Money Bite-Size Read:

• Many of us care about sustainability and protecting our environment.
• However, you need to ensure your spending habits reflect those values.
• Here’s some big spending switches you can make to save money and save the planet.

The MoneyBites Take:

If you care about sustainability, changing up some of your spending habits makes a difference, aligning your money with your values.

 

Most people care about the planet we live on.

While billionaires blast money into space tourism, there’s a growing call, including from Prince William, to focus on looking after planet Earth. In a world where celebrities and their love of private planes added up to nearly 1% of total carbon emissions for the USA in 2019, Hollywood’s role models are not leading by example.

It’s important that our spending behaviours reflect our values.

We’re adopting renewables at record rates and need to extend this to other spending decisions. Because if you want to change the world, you must first master your money and take ownership of your spending. Every dollar, every pound, every cent you spend makes a difference.

 

Here’s big spending switches you can make to save money and save the planet:

 

1. Switch your machine dryer for a clothes air dryer

Invest in a drying rack and air dry your clothes to ditch your energy-intensive machine dryer (which will also save money on energy bills).

 

2. Switch eating meat every day for a weekly vegetarian meal

Try being vegetarian once a week as a sustainable consumer choice rather than eating meat every day.

 

3. Switch leaving the air conditioning on for dressing according to the weather

Adapt your clothing to the weather and use extra blankets in winter instead of relying on heating and cooling systems.

 

4. Switch up the thermostat temperature

Adjusting your thermostat temperature by a few degrees could save you as much as 10% a year on your usage and bills.

 

5. Switch hot washes for a cold-water wash cycle

Given over 20% of an average energy bill is spent on heating water, try using a cold wash cycle to wash your clothes instead.

 

6. Switch fast fashion for responsibly disposing of clothes

The average Australian buys 27kg of clothes a year which is why you need to dispose of unwanted clothes responsibly.

 

7. Switch standby mode for turning off appliances

As the average home will have nearly 20 connected devices in 2023, make sure you turn off devices when they’re not in use.

 

8. Switch impulse food shopping for planned meals

The average Australian wastes 1 in 5 grocery bags of food per year, which you can change by planning out your meals to also save money on your grocery bill.

 

9. Switch financial ignorance for knowing where your money is invested

You will automatically start investing through your retirement funds so make sure you’re with an ethical fund that invests responsibly.

 

10. Switch letting heat escape for insulating your house

Insulation is crucial at keeping the heating and cooling in your home so start with insulation blinds on the windows and start saving for the more expensive home insultation.

Every spending decision you make adds up.

We are all consumers in the market and how and where you spend your money matters. Make sure your spending choices match your values, including choices that will both save money and save the planet.