Kate Crowhurst
Bite-Size Read:
- There’s a lazy stereotype that if you care about improving the world, you shouldn’t also care about money.
- We’re all part of a larger economy and it’s important to know how you can change the world with your money to ensure your finances and values align.
- This includes making sustainable spending choices and exploring ethical financial products to ensure you only invest in companies that you’re comfortable supporting.
If you care about improving the world, you don’t care about money.
That’s not strictly true but it’s a belief that many people hold. It’s why many charities are criticised for paying staff, despite dedicated staff being needed to drive sustained impact. We are often uncomfortable with social good being linked to money.
Our money beliefs can hold us back, particularly when we don’t question them.
If you want to change the world, you might believe this is separate from your finances. However, every spending decision you make offers you the opportunity to change the world with your money. Everyone has bills to pay and it’s important to be aware of the impact your money can have. In a globally connected economy, we all have a role to play.
Here’s how you can change the world with your money:
1. Make sustainable spending choices
Every time you spend money, you make a choice about who receives that money. This could include buying reusable products so that you don’t contribute to plastic waste when buying your morning coffee. This idea also applies in different spending situations..
Even when you’re at the supermarket, you can make sustainable choices by shopping in season and ensuring farmers are paid a fair price for their produce. You can also move towards a plant-based diet as a sustainable consumer choice. You can also move towards a plant-based diet as a sustainable consumer choice. Most of these sustainable choices particularly for your food shop will also save you money so it’s a win-win.
2. Donate to support causes you believe in
A great way to make a difference with your money is to donate to causes you believe in. There are lots of reasons to donate money to causes you believe in but it’s equally understandable why you may not do this.
You work hard for your money and choosing how you’ll give money to an organisation is no one’s choice but yours. Not everyone can afford to donate but you can explore the multiple ways that you can give to charity, including contributing your time and skills.
3. Explore ethical financial products
When you’re selecting financial products, you may have the option to invest your money in sustainable organisations. You need to look at where your money is and if you’re comfortable with those current choices made unconsciously or on your behalf.
Socially responsible investing is a method by which you can ensure your money supports companies that align with your values. When selecting a financial product, look for ethical alternatives that offer this socially responsible investing option. Make sure you do your research to ensure that this product is ethical in practice and its fees and returns meet your expectations.
4. Build your emergency fund
If you’re a leader wanting to change the world, you must put your own oxygen mask on first. Emergencies happen to everyone which is why you need an emergency fund. If your solar panels break, you’ll need to fix them to keep the lights on. Emergencies happen to everyone, which is why you need to be prepared. Taking steps to build an emergency fund also means that you can fully commit to working on a cause you believe in, including starting your own social enterprise.
Every spending decision you make directs your money towards particular causes.
If you want to change the world, you must first master your money to ensure your finances and values align. This will ensure that your money speaks for you and can the same good work that you do.
