Many young adults exhibit a strong interest in taking initiative on issues that concern the environment. In a survey of over 2,000 business students, 52 percent reported being extremely concerned about the effects of climate change.
It’s widely known that adopting sustainable habits benefits the planet. But what’s often overlooked is that making deliberate choices to reduce carbon footprints can also improve one’s financial well-being.
Saving money is one of the most basic and vital financial skills students must learn. Developing the habit of saving provides financial security and freedom. No wonder it’s the foundation for building wealth. With a high savings rate, one has substantial funds for investment opportunities.
By going green, students don’t only help protect the environment. They can also make smarter financial decisions. Unfortunately, there’s a common misconception that becoming more eco-friendly can result in significant financial burdens.
In this article, we’ll explore how going green can translate into spending less and help students save money.
Food Purchases and Sustainable Shopping
Students’ food preferences can have substantial impacts on the environment. However, they can reduce food costs and environmental impact by incorporating sustainable practices into food purchases and preparations. A typical example of this is reducing food waste.
In the US, food waste constitutes 24 percent of the most prevalent material deposited in landfills. By freezing food and eating leftovers, students can minimize food waste in landfills while cutting down on their food costs.
Making a meal plan is another way to avoid purchasing unnecessary products. There are also zero-waste grocery stores and shops where they can buy food products in bulk. Since bulk buying cuts down on packaging, it often costs less than prepackaged items.
That can also lower demand for single-use plastic products and other non-recyclable materials. By making eco-friendly choices in food purchases, students can protect the environment and keep their budgets in check.
Digital Banking and Financing
Various digital banking and financing tools are readily available for students. Whether they need to conduct financial transactions or secure a student loan refinance, digital options enable them to lower their expenses and carbon footprint.
For instance, they send or deposit their money without visiting a physical bank. This can help reduce the paper used for bank receipts and other important documents. Research indicates that pulp and paper manufacturers constitute approximately 70 percent of greenhouse gas emissions.
Since digital banking and financing rely on electronic records, it significantly decreases the carbon footprint of printing and disposing paper documents. Additionally, students can reduce their transportation costs by performing their bank transactions online.
Water and Energy Conservation
Conserving energy and water is a simple green habit students can cultivate. Examples of water-saving practices include regularly checking for leaks, optimizing shower time, and washing full loads of clothes or dishes.
Additionally, the simple act of switching off lights, appliances, and electronics when not in use represents an environmentally conscious decision to conserve energy. All these small habits that protect the environment can accumulate significant financial savings on students’ utility bills every month.
Adopting Green Habits for Better Use of Resources
Embracing an environmentally conscious lifestyle doesn’t have to be costly or burdensome. When done properly, going green can help one better use their resources.
Simple green habits like bringing a reusable water bottle, cooking at home, and going to campus on foot can significantly impact student’s financial savings and ecological footprint.
Consequently, as more students learn the link between personal finance and the environment, they can make more informed decisions that benefit their finances and the planet.
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