Introduction
Ethical saving is one way of saving money while being socially conscious with your finances. Compared to its traditional counterpart, this type of saving seeks to strike a balance between your values and your money.
While there are many factors to consider like consumption level and which types of industries to support, being an ethical consumer does not have to be complicated.
Ready to start saving ethically? Here are a few tips you can use now:
1. Go Digital
During your next purchase or bills payment, try to use digital payment platforms. Electronic transactions can save you from unnecessary trips to the bank and reduce paper consumption and CO2 (carbon dioxide) emissions.
2. Support Socially Responsible Businesses
If you are passionate about a particular cause or issue, consider finding a responsible start-up that aligns with your needs and your values. By supporting these businesses, you can help them grow and potentially have a bigger contribution to their cause.
3. Utilize Ethical Finance Apps
Saving ethically can also start by managing your money on an ethical finance app. Ethical finance apps not only help you save efficiently–they also prioritize social and/or environmental causes and help empower local communities.
4. Consult an Ethical Financial Adviser
In case you don’t have any experience in ethical saving, an ethical financial adviser can help you get started. These professionals specialize in matching your needs with the right financial products like ethical savings accounts, ethical investments, etc.
Checking with the Ethical Investment Association’s register can help you find ethical financial advisers in your region.
5. Switch to an Ethical Bank
One way of embracing environmentally and socially conscious practices is by banking with an ethical bank. This kind of bank actively invests in education, healthcare, and other ethical industries while maintaining a strict set of principles. Choosing to move to an ethical bank gives your money the opportunity to have a direct impact on social causes and to give back to society.
Other benefits of ethical banks include lesser fee costs and consistency of internal and external practices.
