10 money morals to live your life by

What's morally acceptable and what's unacceptable when it comes to money? Harvey Jones produces his definitive guide.

I’ve learned the hard way that recommending extreme money-saving tips can land you in trouble. Last year, when I passed on a tip from somebody who rooted around vending machines and their colleagues’ desks for loose coppers and silver, lovemoney.com users cursed me in their hundreds for endorsing theft. What an upright bunch. In fact, I had merely forgotten to include the tipster’s advice to “always ask their permission first”, but it was days before I was brave enough to venture outside.

Money saving is clearly an ethical minefield roamed by lovemoney.com vigilantes, and without any rules. So I have decided to produce the following dos and don’ts to guide us all.

1) Do steal from your partner

According to a recent survey by myvouchercodes.co.uk, three-quarters of you think this is acceptable behaviour, so morally you are in the majority. Anyway, your partner is probably nicking your cash the moment your back is turned, so all it does is even the score. I also think it is morally acceptable to “mislay” your partner’s credit card just before they head out for a massive spending spree, although personally I haven’t plucked up the courage to do it yet.

2) Do recycle your junk

By recycling, you can rid your home of your junk, help the environment and make some cash at the same time. Hurrah!

And when I say junk, I don't mean good quality, second-hand goods that are bound to be worth something. I mean, erm, junk. For example, you can:

• Sell a broken, old mobile phone. Sites like Cellzone and Omio will help you figure out where to sell your old mobile for the most profit, even if the phone isn't working.
• Sell empty printer ink catridges. Cashforcartridges.co.uk will pay up to £4.50 for each empty ink cartridge or you could recyclethem at Boots for 100 Advantage points.
• Sell a broken old MP3 player, SatNav or digital camera. Again, sites like Simplydrop.co.uk will pay to take broken MP3 players and cameras off your hands. And Boots offers Advantage points for Sat Navs.

You can also get Green Clubcard points for recycling aluminium cans at Tesco and a £5 Marks & Spencer voucher for donating Marks & Spencer clothes and soft furnishings (such as towels and bed linen) to Oxfam. Read Six things you can recycle for cash for more help.

3) Do generate your own energy

But don’t do it because it’s good for the environment, do it because it’s good for your pocket. Did you know that if you generate your own energy, you can sell it back to the grid? This is particularly a lucrative option if you have a fast-flowing stream or waterfall on your land, because then you can potentially make thousands and thousands of pounds in profit a year!

All out of waterfalls and fast-flowing streams? Me too, sadly. But even if you only generate enough electricity to power your own home, you can still get paid for all the electricity you generate. Visit the energy saving trust website to find out more.

4) Do bank with an ethical bank

If you’re sick of the way your existing current account provider treats you, switch your current account to the Co-op this month.  The Co-op is of course, an ethical bank, campaigning for a range of issues from landmines to safer chemicals, climate change to trade justice. But that’s not why you should switch. You should switch because, if you’re not happy with the switching process, you’ll be given £50! Talk about a win-win situation.

Plus, The Co-operative Bank Current Account Plus is a decent account. It comes with a fee-free overdraft of £200, you get access to exclusive mortgage deals and 20% off The Co-operative home insurance for the first year (remember, you should still shop around to ensure this is a good deal). Just bear in mind you will need to pay £800 into your account each month.

5) Do solve a problem

Have you ever felt like all the problems of the world could be solved if someone just bothered to ask you?

OK, so maybe not all the problems of the world. But I'm sure most of you know a thing or two about a thing or two. Why not put your knowledge to good use solving the problems of some of the world's largest organisations, for cash?

Take a look at Innocentive.com, a "global, online marketplace where organisations in need of innovation - companies, academic institutions, public sector, and non-profit organisations - can utilise a global network of over 160,000 of the world's brightest problem solvers". IdeaConnection.com and EdisonNation.com are also worth a visit.

6) Don’t steal

Steal. Even a bit of printer paper from your boss. You’re only stealing from yourself, the saying goes, and in my case that would be true, because I’m self-employed. Actually, a bit of printer paper is probably okay. And your boss won’t begrudge you the odd envelope. But a whole filing cabinet?

7) Don’t be stingy when giving tips

That waitress is probably a single mother of two busily serving tables while studying for her life-changing MA in Egyptian anthropology, and you only want to give her 5%? Shame on you.

8) Don’t skimp on every luxury.

I’m all in favour of frugal, but you can take it too far. Remember when Asda launched its 2p credit crunch sausages? I’d happily drive a cheap old banger, but I wouldn’t eat one. That’s just me. You will have your own line that you won’t cross.

9) Don’t download music and videos illegally from the internet

As a journalist I have a vested interest, but I believe people should be paid for their work, even if it is published online. Some of my friends disagree, and recklessly hand their credit card deals to a dodgy Ukrainian website selling a Michael Jackson box set for 3p, on the grounds that “he doesn’t need the money”. I still believe pop stars should be paid for their efforts, otherwise how can they afford all those drugs?

10) Don’t filch pennies from your colleagues’ desks

And if you do, don’t write about it, like I did. Read these comments to find out just what happened after I did...

More: Your 18 stingiest money-saving tips | Make money in the sunshine!