It’s no secret that we need to take better care of our planet.
From climate change to the depletion of natural resources, it’s more important than ever before to be environmentally conscious in everything we do.
This includes our personal finances. Your wallet has a lot of power — the power to make choices that impact the environment.
Making small tweaks to our personal finances can greatly impact the environment. These small changes can help reduce our carbon footprint and support environmentally responsible initiatives.
In this guide, we’ll explore how to make choices that prioritize the environment when it comes to our money. We’ll look at how to choose eco-friendly financial products, like credit cards and bank accounts, and learn how to spot companies with sustainable practices.
How environmentally friendly is your wallet? (and would you know if it wasn’t?)
With so many financial products and services out there, it can be tough to know where to start with assessing the environmental impact of our personal finance decisions. Let’s take a look at some common products and their environmental impact.
Credit card companies can have a large environmental impact. For example, the production of credit cards involves using PVC, a material that is harmful to the environment when it is not disposed of properly.
In addition, producing and transporting plastic cards requires fossil fuels and results in emissions that contribute to climate change.
In addition, many financial institutions that offer credit cards are linked to environmentally damaging practices such as fossil fuel projects, so it can be important to do your research before choosing a card.
Bank accounts might not always be the most exciting thing to think about, but they can be a great way to make your personal finances more environmentally friendly.
Looking for a bank that offers paperless statements and has an online banking platform can help to reduce your environmental impact by cutting down on the amount of paper you use.
When it comes to making environmentally friendly choices with our personal finances, there are a lot of small things we can do to have a big impact.
By choosing credit cards and bank accounts that prioritize the environment and looking for companies with sustainable practices, we can make a difference in preserving our planet.
How to choose a financial product that is environmentally friendly and sustainable
There are a few key things you’ll want to look for when choosing an eco-friendly financial product. Here are some questions to ask:
Does the company or card have sustainable practices?
One of the best ways to tell if a company is environmentally friendly is to check their website for information on sustainability.
Many companies now include this information on their website, and some have even created entire sections dedicated to sustainability.
If a company doesn’t list this information on their website, you can always give them a call or send an email to ask.
What material is the product made of?
Another important factor to consider when choosing an eco-friendly financial product is what the product is made of. Some products, like bank accounts and credit cards, are plastic-based.
If you’re looking for a more sustainable option, you might want to consider products made from recycled materials or biodegradable plastics.
What is the company’s environmental policy?
When it comes to choosing environmentally friendly financial products, it’s important to do your research. Not all companies are created equal, and not all have the same environmental policies.
Some companies might tout themselves as being environmentally friendly, but when you take a closer look at their practices, you’ll see that they’re not doing much to help the environment. So be sure to read up on a company’s environmental policy before purchasing.
How can you make sure your bank is doing its part to be environmentally responsible?
Banks are in a unique position to make a big impact on the environment, and it’s important to know which banks are making an effort by prioritizing ethical practices.
One key sign to look out for is banks that have pledged to go “carbon neutral.”
This means they pledge to reduce their emissions as much as possible and offset any remaining emissions with renewable energy projects. You can also look for banks that have invested in green energy projects, like wind and solar farms.
There are a few ways you can make sure your bank is doing its part to help the environment. Here are a few things to look for:
Does the bank offer products and services that promote sustainability?
Many banks now offer products and services that promote sustainability, like online banking and paperless statements. If your bank doesn’t offer these products, ask if they’re planning to introduce them in the future.
Does the bank use recycled materials?
Another way to tell if your bank is environmentally responsible is to see if they use recycled materials. You can usually find this information on a bank’s website or by contacting customer service.
What is the bank’s policy on energy conservation?
Banks can also help the environment by practicing energy conservation. You can ask your bank what their policy is on this and see if they have any programs in place to help reduce their energy consumption.
What should I look for when choosing a bank or credit union?
Do you care about the environment? If so, be sure to find a financial institution that supports environmentally friendly initiatives.
When looking for a bank or credit union, it’s important to look for one that aligns with your personal values. This could mean finding a bank that offers paperless statements and online banking or one that invests in renewable energy projects.
When it comes to choosing a bank or credit union, there are a few things you’ll want to look for:
- Does the financial institution have a strong environmental policy?
- Do they offer paperless statements and online banking?
- Do they invest in renewable energy projects?
If you can answer “yes” to any of these questions, then you’re on the right track! Be sure to also ask about other services offered by the bank or credit union, such as loans, mortgages, and investment products.
How do I pick the right checking and savings account?
When it comes to checking and savings accounts, there are a few things you’ll want to look for:
- Are the accounts FDIC insured?
- Is there a no-minimum balance requirement?
- Are there monthly maintenance fees?
- Does the bank offer ATM access at no or low cost?
If you can answer “yes” to all of these questions, then you’re likely in good shape. However, if you find that one or more of these criteria are not met, don’t fret. There are plenty of other great checking and savings accounts available.
What can I do if my bank isn’t environmentally friendly?
If you can’t find an environmentally responsible bank, or if your current bank doesn’t have strong green policies, there are a few things you can do:
Talk to your current bank about their policies
If you’re happy with your bank, but they’re not living up to your environmental standards, you might want to consider talking to them about their existing policies, and whether they have any plans to update them. Some banks and credit unions place a high value on customer service and may be more likely to take your opinion into account when making decisions for the wider bank.
If it looks like your current bank is unlikely to change its practices, you always have the option to switch banks.
There are plenty of great financial institutions that care about the environment, so you’re sure to find one that’s a good fit for you.
By choosing a bank or credit union that supports sustainability, you’re taking an important step in the right direction.
Work towards greener personal finance
When it comes to making your personal finances more environmentally friendly, there are lots of things you can do.
Here are a few tips:
Evaluate your spending and saving habits
- Can you reduce your energy consumption?
- Do you recycle?
- Are there products or services you can switch to that are more environmentally friendly?
By looking at your finances through this lens, you can start making small changes that have a big impact.
Educate yourself on sustainable investing
Sustainable investing is a great way to make your personal finances more environmentally friendly.
This type of investing focuses on companies and projects with a positive environmental impact. By supporting these initiatives, you’re helping the environment while also earning a return on your investment.
Use green energy whenever possible
One of the best things you can do to make your personal finances more environmentally friendly is to use green energy whenever possible.
You can switch to a green energy provider or install solar panels on your home. Not only will this help the environment, but it could also save you money in the long run.
Invest in renewable resources
Another great way to make your personal finances more environmentally friendly is to invest in fossil-fuel-free funds.
This could mean investing in companies that produce wind power or solar energy or even buying green bonds. By supporting these initiatives, you’re helping the environment and making a sound financial investment.
Aspiration, helping the environment just by using your credit card
If you’re looking for a credit card that does good in the world, look no further than Aspiration.
With every purchase you make using your Aspiration Zero card, we plant trees to work to offset your carbon footprint, and provide you with cashback rewards for your efforts!
Our products are always designed with sustainability in mind, so you can feel confident knowing that when you choose Aspiration, you’re making a positive impact on the planet.
Apply today to take the next step towards an environmentally-friendly wallet.