The rising global temperatures and increasing frequency of heat waves have sounded alarm bells worldwide. With the dire consequences of global warming becoming more apparent than ever, adopting eco-friendly living strategies have become the need of the hour. The good news is that implementing an eco-friendly lifestyle doesn’t just benefit the planet but also your wallet. In this article, we outline various  eco-friendly tips to save money and protect the future of the planet. 

Here’s a list of 5 pro tips to save money by being eco-friendly:

1. Reduce, reuse, and recycle

The first pro tip to save money by being eco-friendly is definitely a no-brainer. By reducing waste, reusing items whenever possible, and recycling materials, you can effectively cut-down unnecessary expenses. Additionally, this green approach to living can also help conserve resources and reduce landfill waste. For instance, it is estimated that we use about 500 billion to 1 trillion plastic bags every year. A simple switch to reusable cotton/jute grocery bags can significantly reduce this number.

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2. Go paperless

If you wish to save money by being eco-friendly, cut-down on paper usage. From cutting down trees to the discharge of waste materials, the paper production process is a surge on the environment. Simple steps like using cotton cloths to wipe household goods instead of paper towels can help save the environment. Cotton cloths are also more long-lasting and washable, which means you can easily reuse them, saving on paper tissue expenses every month.

3. Focus on sustainability and curb overconsumption

Focusing on sustainability is a smart way to save money while being eco-friendly. By curbing overconsumption, you reduce unnecessary and impulsive purchases. Buying only items you require not only helps ensure savings, but also curbs long-term waste production. Small steps like cutting down on single-use plastic items, buying sustainable clothing, and avoiding fast fashion goes a long way to benefit your wallet as well as the environment. Another simple trick is to only buy what you require and when you need it to avoid hoarding items.

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4. Switch to LEDs

According to research, LED bulbs are about 80%-85% more efficient and last up to 3-5 times longer than standard incandescent bulbs. A longer lifespan also means lower carbon emissions. Up to 95% of the energy used by a LED bulb is converted into light. Due to the negligible heat generation and conservative energy demand, LEDs can help you save up to 90% on monthly electricity bills, while reducing the burden on power plants.

5. Try renewable and clean energy sources

Switching to renewable and clean energy sources allows you to save money by being eco-friendly and doing your part for the environment. The growing energy demand on non-renewable energy sources like coal and petroleum is pushing us towards an impending energy crisis. Thankfully, India has access to several renewable sources of energy like solar power. The abundance of sunlight makes it easy for Indians to install solar panels and adopt solar energy as a reliable power source. While the installation process can be a bit expensive, energy savings in the long-run offset the higher installation cost.

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• Reduce waste, recycle items, and reuse goods to minimise expenses as well as the environmental impact.
• Switch to energy-efficient LEDs, 5-star rated appliances, and solar power to reduce electricity bills and power wastage.
• Adopt a sustainable lifestyle by reducing overconsumption.

Apart from these 5 tips, here’s a list of some other eco-friendly tips you can use to save money:

• Try walking or using public transport and carpooling whenever possible to cut-down on your carbon footprint as well as petrol expenses.
• Reduce water wastage by turning off faucets and repairing leaks. This will help lower your water bill and save this precious resource.
• Buy sustainable products that are biodegradable, recyclable, or compostable.
• Cover food while cooking, cook on low gas settings, and use a pressure cooker whenever possible to reduce your LPG usage and save on gas bills.
• Carry your own eco-friendly shopping bag to grocery stores to save on paying extra each time.
• Ensure your car has an updated PUC to avoid fines and limit pollution.
• Buy durable, high-quality items instead of cheap ones. While the initial cost may be high, these items offer a longer shelf-life which means you won’t need to pay extra to buy a replacement anytime soon.

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Saving money for investments and being a responsible citizen do not have to be two separate goals. With the tips outlined above, you can both save money and be eco-friendly all at once! Incorporating a more sustainable lifestyle, switching to energy-efficient appliances and LEDs, prioritising durable and recyclable materials, and avoiding wastage can effectively lower your carbon footprint and boost your bank account.

Reducing overspending, reusing items in good condition, and recycling old items for cash will boost your savings potential. You can invest these savings in lucrative avenues like mutual funds through the Bajaj Finserv Mutual Fund Platform. Here, you can compare 1000+ mutual fund schemes and start SIP investments from Rs. 100 onwards. Therefore, implementing these eco-friendly tips to save money can in fact help grow your wealth!