When it comes to your most immediate needs, they can often be mutually exclusive. That is why a lot of young adults find themselves with a dilemma.
This is why it’s so important to know your options. This way, you can make a more informed decision on what should come first.
Renting vs. Owning a Car
Buying a car isn’t the only option when it comes to transportation. In fact, many people choose to rent their vehicle.
A rented car can be cheaper in the long run if you consider parking, insurance and maintenance. It also means that you can get a newer model vehicle for a lower monthly payment than you’d pay for a used one.
It’s also possible to rent a car with a rental car company that offers an extended lease term, which can make it more cost-effective over the course of several years. This can be particularly useful if you’re looking for a new vehicle but want to keep your car payments low.
For example, SIXT rent a car offers an extended car rental plan for those who need to have a newer car for an extended period of time. This can be the best way to try out a new vehicle without having to worry about financing it or paying for car repairs down the road.
In addition, it can also be a good idea to take a close look at your credit card agreement and personal auto insurance policy before you go to the car rental company’s lot. These may not provide the type of coverage that you’ll need on a rental, and they might not cover any damage that happens to your rented ride, says Chris Karageorgos, CEO of SIXT rent a car.
It’s also worth noting that a rented car is a good way to build your credit score. Taking care of your rent payment obligations will help you establish a positive credit history, which will eventually lead to a better loan or mortgage rate.
Commute Time
One third of your life is spent in your workplace, so it’s only natural to want to have a commute that is easy and affordable. That’s why it’s important to know how much time you spend commuting each day and what that costs you in terms of money and stress.
You can use an app like MapMyRide to find out what your average commute time is. That way, you can see if a new neighborhood is going to make your commute shorter or longer.
A shorter commute can mean a lot of different things: less stress, less money spent on gas and car maintenance, more time to do what you want. It can even have a huge impact on your mental health.
In fact, a long commute is linked to poor mental and physical health in the long run. Those with longer commutes report being depressed, have higher body weight, are more likely to take unplanned days off work and are less productive than those with short commutes.
Moreover, it can negatively affect your job performance and satisfaction with your employer. Studies have found that people who commute more than an hour each day are 19% more likely to be dissatisfied with their jobs.
For instance, a study of Australian commuters showed that those with longer commutes were less relaxed and enthusiastic about their job. That’s because a long commute is stressful and doesn’t allow you to enjoy your work environment or the company.
If you’re thinking about a move, consider whether a short commute will make a difference to your quality of life. Those who live in neighborhoods with shorter commutes have better overall health than those who don’t, so it’s worth taking the time to figure out what a short commute would be like for you.
Another benefit to living in a neighborhood with a shorter commute is that you’ll be able to avoid major freeways, which can add up quickly in traffic and fuel expenses. Try to drive around the neighborhood you’re considering, and see if there are any back roads that will get you to your destination quicker.
Fuel
One of the biggest expenses associated with owning a car is fuel. This is a major reason why many people opt to rent a vehicle. However, you can still save on fuel costs if you know what to look for and take the right steps to make it happen.
Fuel economy is a measure of how much fuel your vehicle can use to travel a given distance. In the United States, this is usually referred to as miles per gallon (mpg).
Increasing the fuel efficiency of your vehicle can help you save money on gas. It can also reduce your carbon footprint and help decrease our dependence on foreign oil.
The best way to measure a vehicle’s fuel economy is to compare it against the fuel consumption of similar vehicles. A good way to do this is to get a copy of the manufacturer’s fuel efficiency guide.
Another option is to use a tool like Gas Buddy. This mobile app provides real-time information about prices at nearby filling stations and has a community of users who post reviews on their experiences.
Aside from comparing fuel prices, you can also find tips on how to save even more money at the pump by driving more carefully and taking other measures to conserve energy. For example, a smart driving technique known as “stop-and-go” may actually be more efficient than accelerating to a high speed in order to avoid traffic congestion.
It is important to note that fuel efficiency can vary depending on your driving style and the type of vehicle you are driving. The EPA has developed fuel efficiency guidelines to ensure that your new car meets the highest standard in its class.
Ultimately, the decision to rent or own depends on how much you will use your vehicle and how long it will be in your possession. If you are looking to drive a new-model car or have high expectations for how frequently you will need it, then renting is probably your best bet. If you are more concerned with the cost of ownership, then it might be wise to consider purchasing a used car.
Maintenance
Maintenance is a big part of the overall cost of owning a home. In fact, according to the National Association of Realtors, homeowners spent $2,812 on maintenance and repairs in 2019.
When it comes to an apartment, the same is true. Depending on how you maintain your apartment, it can be very easy to keep it in good shape for many years to come.
One thing that you should do is make sure that the appliances in your apartment are working effectively. Taking care of these appliances will improve their life span and reduce the cost of repair and replacements down the road.
Another thing you should do is to clean your apartment frequently. This will prevent moisture from entering the apartment and allow you to use it more efficiently.
You should also make sure that your windows are closed and kept clean at all times. This will keep the interior of your apartment dry and comfortable for your family to live in.
If you notice that there is a leak in your roof or the bathroom faucets are leaking, it is important to fix these issues right away. Otherwise, it is likely that they will get worse and cost you more money in the future to fix them.
In addition to this, you should always check your electrical system in case of a power outage. This will save you time and hassle down the road and will help you avoid any unexpected expenses from a utility company.
Lastly, you should make sure that your drains are cleaned regularly to prevent water from clogging. This can be difficult to do on your own, so you should call professionals for assistance if necessary.
The final part of maintenance is to keep your home safe and free from pests. Taking steps to prevent these unwanted pests will not only save you money down the road, it will also increase your peace of mind and keep your home in great condition.
Strata corporations that manage property are responsible for maintaining their assets, so it is important for them to understand the different types of maintenance styles. This way, they can make the most of their investment in the strata.