Can You Save Money by Going Vegan?
Going vegan could be good value for money. Here we explain how switching diet could affect the bottom line.
Although you could potentially save money by going vegan, there are better ways to cut your costs. For example, you could save money each month through a consolidation loan.
Click the button below to see if you would qualify:
Get Debt ConsolidationIf you’re trying to save money, you’ve probably tried just about everything to cut your costs. However, have you considered reducing your grocery bills by switching to veganism? Perhaps one of the UK’s fastest-growing movements, it’s estimated there are around 600,000 vegans across the UK. This lifestyle involves giving up all animal-based products and switching instead to goods created through plants.
Some switch because of climate or animal-related reasons. However, some choose a vegan diet because they believe it’ll be better for their finances. Let’s see if there’s some truth to that.
If you’re eating meat at the moment…
A study published on the BBC website reveals that meat-eaters who switch to veganism can save about £21 per month on their grocery bills. It’s believed this is due to removing protein (through meat and cheese) from the diet. After all, it’s one of the most expensive components in food. In this case, getting protein from other means might be beneficial for your wallet.
If you’re a vegetarian at the moment…
If you’re a vegetarian on the other hand, the opposite seems to happen. It’s believed your monthly grocery bill could increase by about £11. The reasons for this are unclear but – as meat has already been cut out of a shopping order – it seems more likely that switching to dairy alternatives could push the cost of groceries up.
Let’s be honest, there are better ways to save money
If you’re switching to veganism because of ethical concerns, those are good reasons. However, if you’re planning on doing so to cut the cost of food shopping, you should rethink your approach. After all, £21 per month isn’t a fortune – and some would argue it’s a high price to pay for giving up meat.
Instead, why not consider getting on top of your finances through a debt solution?
Tame your finances through a consolidation loan
By switching to veganism, you could save around £20 a month. If you consolidate your debts through a loan though, you can repay your creditors and save money each month. It’s not hard to see which is the better deal.
To find out more information, click the button below. If your consolidation loan gets approved, the money will be paid straight into your account.
Do I Qualify?
APRs from 5.8% to 89.9%
We are a broker, not a lender.
Unsecured Loan Representative 69.9% APR
Borrowing £7,500 over 36 months, repaying £502 per month, total repayable £18,083. Total cost of credit £10,583. Interest rate 69.9% (variable). The lenders on our panel offer loans for 12-60 months, with rates from 5.8% APR to 89.9% APR. The Representative Example is based on all loans paid out by lenders between 19th Apr 2022 and 23rd Dec 2022.
Secured Representative 11.7% APR
If you choose to add fees to the loan: Assumed borrowing of £25,000 over 120 months, plus a broker fee of £2,500 and a lender fee of £250 would result in monthly repayments of £345.55, the borrowing rate is 8.6% (variable), the APRC is 11.7% (variable), total charge for credit £16,466.00 and the total amount payable £41,466.00. You can opt to pay the lender and/or broker fees upfront, your adviser will discuss these options with you.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. All rates vary subject to loan amount, loan type and status. Repaying your debt over a longer period of time may increase the amount you pay.
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