4 Eco-friendly Ways to Save Money

Going for a beach holiday and thinking of buying that trendy top from this season’s summer collection? And it’s 30% off? Tempting for sure, but blink and it’ll no longer be in style, and that’s when it will join the ever-growing mountain of single-purpose, single-use items you’ve accumulated with every mega sale at the back of your closet. It was reported that in 2018, Malaysians dumped 195,300 tonnes of fabric waste* - equivalent to nearly 20 times as heavy as the Eiffel Tower!

So what can you do? One great way is to embrace the “buy less, buy better” ethos. Invest in quality timeless wardrobe staples, and learn the art of mix-and-match to keep your look fresh at all times. Doing this saves the environment by reducing overall waste, and saves you money because you don’t have to keep shopping for every occasion!

The heating and cooling appliances makes up about 47% of energy consumption in your household. While you can’t control your utility rates, you can lower your usage by cutting back on air conditioning. If you have a standard 1.0 HP and it runs 8 hours daily, that is already RM54 a month just for one unit. Also, for every degree you raise you’ll save 3% on electricity bill**. In our weather, a temperature setting of 24 C° is ideal for maximum energy efficiency.

Dryer is another energy hungry appliance to watch out. The fact we live in sunny Malaysia means we should take every opportunity to dry clothes outdoor. Even when it’s not possible, hanging garments on a clothes rack inside – placed in the breeziest room proves just as effective.

Making this adjustment could potentially save you 20% of your energy consumption, ultimately reducing your utility bills just as much!

Aviation contributes to 2% of the world’s global carbon emissions and International Air Transport Association (IATA) predicts that the number of flight commuters will soar to 8.2 billion in 2037, from 4.6 billion today***.

So instead of choosing an expensive holiday abroad in the future, why not consider some of the local alternatives? From beautiful beaches to cultural enclaves, there are plenty of Insta-photo-worthy destinations right here in our own country! It doesn’t have to stop at leisure – we can go further by minimising work-related travel by investing in video-conferencing facilities to help reduce our daily commute.

In the UK alone, it is estimated that 2.5 billion takeaway coffee cups are thrown away every year, and due to their complicated production process, the vast majority of coffee cups do not end up being recycled****.

You can help reduce this wastage by bringing your own mug or tumbler when you visit your favorite café for coffee or boba tea. Some cafes offer small incentives for their customers to do so – try asking your barista the next time you visit!

This article is brought to you by CIMB as part of our ongoing efforts to raise the level of financial literacy among Malaysians. Financial knowledge and understanding are key to making well-informed and meaningful financial decisions that will improve all our well-being. This, in turn, achieves CIMB’s purpose of advancing customers and society.

Sources:

*https://www.thestar.com.my/news/nation/2019/11/23/huge-amount-of-fabric-waste-dumped

**https://www.consumerreports.org/central-air-conditioners/best-setting-for-central-air-conditioning/

***https://www.theguardian.com/environment/2020/apr/26/why-britains-25-billion-paper-coffee-cups-are-an-eco-disaster

****https://www.ft.com/content/edddb47c-0b22-11e8-839d-41ca06376bf2