What does sustainability and saving money have in common?
It may surprise you but we don’t often make rational purchasing decisions. It is for this reason that advertising messages appeal to our emotions. Once our basic needs of food, shelter and safety are met, we focus on what we want. And it is clever marketing messages that tell us that we have is not enough.
The American Express ads of old told us never to leave home without a credit card. But today you don’t even need a plastic card or cash to spend money, all you need is your phone and off you go. With readily available credit, it’s no wonder we’re all struggling to keep on top of where our money goes.
Live a life you can afford
Studies have shown there is a correlation between financial stress and mental stress. It’s very easy to lose control when the money comes in. When a sudden change like losing a job occurs, there is pressure to maintain the lifestyle that was had. To avoid being a slave to debt, take the time to understand your relationship with money. Write a list of where what and how much is spent each month. And create a plan to minimise spending on things that aren’t necessary so you can avoid the debt spiral. Setting a spending limit is not only about setting a limit on how much you spend. It involves understanding what you can live with or without. Living a more sustainable lifestyle allows you to look at your life through a new lens. You learn that resources are finite and preserving them is the end goal. Using a limited resources outlook may offer solutions that would never have been considered.
Buy now or later
When it comes to wants, is it often a choice between spending now or spending later. Since the growth of advertising, society has been conditioned to demand everything now. If a product is not available at one company, we look elsewhere. There is no doubt our relationship with money is complex. It also makes rationalising future-oriented decisions difficult. In the case of purchasing solar panels, a large upfront payment is required, but the benefit spread over years. If you plan on continuing to live at your home, doing the sums will help you justify the expense. Also, think of the broader benefits to your family and community.
Not everyone can afford the ticket to Mars
The world is experiencing some of the lowest interest rate levels on record. But it is what happens in the future that we should be aware of. When interest rates increase the cost of everyday items will increase. If your salary doesn’t increase with it, it means you spend more than you did before. Planning for our future means being aware of what may occur soon. No one likes to think of the impact of climate change. Increased insurance costs, frequent weather events may impact our homes. Living sustainably is about maximising current resources in anticipation of the future. Until then, we can only dream about life on other planets.
Share subscriptions with other family members
More often than not, a cheaper price is given the more users you have per subscription. Consider sharing with other members of the family and start saving.
Give a new lease of life on a second-hand item
Not all buys need to be brand new. Sites like Facebook marketplace offer an array of pre-loved items at lower prices. If you are looking for recycled material to use on home projects, try gumtree. Other places include op shops, the local repair and recycling centres. By buying second hand, it gives items a second lease of life. And it will make you feel good.
