Welcome to 2024, everyone! Personal finance is often at the top of everyone’s minds when it comes to setting New Year’s resolutions. And at Wallet Max, we’re not JUST about helping you achieve your personal finance goals– we’re here to help you do it in a sustainable and eco-friendly way. Today, we will explore various ways you can manage your money sustainably and make a positive impact on the environment. Whether you're interested in investing in sustainable companies and funds, adopting a minimalist lifestyle to prioritize sustainable purchases, or exploring renewable energy options, we have you covered.
So, let’s dive in! Here are 10 eco-friendly personal finance resolutions that you can set for 2024. Bonus: we’ll show you exactly how you can achieve these goals.
1. Set aside money each month to invest in sustainable companies.
Contrary to popular misconceptions, that investing in sustainable companies is unprofitable, studies have shown that the global impact investing market is growing at a rate of 17.8%. From just 2022 to 2023, we saw a healthy growth of $420.91 billion to $495.82 billion. And by 2027, experts are expecting the market to grow up to $955.95 billion!
If you’ve been thinking about getting into impact investing, the time is now. For our readers who are new to investing, remember to start small, and that consistency is KEY. We recommend setting aside a small percentage of your income each month to funnel into your investments.
2. Reduce your personal expenses on things you don’t need.
Start by evaluating your purchases. Categorize them as either “necessary” or “nice to have”. Once you have an idea of what you spend your money on, zoom in on your “nice to have” purchases. Is there anything you can reduce or completely cut out?
Minimizing your spending is actually very eco-friendly. By cutting down on things we don’t need, we are reducing our carbon footprint. You’ll quickly find that it just feels SO good to trim down on unnecessary consumption.
3. Set up a budget for sustainable home improvements.
Homeowners, this one's for you! Grab a pen and paper and start mapping out how you can make your home more sustainable. This could involve investing in solar panels to generate renewable energy or making energy-efficient upgrades like LED lighting or insulation improvements. Don’t forget to search for green homeowner incentives in your city or county.
If you’re based in New York, check out this Home Energy Efficiency Programs Search Tool to help you find programs offered in your county. For example, New York offers a program called EmPower+ that helps homeowners save money on energy improvements projects. You can get an assessment done on your home, installments– FREE of cost. You may even qualify for financial discounts!
4. Support local sustainable businesses by allocating a portion of monthly spending to them.
In 2024, let’s support more small and local businesses! To be more intentional about this, try setting aside money to spend on these businesses. Remember, small and local businesses are the crux of the American economy. This can include shopping at local farmer's markets, eco-friendly stores, or businesses that promote ethical and sustainable practices.
If you aren’t sure which businesses you should be supporting, visit our Instagram page, where we showcase sustainable and local businesses in New York. Or, you can join our Wallet Max Hub and discover brands that align with your own values. We also create monthly digital downloads where we showcase top sustainable brands that you can support.
5. Start a sustainable side hustle or business focused on eco-friendly products or services.
Are you passionate about sustainability? Why not start a new business or side hustle so that you can make a difference WHILE generating extra income?
You can start a sustainable e-commerce business or even offer eco-conscious consulting services. Want to raise awareness about sustainability? You can look into organizing educational workshops and events to raise awareness about sustainable practices.
You could also explore collaborations with local artisans or craftsmen who create eco-friendly products, or partner with existing sustainable businesses to expand their reach. Another idea could be to create an online platform or marketplace that connects consumers with sustainable businesses and helps promote their products or services. The possibilities are endless!
2024 is the perfect time to set sustainable money goals. You can not only take control of your finances, but also make a positive impact on the environment and society. Whether it's through investing in sustainable companies, reducing personal expenses, supporting local businesses, or exploring renewable energy options, every step towards sustainable money management counts. As always, continue to stay informed, educate yourself about sustainable finance, and adapt these goals to fit your individual circumstances and values. We hope 2024 is going to be a good one for you!