3 ways to do good things with your money

By asking just a few quick questions and taking some simple steps, you have the power to make a difference with your money.

Climate change has been increasingly at the forefront of the world’s attention. This September, more than 7 million people mobilised across the globe to show their support for climate action and advocate for future generations’ right to a better planet.

It served as a powerful reminder that as consumers, we are empowered to create positive change. What you do with your money and where you spend it counts.

Finances

With the environmental damage caused by banks largely because of their investment and lending, who you bank with can make a big difference. You may well be amongst the 92 per cent of Australians who expect their money to be invested responsibly and ethically, but can you be certain you know whether your financial institution is actually doing this?

Do they invest in companies that contribute positively to society and the planet, whilst also proactively excluding companies that invest in uranium mining, the arms industry, or tobacco? Also, how do they support their local community and use profits for a higher social purpose?

By doing your homework on where your money is going, as well as evaluating your own ecological and ethical priorities, you can be confident you’re well informed enough to find a financial institution that shares your values. Sites like Market Forces and Responsible Returns can help.

Your superannuation should also never be ‘set and forget.’ Rather, see this money audit as an opportunity to make sure you’re not contributing to harmful industries via your super fund.

Food

According to the IPCC Special Report on Climate Change, currently about thirty per cent of food produced globally is lost or wasted. That’s a lot of money, water, space and time expended to further harm the planet. With careful meal planning each week, you can make sure you aren’t hurting your household budget or contributing to greenhouse gases. And consider what a powerful impact your dietary choices can have on a warming globe.

By choosing local, organic and chemical-free suppliers you can lower your food miles. You can also, when possible, minimise packaging by buying direct from farmers’ markets or co-ops and in bulk wholefoods stores which allow you to refill your own containers.

Look for the Fairtrade mark on coffee, chocolate, and other groceries at the supermarket to support industries and practices that strike a fair deal for growers and workers. And aim for Meat Free Mondays, a movement in its tenth year that promotes how a plant-based diet is healthier, cheaper and more sustainable.

Fashion

When it comes to your wardrobe, fight the fast fashion urge and turn to more conscious, thoughtful consumption.

In Australia, we throw out 6,000 kilograms of fashion and textile waste every ten minutes. A quality, well-curated wardrobe with timeless pieces will stand you in good stead for years to come. And future-focused analysts predict that second-hand clothing is the next big disruptor of the fast fashion industry.

So, next time you think you need something new, go for a vintage number, browse the racks at a charity shop, find a hidden gem at a clothes swap meet, or choose the infinite wardrobe option by renting an outfit for a special occasion. If you’re prepared to make an investment in a piece, then nothing’s more on trend than buying something bespoke.

You can also learn more by reading the Ethical Fashion Guide and supporting brands accredited by Ethical Clothing Australia.

By doing an ethical audit on where your money is going, you may well be surprised at the changes you can make to help improve your finances, the planet’s future, and the wellbeing of humankind.

Angelica Hannan is a secondary English teacher of more than twelve years who specialises in gifted education. She loves nothing more than helping students find exactly what it is that sparks their curiosity. Angelica is also a writer and researcher with a strong interest in sustainability, zero waste living, behavioural economics, and progressive education systems.