We all know that making environmentally-conscious decisions isn’t always the easiest thing to do, but this week’s guest blogger has found five easy eco money saving tips to accelerate your route to financial independence.
Annie is a guest blogger from Home In The Green – if you enjoy this article, you should definitely follow her blog for more!
I’m not gonna lie: being green is not always the easiest or cheapest thing to do. Sustainably produced items usually cost more, and when you need something quickly it’s often the least eco-friendly option that’s at our fingertips.
There are, however, many ways to both save money and reduce your carbon impact. In fact it’s easier than ever now that companies realise that consumers both care about the environment and want to be clever with their cash.
Here are some of my favourite ways to effortlessly go green while increasing your potential to save and invest:
Switch to a green energy supplier for easy eco money saving
Most energy comparison sites will now allow you to filter for providers offering energy from renewable sources, making it easy to find a cheaper, and greener, supplier. These include Money Saving Expert’s Energy Club. You can filter by suppliers that offer renewable energy, but when I searched all deals and sorted by the cheapest, the first six suppliers all offered “green electricity” before I got to suppliers like Avro and Scottish Power which didn’t. Avro was £100 more expensive than the cheapest (and green) company.
Some, like Bulb, will even pay your exit fee and also offer only one tariff meaning you don’t need to think about switching every year or two. If you move to them and use the referral link you will get £50 credit (as would I): www.bulb.me/annef7810
[Breaking in: this is Annie’s affiliate link. I haven’t used Bulb and will normally only link to products I’ve used, but Annie has actually used Bulb.]
Another interesting option is Igloo whose USP is that they provide you with tools to help cut down your energy use, including products such as air source heat pumps which Igloo claim work more efficiently than boilers. Another perk is that any balance on your account in credit earns 3% interest. Like Bulb, they only have one tariff.
So, if you haven’t compared your tariff for a while then please do – the odds are there will be a green energy supplier that is cheaper.
Estimated annual saving: £100
Switching to a green energy supplier
Reducing single use plastics/packaging by bringing your own
A small investment in a reusable coffee cup, thermos, water bottle and lunch box will pay dividends if you can build a habit of bringing your own. If you can make it part of your routine to make extra dinner and pack some leftovers for lunch then not only will you save money but you’ll also save time queuing for lunch and generate less waste. Likewise, if you can keep an empty water bottle in your bag then the Refill app will show you where you can go to fill it up.
Estimated annual saving: £1,615
(based on spending £7.50 a day on lunch and drink/coffee 215 days a year)
Check your fridge is at the right temperature to cut down on food waste
According to Love Food Hate Waste the average UK family could save £60 a month by reducing their food waste. Waste is usually due to a mixture of miscalculating portions, buying more than you need and keeping your fridge at too warm a temperature, meaning food goes off more quickly than it should. A fridge thermometer can tell you if the temperature is right. It should be between 1 and 5 degrees. Too cold and you’ll waste money keeping it cool. Too warm and food will go off quickly. Fridge thermometers can be picked up from shops such as Lakeland for under £4.
Estimated annual saving: £180 per household
assuming a quarter of waste is caused by food going off sooner than it could have
Use online second-hand retailers
For some people (including me) rooting around their beloved chazzas is a thrilling use of time. More often than not – though – this involves picking up “bargains” I didn’t even know I wanted rather than finding something I actually need. Now that online second hand marketplaces are thriving you can get what you actually want at a rock bottom price conveniently delivered to your door. Of course, as well as saving money you are also giving something a second life and helping to avoid the carbon impact involved in manufacturing something from scratch.
There are oodles of options for clothes, including Trift+ which allows you to search for high street and designer clothes by brand, offers quick delivery and a 30-day returns policy. The user experience does not feel like secondhand shopping (apart from the slightly flat and crumpled photos, but there’s always a trade-off).
They also have a scheme for sellers which will give you credit towards a chosen charity and/or to spend on the website or a John Lewis gift card. Clothes must be in good condition and an accepted brand. You can even order bags on the site to send in your clothes.
Loopster is a similar concept but also covers children’s clothes.
World of Books sells (you guessed it) secondhand books and has 7 million titles in stock and offers a 20% discount if you buy 4 or more books.
Estimated annual saving: £500
assuming you are usually spending £1000 on new clothes, books etc and could make a 50% saving buying secondhand.
Dial it down – save the environment, save your money
Washing your clothes at 30 degrees instead of 40 degrees uses almost 40% less energy. Based on four washes a week this could cut your energy bill by around £23 a year. It’s also gentler on your clothes, so they last longer.
In a similar vein, turning your heating down by just 1 degree could save a household £80 a year.
Neither of these simple switches should be noticeable, especially if in your just as clean and cosy second-hand jumper.
Estimated annual saving: £103 per household
This easy eco money saving: what does it all add up to?
The “average person” would save around £2,355 a year by implementing all of the easy tips above. If that money was saved and invested in a fund growing 5% a year that would work out to almost £30,000 over the course of 10 years. Or, if it was put towards overpayments on a £250,000 mortgage at 2.5% interest it would shave 4 years and 9 months off the mortgage.
That’s what I call a win-win, and it’s only the tip of the iceberg.
For more ideas for living a more sustainable lifestyle while building wealth, check out Home In The Green.
