Environmentalists and various policymakers have deemed climate change as one of the most rapidly evolving and highly significant issues currently facing the world. Climate change has a direct impact on the ecosystems of the world, the food systems, and it impacts the livelihood of the billions of individuals that live on the planet. As a result of its sheer importance, many are starting to place an emphasis on the protection of the environment.
As a consumer and/or an investor, the actions that we take have a direct impact on the environment. By electing to “go green” with our finances, we can guarantee that those actions will have a positive impact. In this brief guide, you will learn how to go green with your finances.
Choose to Bank Locally with an Institution That Cares About the Environment
Many of the depository institutions across the nation are making a solid commitment to sustainability. There are banks that are funding climate change and are contributing money to ensure sustainable development. Then, there are those that are going carbon neutral. Many are phasing out coal power companies.
The money that you place at a bank serves as a type of loan for that financial institution.
If you care about the environment, make sure that your bank places a high level of importance on the environment, too. When you choose a local bank, the money that goes into them will go back into your community.
One of the easiest ways to go green with your finances is to limit your paper trail. The easiest way to do this is to start by choosing electronic transactions that include the utilization of e-statements.
In today’s world, it is easier than ever before to get your notices, bills, and statements through your email and/or through an app right on your mobile phone. There are ways to do this safely.
Not only does going paperless help in preserving the environment, but it also saves money, as many institutions are now charging customers for paper statements.
Additionally, you should ensure that as many transactions as possible are done with a credit or debit card instead of paper checks. Going paperless is truly one of the easiest – yet most significant strategies – for saving the environment.
Create a Green Savings Account
The next strategy you may use for going green with your finances is to create a savings account that you will use for purchases that are good for the environment.
This includes appliances that are energy efficient. A rainwater collection system that you may utilize to harvest water for home usage, a solar panel for your home, upgrading all the lights in your home to LEDs, or even an electric vehicle.
The savings account would be opened at your environmentally-friendly bank and you could designate a set amount of funds each pay period to work towards your goal. Once you save the amount of money that you need, you make the purchase and start initiating the process of saving the environment!
Use Online and Mobile Banking Services
By using online and mobile banking services, you can positively contribute to the environment in many ways. First, you will reduce your paper trail. Next, you save on the fuel that you would spend to go to the bank.
Online and mobile banking help financial institutions to maintain a very small overhead and it helps to reduce the carbon footprint of that facility.
Direct Deposit and Online Fund Transfer Services
If you want to go green with your finances in order to save the environment, you may start by having your paycheck direct deposited into your bank.
First, this eliminates the need for a paper check.
Second, you will receive your funds faster, and third, it prevents you from having to make a trip to your bank in order to cash your check and get your money.
Finally, direct deposit drastically reduces the paper trail on your end and your bank’s end. If you have to transfer money, you should use online fund transfer services. Not only does this prevent making a trip to the bank and using fuel, it also makes it quick and reduces the paper trail associated with the task.
Reduce Energy Consumption
Believe it or not, one of the easiest ways to go green with your finances is to reduce your energy consumption. By being a bit creative, you can drastically reduce the amount of electricity, fuel, and water that your home uses.
First, turn off lights and other devices when not in use. If you are not using something – such as a coffee pot, a toaster, a microwave, or a cell phone charger – unplug it!
These are called “energy vampires” and plugged-in devices not being used account for up to 10% or more of your home’s total energy.
Additional steps that may be used to reduce energy consumption include installing pressure-assist toilets, and low-flow showerheads, turning off the water while brushing your teeth and only turning it on if necessary, and using cold water in your washing machine.
As you can see, there are many creative ways to go green with your finances. Remember, it is all about how much you spend and where you spend it. You should also strive to reduce your paper trail in life, how much you use your vehicle, and how much energy you use. Save your money to purchase items that help in reducing your carbon footprint and bank with an institution that is focused on playing its part in protecting the environment.
We here at Somerville Bank know and understand the importance of protecting the environment and doing our part. If you want to partner with a bank that is focused on sustainability, we encourage you to contact us today at one of our many locations: https://somervillebank.net/locations/