Saving money and sustainability are two significant topics, and it is time to tackle them together. In this blog, we will examine how money and the environment interact and three eco-saving strategies you can use to better the world and your bank account. Scroll down to get in the loop.
Money Sustainability: Why Does It Matter?
Sustainability is a big topic in all industries, and many of us make an effort to be more eco-friendly every day. The usual eco-friendly tips focus on reusing products, buying secondhand and reducing your carbon footprint. They rarely relate to money matters and finances.
However, money and the environment are closely tied. The RSA, a registered charity focusing on social impact, states that “the extension of credit and creation of debt locks us into a need for evermore economic growth”.
We already consume 1.7 planets' worth of resources per year, and this need for constant and indefinite growth is pushing us into a cycle that the Earth can’t support.
Rather than mindlessly consuming, we must somehow separate economic growth from resource use. And this is where sustainable money management comes in.
How to Make Eco Savings - Three Strategies For Everyone
Whether you want to decrease your environmental impact or save up a few extra pounds, consider the sustainability-approved saving techniques below.
1. Address Your Food Management
Food management might not be the first thing you consider for UK savings. But organising what you eat and how you consume it can make a difference to the Earth and your wallet.
For example, using proper food storage techniques can help your food stay fresh longer. Using leftovers and scraps will help you buy less food and spend less money. Meal planning lets you stay on budget and avoid wasting food because you accidentally bought too much.
found that one-third of food produced for human consumption is wasted annually, which could feed three billion people. Optimise your food management to reduce this figure and save more simultaneously.
2. Ditch Single-Use Plastics
Decreasing single-use plastics has long been a target of sustainability projects. But what does this have to do with saving money?
Swapping to reusable alternatives minimises plastic waste and saves you more cash. Most people forget about this tip, as the initial savings are small. Even though single-use plastics are cheaper, they do add up over time.
For example, one £1 water bottle daily costs around £30 per month. This is upwards of £360 per year. In contrast, a reusable water bottle costs £15 to £30 and is a one-time purchase.
3. Swap To Sustainable Transport
Spending less time in the car and more time on public transport is another way to save while doing good for the environment.
You don’t need to sell your car. However, swapping more road journeys for walking, public transport, hiking or carpooling will lessen your petrol expenses, improve your health and improve your sustainability.
It is easier to swap in summer. So, do not beat yourself up, if you don’t fancy walking in winter. Instead, wait to embrace the warmer weather and enjoy an alternative commute then.
Final Thoughts
Whether you are new to money sustainability or a long-time eco-saver, hopefully, this blog has provided some new facts and strategies. Keep your research going with the Cash ASAP blog for more personal finance tips for all needs.
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