Many of today’s adults are finding it difficult to keep up with the rising cost of living. Our previous survey revealed that about 51% of UK families are worried about rising electricity bills, while 60% said that they were very worried about inflation. Additionally, 36% said that they lacked the savings to cope with these economic changes.
If you’re worried about keeping up with rising energy bills and inflation, sustainability is certainly worth the investment. Though sustainable products tend to have higher upfront costs than regular products, their longevity and energy efficiency help to lower your spending in the long run.
So, with that in mind, we’ve listed a few lifestyle changes and product choices that can help you save money.
- Energy Efficient Appliances Reduce Electricity Consumption
- Renewable Energy Can Earn You Electricity Credits
- Driving Less Reduces Gas Costs
- Reusable Products Reduce Spending On Disposable Items
- Second-Hand Items Are Cheaper Than Brand New Items
Highly efficient appliances tend to be costlier than less efficient alternatives. However, your initial investment will pay for itself by significantly reducing your electricity usage. According to an Energy Savings Trust guide to home appliances, you can determine the energy efficiency of a new appliance by checking its energy label. Appliances are ranked on a scale of A to G, with A-rated appliances using the least energy and G-rates appliances using the most energy. Size also plays a factor: a smaller G-rated appliance can have a lower energy consumption than a larger F-rated appliance — so choose the most efficient appliance that your household needs.
Increase your energy efficiency even further by switching to renewable energy sources. Solar panels are the most accessible clean energy source because they do not rely on locational factors such as the presence of water or wind. Additionally, solar panel users can install energy storage solutions. A Hoymiles overview of energy storage shows that having a place to store surplus energy can increase a home’s self-sufficiency by 80%. Through a process called net metering, you can also sell surplus energy to the grid and earn electricity credits, allowing you to save even more on your electricity bills.
The sustainable options, namely train travel, bus travel, carpooling, and biking, are easier on both the environment and your wallet, especially considering the steady increase in fuel costs. The BBC’s report on transport emissions shows that single-passenger cars emit 171 grams of carbon dioxide per passenger per kilometre travelled, compared to 104 grams for buses and 41 grams for domestic rail. Trains are by far the most eco-friendly option. Those that need to go outside train routes can choose bus travel or carpool, which lets multiple passengers split the cost of gas. For short-distance travellers, bicycles are the best option.
The cost of having to replace disposable items can quickly add up. Though single-use items can be convenient, durable reusable items can save you more money in the long run. Instead of bringing around food in plastic or paper bags, buy a reusable lunch box. Rather than spending money buying beverages in plastic containers from vending machines, bring your own reusable flask. Going for reusable products significantly reduces both the waste you produce and the money you spend.
Prevent other items from going to waste by buying second-hand. These items have already been used, so buying second-hand is usually cheaper than buying brand new. Moreover, the internet has made it easier to find good second hand items. Platforms like Depop, thredUP, and even Instagram have made it easier for sellers to find online buyers. And if you yourself want to earn money, you can also use these websites to pass down old items that are no longer to your taste.
Climate change is getting worse, and so is inflation. Humans can protect the environment and their selves by making sustainable choices.
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.