Do you rent or buy your tools or equipment? Here is a quick and dirty rule to follow.
If you are using the tools or equipment more than 25 times each year (once every two weeks or more), it makes sense to buy.
If you are using them less than 24 times each year (less than once every two weeks), it makes sense to rent.
Here is one way of telling if you should have purchased a particular item. Go to your storage area, wipe a clean cloth across the equipment or tool and see how much dust comes up. If it’s dirty, you haven’t used it in a while and probably shouldn’t have purchased it. Yes, there is seasonal equipment like heaters and dehumidifiers that can get dusty, but that is not what we are talking about. How about selling tools and equipment that aren’t being used often? Use the proceeds to pay off debt.
Tying up money in tools and equipment that seldom gets used because you “don’t have the time to go to the rental agency”, is false economy.