5 Things Eco-Conscious And Savvy Money Savers Have In Common

You spot them at the tills in the grocery store; diligently unfolding used shopping bags to hand to the teller. At work, you run into them in the kitchen. While you’re thinking about that burger you’re going to order for lunch through the food delivery app, they’re carefully stacking the fridge with homemade, healthy, will-last-till-dinnertime lunches. They’re next-level recyclers. They're eco-conscious pre-planners. And they know a thing or two about staying focused on the end goal. They’re just like those who work their finances the Wealthsmith™ way and make the most of every rand.

Both the eco-conscious and savvy money savers know that sticking to good habits today will ultimately leave the world a better place for future generations. Here’s what they have in common:

They start small
Sure, your end goal may be to drive an electric car, live off the grid and make your own cheese, but small, simple changes are also effective. Think about re-using plastic containers and glass jars. Make your own filter coffee. Use rechargeable batteries where possible. Savvy savers apply the same theory to their monthly budget. They start by saving every month. Even just R200 can add up over the long term with the help of compound interest. Or, they put the money they’d normally spend towards takeaways and fast fashion, (but it was 50% off?!), toward any debt they’d like to pay off.

They recycle
The eco-conscious have perfected the art of recycling; from plastic, light bulbs and clothing, to reusing dodgy-looking vegetable off-cuts to make a killer stock. They’ll find a way to recycle (almost) anything. Savvy savers, on the other hand, also have tricks up their sleeves. Once they have tackled debt, they redirect the money that was used to settle debt towards their savings goals. And they’ll find any excuse to put away whatever extra they have, no matter how small. Think of it as financial recycling, in a way.
Lots of small, manageable changes can make a big difference in the end.

They focus on the future
Welcome to the out-with-the-old, in-with-the-new throw away society. But – and here’s the good news – it doesn’t have to be that way. Our eco-conscious friends choose the eco-route every time, in every situation. They stand for sustainability. And they know their everyday choices affect everyone’s future. The same can be said of allocating part of your monthly salary to future expenses. Think emergency fund, school fees, severe disease cover, and retirement savings. It’s about living for today, with tomorrow in mind.

Read the full article: https://www.sanlam.co.za/blog/articles/Pages/5-things-money-savers-have-in-common.aspx 

July 05 2018 By Sanlam.co.za Financial Planning