Collaborative consumption – How a sharing with others can save you money

The last 30 years have been an age of hyper consumption.

Instead of reusing objects, we became a throwaway society and the era of instant gratification has resulted in many people living beyond their means and inevitably getting into debt.  

You can hardly blame us with all the great offers that blast their way into our lives, but excessive spending has damaged our bank balances and the planet.

However, the tide is turning.

People are returning to more sustainable lifestyles, maybe like our repair everything grandparents, and finding sustainable ways to reuse resources.

Collaborative consumption is one solution.

Debtfix has looked at collaborative consumption and how it can help you, your finances and the Earth.

What is collaborative consumption?

Collaborative consumption is not new. It has existed since humans appeared on the planet and essentially it boils down to the simple art of sharing, swapping or renting. 

With the rise of the internet and globalisation, complete strangers can communicate, form relationships and build trust, which has fostered collaborative consumption’s popularity. 

Individual consumption means you see a product or service and bear all the cost when you purchase it, even though you may only use the item occasionally.

With collaborative consumption individuals develop networks or systems to offer resources, goods, or services that might otherwise be left unused or thrown away.

The art of sharing allows people to access objects or services they couldn’t individually afford.

For example, how many of us have an expensive power tool that is used once every blue moon and the rest of the time it sits in the garage gathering dust?

With collaborative consumption, you would look to share or swap that tool with another person, just like neighbours used to do in the old days.

In return, you might receive a cash payment, or they would lend or swap something that you require.

Carpooling is another great example.

The cost for one person to drive and park in the city is eye-watering compared to spreading the cost four ways. 

That spare bedroom, used for your grandparents at Christmas, could easily be a nice little earner throughout the year.

Websites such as Airbnb and Yourdrive have taken advantage of this concept and community social media groups are a good platform for requesting to borrow something you may only need to use for a short time.

Community book swap and fruit and vegetable stands are a heart-warming way to share excess stuff with those in need.

Whether renting out parking spaces, co-sharing workspaces or giving away food – collaborative consumption enables people to fully utilise products and convert items into income, which has significant environmental, social and economic benefits.

It generates extra income and, in many cases, helps to create human connection – even community.