Money Rehab with Nicole Lapin - 5 New Tips To Save Money and the Planet

Episode Date: August 8, 2023

Good news: there's a lot of overlap in the actions that protect your wallet and the environment. Today, Nicole gives you five tips to get you exploring the shaded part of that Venn diagram. Find the Money Rehab episode on environmentally-friendly investing here: https://link.chtbl.com/BOPx6gJP Want to start investing, but don't know where to begin? Go to moneyassistant.com and meet Magnifi, your AI money assistant, designed to help you make a plan for your financial goals. Want one-on-one money coaching from Nicole? Book a meeting with her here: intro.co/moneynewsnetwork 

Money rehabbers, you get it. When you're trying to have it all, you end up doing a lot of juggling. You have to balance your work, your friends, and everything in between. So when it comes to your finances, the last thing you need is more juggling. That's where Bank of America steps in. With Bank of America, you can manage your banking, borrowing, and even investing all in one place. Their digital tools bring everything together under one roof, giving you a clear view of your finances whenever you need it. Plus, with Bank of America's wealth of expert guidance available at any time, you can feel confident that your

money is working as hard as you do. So why overcomplicate your money? Keep it simple with Bank of America, your one-stop shop for everything you need today and the goals you're working toward tomorrow. To get started, visit bofa.com slash newprosmedia. That's b-o-f-a dot com slash n-e-w pros p-r-o-s media. bfa.com slash newprosmedia. I'm Nicole Lappin, the only financial expert you don't need a It's time for some money rehab. So, fam, you know I'm all about trying to live in a way that hurts Mama Earth less, right? I'm also all about trying to live in a way that hurts your wallet less, too. And those aren't always compatible. Take clothing, for example. Some recycled materials are harder to process, which makes them more expensive to manufacture and therefore drives the price point higher.

That's the reality, but I also think it's pretty overhyped. There's actually a lot of overlap in the actions that protect your wallet and the environment. And today I'm going to give you five tips to get you exploring that shaded part of the Venn diagram. Number one, ask Uncle Sam for a discount. I'll be the first to admit I spend very little time on the California's state government website, but don't let that probably outdated formatting fool you. On your state and local sites, you can find very useful information, like a list of any and all financial incentives your local government has around sustainability. Some states partner with utility companies to provide rebates or discounts for installing energy

efficient appliances like solar panels or making home energy upgrades. There's also tax breaks for making those upgrades, so it's a double win. While you're on those sites, also look for rebates on water conservation programs like rainwater harvesting programs. It sounds arduous, I know, but it's actually a one-time investment and a lot less work than you think. Number two, travel more. Traveling can be super expensive, but thinking green can actually help you save some green when it comes to travel. I find that this surprises a lot of people, but the travel and tourism industry is increasingly rewarding sustainable practices. For example, there are eco-friendly hotels globally that are getting government perks for their sustainable upgrades, and those hotels can pass those perks

on to the consumer in the form of reduced room rates. Another pro tip is to look for a travel agency specializing in ecotourism. I know using a travel agency sounds very fancy, but some agencies actually help you save money, so it's an investment that does pay dividends, kind of like a wedding planner or a financial advisor. So if you decide to go this route, find a travel agency that A, specializes in ecotourism, and B, provides discounts for travel experiences that give back to the environment like wildlife conservation trips or sustainable community visits. And you can even benefit from these perks while you travel. Some airlines and travel companies allow you to offset your carbon emissions by contributing to reforestation programs or renewable energy initiatives like Delta and JetBlue, to name a

couple. Number three, on laundry day, use cold water. Washing your laundry with cold water instead of hot or warm water can significantly reduce your energy usage, which saves you when it comes time to pay your energy bill. Modern detergents are formulated to work very effectively in cold water, making this a simple and eco-friendly choice. It is also my choice for not messing up your whites. Number four. Be the new Mr. Clean or Ms. Meyer. Okay, I'll admit it, this is the most out there of my tips in this episode anyway,

but hear me out. Many store-bought cleaning products contain chemicals that can harm the environment and your health. You can make your own cleaning supplies with basic things that you probably already have in the house, like vinegar and baking soda. If you're one for the DIY project, this is right up your alley. If you make your cleaning products at home, not only are you crossing off an item from your shopping list for good, but it also reduces the plastic in your consumer footprint, the chemical exposure to the environment, and your own exposure. Humans should really interact

with bleach a whole lot less than we do. And if you want to get really crazy with it, sell what you make. Tell your friends about your new line of eco-friendly cleaning products and help them get their footprint in a better place as well. Then not only are you amplifying your own good environmental practices, but you're also side hustling, which I love you for. Number five, lean into the sharing economy. Make the most of sharing economy platforms to save money and resources. Instead of buying new tools, equipment, or rarely used items, consider borrowing or renting from neighbors through platforms like tool libraries or online sharing programs. And you can find these easily through Facebook. They'll

probably be named something like Buy Nothing Fill in the Blank, like Buy Nothing Brooklyn, or Buy Nothing Denver. You can also rent out your underutilized possessions through apps like Spare Tools with a Z. Dislike using a Z in a name, but it's a good site. It will allow you to earn a little extra cash and cut down on new purchases, which cuts down on the cycle of throwing away plastic packaging, paper receipts, cardboard boxes, and all the rest. For today's tip, you can take straight to the bank. You can also invest sustainably, too. I did an episode recently on how to put together an environmentally friendly investing strategy, which I have linked in the show notes. Money Rehab is a production of Money News Network. I'm your host, Nicole Lappin.

Money Rehab's executive producer is Morgan Lavoie. Our researcher is Emily Holmes. Do you need some money rehab? And let's be honest, we all do. So email us your money questions, moneyrehab at moneynewsnetwork.com to potentially have your questions answered on the show or even have a one-on-one intervention with me. And follow us on Instagram at Money News and TikTok at Money News Network for exclusive video content. And lastly, thank you. No, seriously, thank you. Thank you for listening and for investing in yourself, which is the most important investment you can make.