Cash is normally invested in savings, checking, and money market accounts. When you put your cash in the bank, it is safe, but chances are you aren’t making money on it. In fact, since the rate of inflation is probably higher than the interest rate you receive on your cash, you’re actually losing money.
Your bank, however, is using your money to make money for itself. How they are using it, what they are investing in, and who is benefiting from your money should matter to you. Do you know what your bank is doing with your money? Are they supporting your goals and using your money in ways that align with your values? After all, it’s your money.
The good news is you have other choices if your bank’s values are not aligned with yours or if you simply do not know how they are using your money.
Identify some values-aligned banking options
There are a number of websites and resources to help you find great financial institutions that support your local community, invest for a sustainable planet, provide loans to underserved populations, or address other issues that may be important to you. Mighty Deposits is one of our favorites. It makes the process of finding a values-aligned bank simple. Specify what issue you want your money to support, and the site will return a list of options. Issues include sustainability, racial equity, housing, and small farms.
Consider values-aligned credit card options
If you are ready to change your credit card, Green America can help you find alternatives that support issues such as clean water, the Amazon rainforest, and a sustainable future. Green America is committed to helping you find a value-oriented credit card. This non-profit harnesses the strength of consumers and the marketplace to fund a socially just and economically sustainable society.
You may never have thought about aligning your cash with your values. However, it is something anyone can do. You can join others in the Invest for Better Community to step through the process and have accountability partners along the way. Once you have your cash squared away, you can learn how to invest in impact bonds and other responsible fixed income.
You may never have thought about aligning your cash with your values. However, it is something anyone can do. You can join others in the Invest for Better Community to step through the process and have accountability partners along the way.