Believe it or not, it's possible to borrow items online—people you don't know will lend them to you. Through sites like NeighBORROW (www.neighborrow.com) and Lending Circle (www.lendingcircle.com), you can join networks of people in your city, town, neighborhood or even apartment building who are willing to lend items you need but don't want to buy—think expensive tools, a ladder and even air mattresses. In exchange, you'll need to offer up a few things of your own, but both sites say they'll step in to help if anything goes missing. Both of these sites are fairly new, so it can be frustrating if you can't find a group in your area, but if you have the ambition, you can always start one yourself.

Another helpful resource for borrowing tools is, interestingly enough, your local public library. Many are starting to build up tool collections, so definitely check it out before you put up the cash for a new power drill.