In honor of Blog Action Day we decided to address the issue of debt reduction and the environment. The truth is the degree to which people care about climate change varies significantly from individual to individual. Regardless of where anyone falls on the interest-o-meter, it is important to dispel the notion that one must contribute even more to climate change while attempting to reduce outstanding personal debt. Along these lines, here are the top five ways to reduce debt while reducing one’s impact on climate change.
5. Borrow from the library. Why spend money on expensive books, DVDs, and CDs when you can gain access to those materials for a lot less? You already pay taxes to support libraries anyways.
4. Buy used. If you must buy big or medium ticket items, get them second-hand. You will save a ton of money while getting mileage out of objects that might otherwise be destined for a landfill.
3. Eat locally grown foods. By shopping at farmers markets, which typically stock locally grown items, you reduce your carbon footprint. Importantly, many farmer’s markets sell fruits and vegetables at prices lower than those you would find at supermarkets. Use the saved money for a debt reduction payment, and enjoy.
2. Drive less. For many, jumping behind the wheel is second nature, even if it’s about running to the grocery store for a bottle of water 5 miles down the road. Instead, make lists of things to buy and hit the road for purchases once per week. With astronomical gas prices, simply think it out before driving. This can result in tons of saved money on both the discretionary and non-discretionary columns, radically changing one’s cost structure. Opt to walk, run, use public transportation, or take a bicycle on short trips instead.
1. Go electronic! There are many ways to interpret this mantra: opt for an electronic version when prompted instead of a paper copy or get access to a scanner for free and then convert all of your paper records to electronic versions, recycling the old documents in the process. For many companies, including consumer banks, you actually save time and enjoy reduced or eliminated fees. Stop spending money on printers, their requisite support, and expensive ink cartridges or paper.
Raj Patel writes for DebtGoal.com, a do-it-yourself system for getting out of debt and lowering your interest costs. DebtGoal.com incorporates all of the techniques discussed in this post and can help users understand and get visibility to and manage their debt finances.
