Friday 14th June 2024

Five ways to save money and pay off debt sustainably 

Tolu Frimpong explores five easy ways to save money and decrease debt, while reducing your environmental impact.

With the cost of living still high, finding ways to reduce expenses and save money has never been more critical. Today’s blog post will explore five practical tips for saving money, paying off debt, and minimising environmental impact. 

Save money with energy-efficient appliances 

Upgrading to energy-efficient appliances is a great eco-friendly way to save money around the home. Doing so will reduce your carbon footprint and significantly save money on your utility bills. For example, replacing an old, energy-draining refrigerator with an Energy Star-certified model could save lots of money each year on electricity costs.  

Use the money saved by not replacing the fridge to pay off high-interest debt, such as credit and store cards, to accelerate your debt repayment journey while simultaneously reducing your environmental impact. 

Subscribe to get Mouthy stories straight to your mailbox.

Real-life money stories, tips, and deals straight to your inbox.

Repair items instead of replacing them 

You’ve probably heard the phrase ‘out with the old and in with the new’, but that doesn’t always need to be your default position. When faced with a malfunctioning item, consider repairing it instead of immediately replacing it with a new one. If your washing machine breaks down and a repair technician diagnoses a faulty pump.  

Instead of spending hundreds of pounds on a brand-new one, invest in a relatively inexpensive replacement part and repair it. You can then redirect the funds you saved from not replacing the washing machine towards making extra payments on your outstanding debts, helping you pay them off faster and saving you money on interest charges in the long run. 

Optimise your food management 

Proper food storage, meal planning, and creative use of leftovers and scraps are great eco-friendly ways to minimise waste and consistently save money on groceries. What’s more, by investing in quality storage containers and utilising refrigerator space effectively, you can extend the shelf life of groceries and reduce the need for frequent shopping trips.  

Additionally, planning meals to use up ingredients before they spoil and repurposing leftovers and scraps into new dishes or homemade products can further reduce waste and grocery expenses. By maximising food efficiency, you can redirect the money saved towards paying off debt, accelerating your journey towards debt freedom. 

Embrace sustainable transportation 

With transport being responsible for approximately a quarter of the EU’s total greenhouse gas (GHG) emissions and causing air and noise pollution, considering alternative modes of transportation is a great idea.  

Embracing eco-friendly transportation options can save you money on fuel costs while reducing your carbon footprint. So consider walking, biking, carpooling, or public transportation for your daily commute or errands. Not only do these alternatives save you money on fuel and vehicle maintenance, but they also help alleviate traffic congestion and air pollution.  

Redirect the funds saved on transportation expenses towards paying off debt, allowing you to make faster progress towards financial freedom while contributing to a cleaner environment. 

Reduce single-use plastics 

We’ve all seen the distressing images and videos of marine life entangled in or ingesting plastic waste, highlighting the urgent need to address this environmental issue.

You can play your part in mitigating the damage by reducing your reliance on single-use plastics wherever possible. Investing in reusable alternatives such as water bottles, coffee cups, shopping bags, and food containers not only helps to minimise plastic waste but also saves you money over time. These funds can be redirected towards debt repayment, aligning your financial goals with sustainability efforts. 

Today’s blog post explored five practical tips for saving money, paying off debt, and reducing your environmental impact.  

How do you incorporate sustainability into your daily life? Share your thoughts, tips, and experiences in the comments below, and consider how your sustainable practices can also contribute to debt overpayment. Every little helps both the planet and your purse! 

Photo Credits: pexels

Tolu Frimpong

Mouthy Blogger

Tolu is a Money Coach and Content Creator, passionate about helping others break the payday-to-payday cycle and achieve their financial goals, through the power of intentional budgeting, saving and investing. When she’s not talking about money you can find her spending time with her 3 boisterous boys.

No Comments Yet

Leave a Reply

Your email address will not be published.