Spending money sustainably

It is National Student Money Week this 21-25 February. This year’s theme is ‘sustainable spending’, so here are our top tips for being sustainable with money. You’ll often end up helping the planet when you’re saving money too – less stuff and less waste = lower carbon emissions!

Waste less

You can save money on your food shopping, energy, and water bills by cutting waste.

Write a meal plan every week and put together a shopping list to help you reduce your food waste. An average family of four can save over £60 per month by throwing less food away, and it’s also one of the most impactful ways to lower your carbon footprint. Still got leftovers? Get inspired with the recipes on the Love Food Hate Waste website, and download the Nosh app to keep track of what to use up before the ‘use by’ date. Remember that ‘best before’ dates are a guide, so no need to throw things away that are past this date if they still look good. ‘Use by’ dates are typically on meat, and should be followed. If you won’t eat something in time, freeze soon after purchase and then defrost fully when you want to use it.

Becoming more aware of the energy you use is great for your wallet and the planet. Turn off lights and appliances when they aren’t in use to shrink your electricity bill. Wear slippers and an extra jumper to lower your heating bill too.

To save money on your water bill, turn off the tap when brushing your teeth and take shorter showers. These little things add up to big savings.

Buy less

Think about what you are buying: do you need it? Do you already have something similar? Spend less and get more use out of the great things you have.

And if you don’t already have one? You can swap things like clothes with a friend or through online platforms like Vinted. You can make smart savings on electronics by getting professionally refurbished items instead of brand-new models. If it’s appliances you need, you can borrow from Essex County Council’s Library of Things.

Buy ethically

In a world structured around profit, your money is a powerful tool to advance the causes you believe in. Shop Fairtrade and local. Check the Ethical Consumer A-Z guides on ethical products and unethical businesses. Consider a bank that  will invest your savings responsibly: Triodos Bank, Ecology Building Society, and Nationwide Building Society are recommended by Which?.

Want more? We are hosting a webinar on Thursday 24 February 1.00pm-1.30pm to share more about sustainable spending.