January is often a month when people decide to move on – and for some, that might mean trying to live a greener life.
Choosing to live more ethically doesn’t necessarily mean spending more money – there might even be ways to save money.
Here are some suggestions from Elle McAtamney at TopCashback (topcashback.co.uk)…
1. Consider “impact investing”
People who make impact investments aim to help society and the environment, as well as generate a financial return.
First, McAtamney suggests considering what issues are important to you, and whether your primary focus is potential financial gain or social or environmental benefit.
She adds, “Whatever your values or goals, do your research and learn about the companies you want to invest in, and the types of investments that are right for you and your budget.
Remember that the value of investments can go down as well as up. The Financial Conduct Authority (fca.org.uk) has a “warning list” of companies on its website, to help people avoid investment scams.
2. Remember that buying in bulk can sometimes be a false economy
A study conducted by TopCashback revealed that people on average waste more than $200 per year due to items purchased in bulk that go unused. Not only does this hurt wallets, but it also hurts the environment.
McAtamney says, “When grocery shopping, make a list, keep an eye out for genuine deals, and calculate the cost per item to make sure you’re actually getting a good deal.”
3. How “green” is your bank or building society?
Several suppliers have made commitments about their impact on the world we live in, so find out what your supplier is doing – and if you’re unhappy, you might consider switching.
For example, Triodos Bank in the UK (triodos.com) publishes details of the organizations it finances on its website, and the Co-operative Bank (cooperativebank.co.uk) has an ethics policy shaped by its customers.Rental fashion sites are a cheap and eco-friendly way to refresh your wardrobe (Alamy/PA)
4. Rent your wardrobe
McAtamney says, “Clothing rental is eco-friendly, financially savvy and booming!
“It’s also a good idea to rent clothes that you won’t wear long or often (maternity or formal wear, for example). Some companies offer subscriptions, which makes it easy to rent and renew your wardrobe every month, if you wish.
5. Save while being sustainable
TopCashback has a “green cashback” category, helping shoppers find brands that support ethical and sustainable choices. And if you’re saving in an employer pension, ask your provider about their ethical credentials.