Going green, recycling, buying local, and energy-efficient appliances likely come to mind first when you think about reducing your carbon footprint and investing in our planet. However, the way you bank and handle your money can also help the environment. Here are five easy ways to reduce your carbon footprint through your finances.
Did you know that 80,000 to 160,000 trees are cut down for paper every day? If you still receive paper statements, it’s time to stop. Not only can paper statements take a toll on the environment, but they may also cost you money. To reduce paper waste, log into your online accounts or call your financial institutions and opt to receive your statements digitally. You’ll be able to access them online whenever you need them.
Enrolling in Direct Deposit-Direct deposit is more sustainable than paper checks and convenient. You won’t have to visit the bank or use your smartphone to deposit money into your account. Once you log onto your bank account, you’ll see the funds there. Direct deposit can also save your employer an average of $176.55 per year on each employee.
Fortunately, you don’t have to get in your car and drive to the bank or ATM every time you want to make a transaction. Many transactions can be made from your computer or smartphone. These include check deposits, money transfers, and bill payments. You can even go online or make a phone call to receive answers to customer service questions.
Not all banks are equal when it comes to reducing carbon emissions as some prioritize the environment more than others. Conduct your research and shop around for a bank that will make it easy for you to reduce your carbon footprint.
ESG or Environmental, Social, and Governance Investing is popular today. It involves a sustainable approach that focuses on an investment’s environmental impact, factoring in carbon emissions, air and water pollution, deforestation, and water usage. ESG also supports societal issues such as gender equality and fair wages and scores the investment on how the companies represented are managed and treat their employees. You can research and choose your ESG investment or find a financial professional to do so on your behalf.
Another way to go green is to work with a financial professional virtually, from the comfort of your own home, and determine the ideal financial strategy for your unique needs.
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For those who are looking for financial advice, we realize the available options are many and deciding who to work with is a challenging problem. At Sterling Oak Wealth Management, we know that it is your retirement, and you should have control over it. We offer our experience and knowledge to help you design a custom strategy for financial independence. Contact us today to schedule an introductory meeting!