Finances FYI Presented by JPMorgan Chase
Going green at home isn’t just for tree huggers (though there’s nothing wrong with loving trees). At a time when your dollar doesn’t stretch as far as it used to, making environmentally smart choices for your house and family can be a great way to save some cash. Here’s where greener products and environmentally-friendly decision-making could give your family some financial relief.
Appliances
Appliance replacement is a simple and impactful way to go green and cut your utility bills. If you need a new dishwasher, washer, dryer, oven, or fridge anyway, Energy Star and efficient appliances may be worthwhile for your home. Read up on when and how you can best replace each appliance for maximum savings and efficiency; some appliances can be replaced after they die, while others are worth replacing ASAP, thanks to their substantial energy drain (especially refrigerators).
While monthly energy and water savings aren’t a 100% guarantee for new appliances, it’s highly likely a new, Energy Star-certified machine will work more efficiently and cost less each month than your current appliance.
Plus, depending on your state, you may also be able to claim a local rebate or financial incentive for investing in green appliances and home updates.
Furniture and Clothing
Your clothing and decor purchases are easy places to start thinking and buying more sustainably. Shopping secondhand — for clothing, decor, furniture, and more — can save you some serious cash, while also helping keep many of these items out of landfills, avoiding the waste and emissions created when you buy something new, and often being more fun and engaging than ordering on Amazon or Temu.
Some online groups, like local Facebook FreeCycle communities, can even help you snag major, used finds at no cost. Clothing is a huge area where you can make a difference. While fast fashion often seems like your best budgetary choice, consider that humans produce 92 million tons of textile waste every year, and the length of time we use our clothes is decreasing. Instead of buying cheap clothes that will end up in a landfill within a year, try thrifting and secondhand shopping to find older, sturdier clothes that don’t require new labor and emissions to produce.
Food and Dining
Shopping local is an amazing way to lower your carbon footprint. Foods grown far away and at large scale require more water and emissions to produce and transport than foods grown locally through a small-scale operation. Farmer’s markets offer a great venue for meeting and supporting local growers and for shopping close to home, but they’re also financially accessible. Many markets and vendors accept SNAP and WIC benefits, offering all shoppers the chance to enjoy fresh, locally grown food (plus the satisfaction of knowing your money is staying in your community).
While grocery shopping smarter matters, so does using the food you buy. The Department of Agriculture reports that the average U.S. family of four loses $1,500 to food waste every year, an issue for both finances and the environment. Food waste is a massive contributor to U.S. landfills, where it indicates tremendous water, land, and energy resources are wasted on unused food. In your own home, smart, intentional meal planning and prepping will help you cut food waste, but save on a grocery bill that’s not partially dedicated to uneaten meals.
When it comes to the food waste your home will still inevitably produce, consider setting up a home composting system or donating your food scraps to a local community composting program, both of which can help support any of your home gardening efforts with free or low-cost compost.
When you make greener choices at home, you’re not just giving back to the environment — you’re supporting your family’s bottom line.
Finances FYI is presented by JPMorgan Chase. JPMorgan Chase is making a $30 billion commitment over the next five years to address some of the largest drivers of the racial wealth divide.
