As published in the Lafayette Today newspaper.
________________________________________
The past year has been incredibly volatile for the economy and stock markets and has caused many in Lafayette to focus on their account balances and the safety of their investments. Now that things seem to have stabilized a bit, it may be a perfect time to look more closely at how the cash we’ve worked so hard to obtain and protect can grow AND work to preserve the environment.
Read on for tips on how to enhance your personal finances and help the environment at the same time.
Go paperless
Dealing with money and financial issues can create a mountain of paperwork -- but it doesn't have to: You can make a conscious decision to make your financial life paper-free. There's so much you can safely do online these days, including banking, paying bills, giving to charity, and filing taxes. By doing so, you'll save not only paper, but also the cost of postage stamps, checks, and gas for driving to the post office and bank. Here’s a quick list:
- Request to receive your bills electronically - More and more companies are offering this every year. When the bills come to you via email you can just click and pay. The emails can be filed away on your computer if you need to refer back to them.
- Pay your bills online - These transactions are so easy, fast, and waste free that everyone should be doing it!
- Discontinue receiving paper statements – Choose to have your monthly statements emailed to you. Most banks now offer online reconciliation and account statements. Online statements usually go back at least six months and can be printed if you need them for any reason.
- Minimize receipts - Skip receipts at the ATM, gas station, or any place that you don’t really need them. Instead of printing receipts for online purchases, online bill payments, etc. do a screen capture or similar and save it as a .jpg file on your computer. Use a scanner to scan receipts and other documents so you can recycle the paper.
Consider green stocks and mutual funds
You have to sock cash away for retirement, so why not reap returns ethically by putting faith in the burgeoning green economy and placing your money in what's becoming one of the biggest growth sectors in recent history? Green mutual funds, like those offered by Winslow, Calvert, and the Sierra Club, invest in corporations -- like clean-energy companies or organizations that operate in environmentally responsible ways -- that are committed to creating a sustainable world.
A groundbreaking study was released earlier this year that estimated the carbon impact of the 75 largest mutual funds and 16 top green funds. The worst fund was responsible for a whopping 38 times more carbon emissions per dollar invested than the best fund studied. Read more about the study at: http://www.trucost.com//pressreleases/CarbonCountsUSA2009.html
Use environmentally responsible banks and financial institutions
Are your bank, financial institutions, and advisors as committed to protecting the environment as you are? Why not choose to invest with socially and environmentally responsible institutions? One example is ShoreBank, based in Chicago, which has operated for over 30 years based upon the principles of green banking (long before paperless bills even existed!). They seek a “triple bottom line”: financial profits, community profits, and environmental profits.
Learn about micro-loans
If you are looking for an investment that does some good, think about micro-loans. You’ll make money and help someone less fortunate than yourself. In many of the poverty-stricken nations of the world, the interest rates charged are so outrageous that loans are unaffordable, even though many of the world's poor need very little in terms of U.S. dollars to get started. Check out www.Kiva.org and microplace.com to get started.
Don’t forget about green charities
Most charities' goals are noble but if your biggest concern is the environment, consider channeling your donations to environmental groups whose purpose it is to preserve the planet. Due to the recession, donations are down, but the needs are as pressing as ever. And giving money to 501(c)(3) organizations is an excellent way to reduce what you'll owe the IRS.
For more ideas on how to reduce your environmental impact and live more sustainably, and to read success stories written by your neighbors, please visit www.sustainablelafayette.net.
link to PDF of Lafayette Today that
included article on page xx