About 57% of consumers in Malaysia plan to be more cautious about their spending, according to Marketech APAC research but show greater interest in spending and rewarding themselves; enjoy life. The research also found that this contrasts with spending habits of high-income consumers–those that earn more than RM9,000–who focus on vacations, entertainment/leisure and electronics.
As consumers, we may be tempted to spend on rewards, but we can put our everyday spending to sustaining the future of our loved ones, whether its education, technology, housing and more.
With spending money being part of everyday life, here are ways you can love your wallet and the people around you, while saving the planet.
1. Don’t be afraid of your budget
As tempting as it may be to spend on a desired item and the sound of the word “budget” can be intimidating, having a budget will bring clarity to your financial situation, allowing you to reduce spending in certain areas and make better financial decisions.
Now, with over half of Malaysians using non-cash payments, e-wallet features are available for consumers to set your savings and pockets so you can track what are you spending the most on. When you review your monthly spending, you can assess what is considered unnecessary and reduce spending on that item, such as extra plastic bags at the grocery store, multiple coffees a day and more. Not only will you be able to increase your savings, but you can also save the Earth.
2. Ask yourself, “do I REALLY need to buy this?”
Before reaching for those five(5) boxes of fruit you are only going to eat a quarter of or purchasing another pair of earphones you do not need, consider if the item will last for over 20 years, keeping our wallet in mind. By accumulating many things that are unused will collect dust and become waste instead of being used.
For example, buying a phone with less storage to save money does not necessarily mean sustainable spending but you could be saving more money by purchasing a phone with higher storage, limiting the number of times you would need to change your phone, maximising your savings and reducing your contributions to electronic waste.
3. Watch your streaming habits
As TV and streaming services become more advanced and provide multiple access to different streaming platforms, it does not necessarily mean that we will be using all services. When all the streaming services and subscription are added up, it’s a lot of money!
Watching online videos account for a big portion of the global Internet traffic, generating 300 mil tonnes of carbon dioxide a year, which is roughly 1% of global emissions, due to the power used by devices, energy is consumed by the servers and networks that distribute the content.
To optimise your TV consumption habit, start keeping track with a journal of what shows and platforms you watch the most. Not only will this provide insights on where you spend the most time but also suggest good possibilities for compromise and deals.
4. Maximise long-term spending with solar
Adopting solar energy helps you gain lower home electricity bills and reduce carbon footprint. Check out how much savings your home will gain by adopting clean energy for your home by saving up to 90% off on your energy bills with solutions like SunVast, a home solar solution by Sunview. To learn more, visit our SunVast site.
For more on how to be more sustainable AND save more money, connect with us here today!
Conclusion
Don’t be afraid to use your budget as it will allow you to reduce spending in certain areas to make better financial decisions. Ask yourself, “do I REALLY need to buy this?” Consider if the item will last for over 20 years or how many times it will need to be changed, keeping our wallet in mind and how the item will contribute to waste. By practicing mindful spending, we make room to invest in better things for ourselves and loved ones’ future.
Sources:
- Money Matters – Northampton UK
- Marketech APAC
- Forbes: Why A Personal Budget Is Essential (Even For Millionaires!)
- Faster Capital
- NPR: How to choose the streaming services that are right for you
- BBC: Netflix viewing eats up world's data
- “Climate crisis: the unsustainable use of online video”: Our new report on the environmental impact of ICT
- BBC: Why your internet habits are not as clean as you think
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