip in and purchase a log splitter that might work and if one of you has a place to store it. A rototiller that you use every spring is a good example. It cost about $60 to rent. New ones cost $300 to $600. And you have to maintain it and store it.

Wedding & Formal Wear: Grooms have been renting forever. Now the bride and her entourage have choices as well. But the rentals I found averaged around $500 for a wedding gown. I do think you might be able to buy a wedding dress for around that amount.