Why being in debt is not just bad for personal wellbeing but also bad for the environment.

It’s not difficult to understand that those struggling with debt are more likely to spend their valuable time and energy on dealing with their immediate financial issues, rather than worrying about making environmentally friendly choices, but being in debt also means that easy dual financial and environmental wins may be out of reach. For example, buying in bulk can save money and often generates less packaging. Simple environmental upgrades that can save money in the long term, LED lightbulbs and insulation for example, may involve too much initial outlay. Buying quality goods that last longer may also be too expensive in the short term, even though the cost of replacing an item earlier than needed may work out more expensive in the long term. Added to this, working long hours to meet living costs means there is less time available to cook from scratch (a great way to cut your costs and environmental impact), and long hours also mean no time for environmentally friendly hobbies that can also save money (making gifts, growing your own food etc.) So, that’s the bad news. The good news is that almost anyone can improve their financial situation and put themselves and their families in the position where making the environmentally friendly choice becomes a possibility.

Advice on Debt

If you are struggling with debt, I can’t do better that Money Saving Expert’s guide to dealing with debt problems. Start reading and work methodically through the steps. I also recommnend Dave Ramsey’s debt snowball; use this once you’ve completed all of the the MSE’s steps. Admittedly, the snowball method might not be the quickest mathematical way to squash your debt but quick wins are great for motivation when dealing with debt.

Also consider getting a copy of Vicki Robin’s book “Your Money or Your Life” , ideally from the library. The book has an American bias and I found the book slightly repetitive, however, despite these downsides, there is good, generally very sensible advice within the pages of the book that may be useful or even inspirational to some. I also like Vicki Robin’s investment approach which is similar to my own and this is something to go back to later in your money management journey.