It’s a simple concept: the more money you save, the more money you’ll have to invest.
The more money you invest over time, the higher your returns.
However, like any “Decent Investor,” I’m not just going to try to save money willy-nilly, without any thought as to how I’m doing so.
No, when I’m saving money, I also want to have a positive impact on the environment.
That’s why I recently looked into 4 ways to save money and reduce your carbon footprint.
Many of these aren’t particularly difficult; they may take some capital up-front, but think of that as an investment. Once you make this investment, it will compound for years and years down the road.
The Intersection of Sustainability and Saving Money
Now, you might be wondering, “How does saving the planet intersect with saving my hard-earned money?”
Well, I’m here to tell you that not only do these two go hand in hand… but they actually throw an arm around each other, and even dance together quite elegantly.
Think about it this way: being sustainable is all about using resources wisely and minimizing waste, right?
Now let’s apply the same principle to our money. Spending wisely, reducing waste…hmm, sounds pretty similar, doesn’t it? That’s because it is!
It’s a common myth that going green means spending more.
I get it – those organic avocados at “Whole Paycheck” can be pricier than the regular ones, and electric cars seem like a splurge compared to their gasoline counterparts.
But the reality is, sustainability isn’t just about those high-end purchases.
It’s also about making smart choices that not only help our planet but can also help our bank balance.
Consider this: When you switch to energy-efficient appliances, you might pay a bit more upfront.
But in the long run, those appliances will consume less electricity, meaning lower utility bills for you.
Or, when you start biking to work instead of driving, you’re not only reducing carbon emissions, you’re also saving on gas, parking, and car maintenance.
That’s the beauty of sustainable practices: sustainable practices are designed to minimize waste.
And waste, in any form – whether it’s unnecessary packaging, excess energy consumption, or food waste – costs us money.
Not only that, but I personally find waste to be incredibly distasteful. I don’t know if it’s growing up with lower-middle-class parents, or what, but I just hate whenever something goes to waste.
So, while some eco-friendly options might seem pricier upfront, remember to think long-term.
It’s a marathon, not a sprint. Being frugal and being eco-friendly are both about making wise, future-oriented choices.
And with the tips we’ll be diving into, you’ll see how these practices can work together to help you save money while you save the planet!
So let’s dive in, shall we?
Method 1: Smart Home Energy Use
The first stop on our green-and-save journey: your home! Home is where the heart is, but it’s also where a lot of our energy consumption happens. So, let’s talk about making smart energy choices at home.
We’ve all heard the basic tips: turn off the lights when you leave a room…don’t leave the TV on if you’re not watching…etc.
But, folks, we’re here to level up.
You see, if you want to make a real dent in your carbon footprint and utility bills, you have to think bigger and smarter.
One way to do that? Energy-efficient appliances.
Sure, they might cost a bit more upfront, but they use less electricity, which means you’ll see the savings roll in every month when that power bill arrives.
Energy Star-rated appliances, for instance, are designed to save energy without compromising on performance.
And it’s not just energy either. I moved into a new home several years ago, and was shocked to find that the water bill was staggeringly high every month. We’re talking over $200 per month!
For the life of me, I had no idea where that $200 was going.
We replaced pretty much all of the toilets in the house… and it saved like $50 a month.
Finally, we had an issue in the basement that required quite a bit of remodeling work.
While the contractor was down there, I figured why not replace the aging water heater we had downstairs?
The result? The water bill is now a mere $30 per month. And the gas bill has gone down about 25% as well.
All because of the advances in water heater technology over the last 10 years.
So, you can keep your food cold and clothes clean, all while saving money and reducing emissions!
And let’s talk about those electronic devices we all love so much.
Did you know many electronics still use power even when they’re turned off?
It’s called “phantom” or “vampire” power, and it’s as scary as it sounds for your electric bill.
The solution? Simple! Unplug electronics when you’re not using them, or use a power strip and turn it off when the devices are not in use.
Additionally, you can get “smart outlets” that proactively stop electricity from being vampired off.
Lastly, let’s touch on heating and cooling. A smart thermostat can be a game-changer.
These savvy devices learn your schedule and adjust the temperature automatically, helping to save energy when you’re not at home.
Imagine the freedom of not having to remember to adjust the thermostat before leaving for work every day. Pretty cool, right?
So, as you can see, making your home more energy-efficient can significantly reduce your carbon footprint, and it can also save you a nice chunk of change.
Method 2: Sustainable Transportation
Next up on our money-saving, footprint-shrinking adventure is transportation.
We all need to get from point A to point B, but did you know that how you choose to get there can have a big impact on your carbon footprint? And, yep, you guessed it, your wallet, too!
Cars, particularly those running on gasoline, are major contributors to greenhouse gas emissions.
But fear not! You don’t have to sell your car and start trekking everywhere.
There are a bunch of ways you can tweak your transportation habits to be more sustainable, and guess what? They can save you a pretty penny, too!
Let’s start simple. If you’re only going a short distance, consider walking or biking instead of driving.
Not only is it a great way to get some exercise and enjoy the outdoors, but you’re also not burning any fossil fuels.
Additionally, you’ll get some great exercise by doing so. By walking one hour per day for the past year, I’ve lost 22 pounds.
And that’s with a young family that requires a lot of attention!
Plus, it’s completely free! No gas money, no wear and tear on your car, and no hunting for a parking space.
Now I do get it: especially with kiddos, a trip to the store while walking or biking may be impossible.
You might not want to wrangle your kids while also trying to carry 3 bags full of stuff.
If biking or walking isn’t an option, consider carpooling or using public transportation.
Sharing rides reduces the number of cars on the road, which means less carbon emissions.
And public transportation is a cheap and eco-friendly way to get around, especially in big cities.
And what about electric or hybrid vehicles?
If you’re in the market for a new car, they’re worth considering.
Yes, the upfront cost can be higher, but the long-term savings from reduced fuel and maintenance costs can be substantial.
Plus, electric vehicles (EVs) emit far less CO2 than their gasoline counterparts, and with more charging stations popping up everywhere, they’re becoming a more convenient option every day.
Method 3: Mindful Eating
You might be wondering, “What does my lunch have to do with my carbon footprint or my savings?”
Well, a lot, as it turns out!
The food we eat has a huge impact on our environment and our wallets, so let’s chat about making mindful eating choices.
First, let’s talk about where your food comes from.
If you buy strawberries in the middle of winter, they likely traveled a long way to get to your plate.
This means they used a ton of energy in transportation, contributing to your carbon footprint.
So, what’s the alternative?
Buying local and seasonal produce.
Not only does this reduce your carbon footprint, but it also supports your local economy.
Plus, seasonal food often is fresher, tastes better and is typically less expensive. Win-win!
Next, let’s talk about meat.
I know, I know, a juicy steak or a crispy piece of bacon is hard to resist.
But, unfortunately, meat production is one of the biggest contributors to greenhouse gas emissions.
This doesn’t mean you need to go completely vegetarian (unless you want to), but even reducing meat consumption can have a significant impact.
Try implementing a Meatless Monday in your household, or explore some plant-based recipes.
You might be surprised by how much you can save on groceries by swapping out a few meaty meals for plant-based ones!
And finally, let’s touch on food waste.
When we waste food, we’re not just wasting money, we’re also wasting all the resources that went into producing that food.
Plus agian, personally it seems just flat-out wrong to let food go to waste. Especially if an animal has given its life–the least you could do is make sure it hasn’t done so in vain!
So, try to buy only what you know you’ll eat, and get creative with leftovers.
There are plenty of delicious ways to turn last night’s dinner into today’s lunch!
Method 4: Conscious Consumerism
I know, I know, shopping is fun, and retail therapy is a thing.
But guess what? You can still enjoy shopping while being conscious consumers and saving money in the process!
Consumer goods, from the latest fashion trends to the newest tech gadgets, have a significant carbon footprint.
Producing these goods uses energy and resources, especially electronic devices, which contain rare earth metals that are resource-intensive to produce.
And the reality is that many of them end up in landfills far sooner than they should.
But don’t worry, I’m not here to suggest you stop buying things! Instead, let’s look at how we can be smarter about what, and how, we buy.
First things first, consider buying less quantity and buying higher quality.
That means instead of purchasing a cheap t-shirt that might only last a few washes, invest a bit more in a high-quality one that will last you years.
Not only does this reduce the amount of waste you create, but it also saves you money in the long run.
Next up, choose eco-friendly products.
These are items that are made with sustainability in mind.
They might be made of recycled materials, come in less packaging, or be produced using less energy.
While these might sometimes be a bit more expensive upfront, remember our earlier point about thinking long-term.
Plus, many eco-friendly products are also built to last, meaning you won’t have to replace them as often.
And finally, support businesses with sustainable practices.
More and more companies are recognizing their role in protecting the planet and are adopting greener practices.
By supporting these companies, you’re voting with your wallet and encouraging more businesses to do the same.
As you can see, conscious consumerism is about more than just buying less – it’s about making thoughtful decisions about what we buy and where we buy it from.
By becoming a conscious consumer, you can reduce your carbon footprint, save money, and support a more sustainable future.
Your Next Steps…
From the above, there are a few steps you can take to make sure you’re saving more money to invest while bettering the planet:
- Replace older, less energy-efficient appliances with newer, energy-efficient models.
- Plug devices into a power strip and turn the power strip off when you leave, or get smart outlets
- Get a smart thermostat and program it
- Walk and bike more places. If you can’t, then use public transportation
- Consider getting an electric car (or hybrid) next time you need one.
- Buy local food from a farmer’s market if possible
- Implement “Meatless Mondays”
- Buy 75% of what you usually do at the grocery store and see if you can get by
- Buy higher-quality, eco-friendly products.
By doing some (or all) of the above, you can ensure that you improve your carbon footprint AND save some cash to invest. It’s a win-win!