Financial Sustainability: What is it and how to achieve it?

Sustainability is the property that a system has to keep functioning properly for a certain period of time, without harming anyone. This concept is widely used in environmental issues, for example, referring to the capacity that people and companies have to extract from nature what is necessary for the performance of their activities, but seeking to restore and mitigate as much as possible the impacts of their activities. actions in the middle.

When we talk about financial sustainability, however, we are referring to the capacity that people have (or need to develop) so that they can develop more conscious consumption habits, in harmony with the environment and with their own financial conditions.

Read Also: What Is The Most Expensive Currency In The World? 

This prevents, for example, the individual from becoming indebted or from mismanaging the resources at his disposal.

How To Achieve Financial Sustainability

1. Reduce

If you look at your home, or even your workstation right now, you will surely come across a number of items that you don’t need or use often. The fear of scarcity leads us to acquire goods in an excessive way, either for fear of missing out or out of attachment to the idea of ​​having several options.

That is why we clog the wardrobes with various pieces that we use once in a lifetime and the kitchen cabinets with food that spoils because it has passed its expiration date. It is sad to think about these excesses, while there are people who have difficulty getting the basics for a dignified life.

2. Reuse

In addition to reducing, it is important to reuse. If you bought clothes, for example, prioritize the comfort and durability of the material. Thus, you can use it several times, without the need to purchase a new item. Even the water can be reused.

Read Also:  How To Succeed Financially From Your 20s

The ability to reuse something saves money and natural resources, easing financial and ecological problems. In addition, this is a good way to value what we buy, as we use the product as many times as possible.

3. Recycle

Did you know that it is possible to make chairs out of tires? That a vase can be made with pet bottles? That the paper used today can be used in the composition of the paper that we will use tomorrow?

Recycling consists of using a material to give life to new objects (which may have the same purpose as they had or another). For this, it is worth separating the discarded materials at home for the selective collection. This reduces the number of materials discarded in the environment, in addition to promoting savings in your pocket. Observe around you which materials can be recycled and do your part!

Read Also: Best Money Saving Apps In Nigeria

4. Refuse

Do you really need your proof of payment after a purchase? From the plastic bag in the supermarket, since you can take your bags from home? From the plastic straw, where can you take your metal straw to the cafeteria?

The reduction of the need decreases the production of certain items, especially those that are made with plastic (whose decomposition takes extremely long). The act of refusing any of these products demonstrates that the individual is a conscious consumer, who is doing his part to protect the planet on which he lives and to perpetuate the resources that nature offers.

5. Rethink

This attitude leads us to the fifth item on our list: rethinking values, habits and attitudes. When do you spend your money? Do you invest in items you really need? Or do you “embark” on fashion and buy products just because other people are buying, and you don’t want to be “out”? Do you research prices? Do you assess whether the quantity of items purchased is proportional to your need? Research whether the companies you buy from are sustainable – in environmental, social and economic terms?

Read Also:  Top 10 Most Beautiful Cities in Europe Currently

As consumers, we all have enormous power, which we often do not realize: deciding where to put the money that has given us so much work to earn. Value your effort and do not consume without research and reflection!

6. Repair

Popular wisdom says that, in the past, items that were purchased lasted much longer. It may even be that the materials were more resistant, after all, programmed obsolescence is a reality. However, this also has to do with a cultural issue.

Since it was not as easy to buy products as it is today, people developed the ability to fix things before saying that they broke down and that it is better to buy a new item. In this sense, it is worth bringing the reflection to the present day. Do you really need a new cell phone, a new outfit, a new piece of furniture? Is it not possible to make some repairs and customize these items before concluding that their useful life has come to an end?

7. Reintegrate

If you can’t repair an item to continue using it, you can at least reinstate it. Reintegrating, in this context, means taking advantage of what is left of the item in a new situation.

We are not talking about any news here, after all, everyone has already transformed an old T-shirt into a floor cloth (rag) or a glass of curd into a glass of drinking water, isn’t it? The point is that we can be much more creative than that. When disposing of a certain material, ask yourself first: where can I use it?

8. Respect

When we talk about financial sustainability, we are talking about different types of respect: respect for nature, respect for the rights of others, respect for one’s own pocket, respect for the dumpsters scattered throughout the city, in short, respect for the planet.

Read Also:  Yemi Solade reveals why he is not friends with many of his colleagues

It is impossible for a person or company to be financially sustainable if they do not conduct their relations with other people, with the environment and with society in a respectful way. In fact, prospering and enriching are only worthwhile when they occur lawfully, that is, without harming anyone’s life.

9. Forward

Just as you now learn the concepts of financial sustainability because someone shares them with you, it is important that you do the same with the people around you. Pass on your knowledge, your solidarity and your positive example.

In addition, also pass on items you no longer want to use. That outfit that you no longer like so much can certainly make someone else’s joy. In fact, charities, thrift stores and exchange applications have grown a lot, either to warm up the economy or to make a solidarity donation without charging. In both cases, the benefits can be felt.

Read Also: Money! 5 Steps That Can Make You Financially Balance

10. Take responsibility

Finally, we can summarize all the above items in one, of extreme importance: responsibility. You, as a citizen and consumer, are responsible for your quality of life, for your livelihood (and whoever else lives with you), for your job, for everything you buy, for everything you consume, for everything you discard, for everything you learn and everything you teach.

Good habits are built on teaching and responsibility. With financial sustainability, it is no different. So take responsibility for your finances and teach other people around you to do the same. This goes for family members, friends, co-workers, employees of your company, etc.

If you liked this article, leave your comment in the space below. Also, remember to pass on this article to all your acquaintances, through your social networks. Together, we will build a financially sustainable world!

LEAVE A REPLY

Please enter your comment!
Please enter your name here