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.
#1. Go Paperless
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.
#2. Enroll in Direct Deposit
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.
#3. Avoid Unnecessary Trips to the Bank or ATM
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.
#4. Switch to a Green Bank
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.
#5. Consider ESG Investing
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.
Consult your financial professional
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.
SWG2043868-0322a The sources used to prepare this material are believed to be true, accurate and reliable, but are not guaranteed. This information is provided as general information and is not intended to be specific financial or tax guidance. When you access a link you are leaving our website and assume total responsibility for your use of the website you are linking to. We make no representation as to the completeness or accuracy of information provided at this website. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, websites, information and programs made available through this website.
In addition, Peak American specializes in providing strategies and guidance for those who are seeking a better lifestyle in retirement. If you have retirement savings of five million dollars or $50,000, we can ensure it works as hard. As a result, we offer our experience and knowledge to help you design a custom strategy for financial independence. Contact us today to schedule an introductory meeting!