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Does going green save you money?

Jan 5, 2024

Climate change is a hot topic. But so is the cost of living crisis. It can feel difficult to think about saving the planet when you have to save the pennies. But is it possible to save money, go green, and achieve environmental and financial wellbeing? With living costs and sea levels rising fast, Loqbox asks the question: does going green save you money?

Does zero waste save money?

The short answer is yes. Sustainability isn't just limited to environmental benefits. It extends to your pocket as well. Both businesses and individuals are starting to recognise that going green can save you big time in the long term. From reducing energy consumption to minimising waste, there are lots of ways going green can help.

Eco-friendly ways to save money

Let’s dive into some great ways that you can go green and save money.

Energy-efficient appliances and green energy

Investing in energy-efficient appliances may seem expensive at first. The initial outlay can be quite high to kit your home out with new appliances. But the long-term savings on utility bills can offset the initial cost and help you make savings in the future. Not to mention that you’ll be doing your bit for the environment as well.

Energy-efficient appliances do exactly what your old appliances do, just more efficiently. That means that they often have a longer lifespan, meaning you won’t need to replace them as often. It can also push down your energy bills by consuming less power. Installing a smart meter can help you to keep an eye on, and reduce, any unnecessary usage.

If you’re tempted to opt for energy-efficient appliances, but you’re unable to foot the bill for them easily, you could set yourself a savings goal. Loqbox can help you build a savings habit that you can easily stick to, without dipping into your savings. When you build a savings habit with Loqbox, your savings are reported to the Credit Reference Agencies, which helps to improve your credit score

Improvements to your credit score are not guaranteed. 

You can also switch up your energy provider and choose to go with one that uses green options like wind and solar. Not only can you rest assured that you’re making a green choice but it’s actually possible to reduce your monthly bills using green energy and save £100s over the whole year.

Go zero waste on a budget

Sometimes it feels like the best options for the planet are the priciest for you. But there are lots of zero waste swaps that save money. Buying secondhand is a great way to tighten the purse strings while reducing your wastage. By cutting down on unnecessary purchases and reusing old items creatively, it’s possible to significantly reduce your expenditure.

Zero waste budgeting can be about making smart purchases: electric toothbrushes require less replacement plastics than standard brushes, razors with changeable heads can reduce the number of handles that end up in the bin, and bar soap is often packaged more sustainably than shower gel. All of these options can save you money over time as well. 

Get on your bike!

Changes to your commute can have a big impact. Many of us travel twice a day, five times a week, and the cost of travel can add up — for both you and the planet. How about cycling to work? Not only can you reduce your carbon emissions, but you can also cut down your fuel costs. Even if you’re not confident cycling, e-bikes and hybrids can share the pedalling load.

Government initiatives like the cycle to work scheme offer support to commuters looking to buy a bike. You can spread the cost of your new bike and accessories across a year and even save through tax breaks. Not only is cycling good for the planet and good for your bank account, it’s good for your health too. So why not get pedalling, go green and save money on transport costs. 

Cut your bills, reduce consumption

Who doesn’t want to cut their energy bills? Especially while the cost of living is such a concern. Incorporating energy-saving practices into your daily routines can substantially lower your utility bills. Here are some things you can do to cut your bills:

  • Washing your clothes on a cold wash saves power and money on water bills
  • Hang your clothes on the line instead of using power to run the dryer
  • Switch your regular light bulbs for LED bulbs that save on energy and last longer
  • Put your heating on a timer so you don’t leave it running when you’re not there
  • Install solar panels on your roof to save on your electric bills and reduce power usage
  • Unplug your devices and chargers when not in use to save power and money

Watch this video for 5 tips to save big on your energy bills: 

Be a sustainable fashion icon

As tempting as it can be to get the latest clothes from the high street, we all know that ‘fast fashion’ can harm the environment. Charity shops and secondhand stores are often treasure troves for cheaper fashion alternatives. It can also pay to learn how to sew and properly maintain your clothes. 

But you can also make sustainable choices on the high street. Research the brands that you wear. Do they make green choices? Where are their clothes made and with what? Do they pay the minimum wage to their workers? Consider indie or small retailers. Good quality clothes will last you much longer. Remember the old saying: buy cheap, buy twice. 

Think about what you eat

As the saying goes: you are what you eat. But so is the planet. How we consume food and our dietary choices have a huge impact on the environment. You could try meatless days or go vegan. There are amazing culinary alternatives for non-meat and dairy eaters. Why not do your bit for the planet while you explore a whole world of tasty new treats?

As well as thinking about our diets, we can also consider how to better use our food to avoid wastage. Start planning your meals throughout the week or batch cook to make the most of the food that you buy. Reuse leftovers to bulk up your next meals, and  learn the difference between “best before” and “use by dates”. While food with “use by” dates must be eaten before that date, some “best before” items can last longer if stored correctly.

Can you really save money by going green?

So, does going green save money? It can! By incorporating eco-friendly practices into your daily life, you can not only contribute to the wellbeing of the planet but also enjoy long-term financial benefits. So, take the leap, go green, and watch your savings grow. It's a win-win for both your wallet and the planet.

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