Ways to Go Green: Money

Tip 136:

Get your bank statement electronically.If you're worried about computer hackers, don't. Most banks send you an e-mail with a link to a secure Web site where you can check your balance.

$ Factor:Instant Internet access means you can quickly see if your bank account is dangerously low, which could end up costing you low-balance or insufficient funds charges. And by reducing your traditional statement collection, you save paper, which means you help save trees.

Tip 137:

Cancel the canceled checks.If you still get paper bank statements that include canceled checks, at least cancel the canceled checks. You can reconcile your account just fine without all those extra slips of paper.

$ Factor:Savings are immediate for many account holders, because some banks charge extra to keep sending along canceled checks. Once you start getting a less-imposing statement, it also should make it easier for you to check it each month. Timely account reconciliation can help you spot any financial trouble spots. And no canceled check clutter means more forests for us all.

Tip 138:

Pay bills by credit card.If you don't want to pay directly from your bank account, pay your bills by credit card. In fact, this might be easier. Not every business accepts e-payments yet, but almost all take plastic.

$ Factor:You get the same great environment-saving advantages of paying electronically while also earning yourself some financial perks. Set up an automatic credit card payment; that way you'll never face another late fee. Make sure the card is one with a low or no interest rate. If it's a rewards card, all the better. Your eco-friendly payment method will earn you extra points.

Tip 139:

Make a cash gift to an environmental group.All these groups -- and there are thousands -- will happily take money via cash, check or credit card. Some even offer estate plan help so that you can leave a final bequest to the group.

$ Factor:Your gift obviously will help the environmental group continue its efforts. But it also could save you some tax dollars. If you itemize, you can deduct your donations to IRS-approved charities. Just make sure you get a receipt in case the IRS has follow-up questions. If your gift is one of your final ones, it also could help lower any potential taxes on your estate. See your attorney or financial planner on how to structure these types of estate gifts to you maximum tax benefit.

Tip 140:

Donate clothing and household goods.Donate clothing and household goods to the environmental nonprofit of your choice. Many charitable groups, including those dedicated to saving the planet, will take such gifts.

$ Factor:On the pro-environment side, the organization can sell the items in its thrift shop, producing needed income to keep operating. As for your finances, such donations are as tax-deductible as cash gifts to approved groups. Just make sure the donated items are in good or better shape or the IRS could disallow the deduction.

Tip 141:

Direct-deposit your pay.Most employers and banks can handle your request. In fact, they probably prefer the method.

$ Factor:Your paycheck will always be in the bank, not in the mail, and there's no environmentally wasteful paper paycheck to worry about. So even when you're on vacation, your money is in your account, earning interest or making sure your upcoming bill e-payments can be made without any problem.

Tip 142:

Automatically put pay in savings account.Have part of your pay automatically put into a savings account. All this typically takes is one extra checkbox when you have your paycheck directly deposited.

$ Factor:The financial benefits are obvious. By sending the money directly to an account, you're not tempted to spend it frivolously. Also, it starts earning interest immediately. The system also saves you time and you won't waste gas by driving to the bank to make the transfer between accounts.

Tip 143:

Have your bills e-delivered.The same principal and advantages apply to your credit card, utility and other monthly bills as apply to financial statements. You get timely notification and access through a secured Web site.

$ Factor:With e-bills, you don't have to worry about lost mail. That means you can be sure you will know what you owe in plenty of time to make a payment. You'll avoid costly late charges on your credit accounts, while protecting even more trees from a needless death.

Tip 144:Pay your bills electronically.Once you're online looking at those charges, it just takes a couple extra clicks to make the payment.

$ Factor:In addition to helping you become a prompt payer, which will help your credit score, and saving even more forests, e-payment can help you make a little money. Because you'll be able to make payments later in your billing cycle, your money will have more time to earn more interest for you.You'll also save on stamps -- 15 stamps a month for a year equals almost $75 -- and last-minute trips to the post office that consume not only your precious time, but also fuel that adds to greenhouse emissions. An added bonus: You protect yourself from identity thieves who cruise streets, looking for curbside mailboxes full of bill payments and checks with all that personal information. There is one thing to watch out for here. Even though it usually saves creditors money, too, a few still charge extra for e-payments.

Tip 145:

Donate your old vehicle to an environmental cause.Yes, many of these groups will welcome that jalopy. Some will even come tow it away for you.

$ Factor:The advantages to the groups are many. It might use the auto to help transport volunteers to environmental projects. It could sell the vehicle and use the cash for other projects. Either way, if you itemize, you might be able to get a deduction for your vehicular gift on your tax return. Just be sure to find out how the auto donation is used, as that will determine just how large your write-off will be.

Tip 146:

Get your investment account statements electronically.In most cases, the process is identical to the one used for your bank's monthly e-statement. E-mail notification directs you to a secured Web site to see how much your assets are earning.

$ Factor:Instant online access means you can quickly see if you need to rebalance your portfolio. Once you're at the secure Web page, it's usually just a few mouse clicks to shift to another, higher-yielding fund. And you'll feel good knowing that while you're saving money for your future, your dedication to electronic investing instead of by paper means you've saved even more future forests for your kids to enjoy.

Tip 147:

Budget electronically to control your spending.Financial experts say the best way to get a handle on your spending, or overspending, is to write it all down.

$ Factor:Putting the information into a computer program -- there are lots of packaged budget software out there -- makes it easier for you to sort, compare and mend your money mistakes. Plus, most financial institutions allow you to download your statements' data into popular software. That's a lot easier, saves you time and is more environmentally friendly than sorting through stacks and stacks of budgeting paper.

Tip 148:

Pay your taxes electronically.Most of us are using software to figure what we owe the IRS anyway. So go ahead and e-file that 1040 and be done with it.

$ Factor:Have you seen the size of tax-filing packages the IRS sends out each year? Stop the slaughter of innocent trees and do your taxes via computer. Plus, no more gas-guzzling trips to the post office April 15. Most filers might be able to get their tax job done for free. The IRS says that 70 percent of taxpayers this last filing season were eligible to use Free File. This public-private partnership makes tax preparation software available to eligible taxpayers at a special IRS Web page. In addition, the participating companies also allow you e-file your return at no cost.

Tip 149:

Enroll in your utility company's energy saving program.Most have them, allowing the utility to cycle off or cycle down your energy-draining appliances during high usage periods.

$ Factor:Your energy-saving effort will not only help your local utility from facing brownouts when there's too much demand, it will use less of the resources needed to produce electricity. Your bottom line will be rewarded, too. Utilities typically give energy-plan customers a credit on each monthly bill in exchange for participating.

Tip 150:

Give appreciated assets to your favorite environmental nonprofit.In addition to taking cash, many groups also accept gifts of stock and other assets.

$ Factor:This is yet another way to help an environmental group fulfill its mission. It also could help your tax balance sheet. By giving the appreciated stock directly to the qualified organization, you can claim a deduction for the full asset price at the time you donated it and escape the capital gains bill you would have faced if you had simply sold it and given the money to the group.

Tip 151:

Buy a hybrid vehicle.The advantages of these combination gas/electric autos have become well-known since pump prices have stabilized around $3 for the last couple of years.

$ Factor:While the vehicles cost a bit more upfront, in many cases the fuel savings can help offset that initial outlay. Uncle Sam also can help. Most hybrid vehicles are eligible for a tax credit, thousands of dollars in some cases, that you can claim on your tax return.

Tip 152:

Invest in 'green' funds.Ramp up that good eco-investing feeling by choosing stocks or mutual funds that that buy environmentally friendly assets. This type of investing goes beyond the usual eco-suspects, such as organic farms or environmental services firms. Green investing also means buying into mainstream companies that encourage sound environmental policies, such as energy efficiency, renewable energy and green building.

$ Factor:Once thought to be alternative investments, now almost every major fund company offers at least one "green" option to its clients. Because of this added attention, these investments now show competitive returns. So you potentially make money while simultaneously helping make the world a cleaner place.

Tip 153:

Improve your home's energy efficiency.You don't have to go crazy; simple things such as fans, insulated windows and doors, wall or attic insulation, and even window film can cut your residential energy costs.

$ Factor:In addition to making your home more comfortable year-round and lowering your heating and cooling bills, many common home improvements are eligible for a tax credit on your federal return. Some states also offer similar tax credits. The one-time tax savings range from $50 to $2,000. The lifetime savings could be many times that. One warning: Many of the common home improvement tax breaks are set to expire at the end of 2007. To guarantee you get the credit on your 2007 return, make the eligible energy improvements by Dec. 31.