9 Ways You Can Boost Your Local Economy Right Now
By Megan Guinane
A few weeks ago, a major coffee chain opened a store one block away from my apartment. While the other members of the household were extremely excited about having cheap food and drinks only a short distance away, I couldn’t help but think about how my favorite little coffee shop will stack up against the competition. Not only does this little shop make the best coffee and bubble tea in our neighborhood, but with each transaction, I know I am making a positive impact on our local economy.
Did you know that $68 of every $100 spent at a locally owned business stays in the community, versus only $43 of chain retailers?
That means when I take a trip to the local boutique to buy a gift for a friend or myself, I am also giving back to our city. Here is a list of simple ways you can help your community.
- Swap Acme for your local farmer’s market
When you shop at your local farmer’s market, not only do you know exactly where your delicious fruits, veggies, and spices are coming from (as opposed to imported fruits that may have been contaminated with chemicals), you are supporting family farmers who face fierce competition in the food marketplace. Most food in farmer’s markets can be guaranteed grown within 100 miles of the market. Recent studies have also shown that farmers who grow locally produce an average of 13 jobs in their local economy, where farmers not growing locally produce 3. The decision to shop local produce also has a hugely positive impact on the environment as a whole.
2. Change from big banks to local credit union
Although we are most familiar with the big banks due to the heavy advertising that has been ingrained in our minds, setting up an account with a local credit union not only makes a great impact on your economy, but they are great for millennials. Local credit unions typically offer the same services as big banks, but for cheaper (think fewer confusing fees). This is because credit unions are not-for-profit institutions, allowing them to offer high interest rates for savings accounts and low interest rates for loans. Credit unions are also cooperatives, meaning that they are owned by the members, not shareholders. By putting your money in a credit union, you essentially buy a piece of the pie, giving you a voice in what happens at your bank.
3. Keep cash handy at local businesses
Start paying off debt (maybe with that tax refund) so you can live an all-cash lifestyle. Many local business that have a credit card reader and are subject to crippling transaction and flat fees. The best way to shop small is with cash!
4. Start composting
Check out your local community website for nearby compost pick-up sites. Even my brick city of Newark, NJ has a program. There are SO many benefits to composting, not only is it way better for the environment by reducing waste and reducing our carbon footprint but it also creates jobs within your local economy. On a per-ton basis, composting creates two times as many jobs as landfills and four times as many as incinerators.
5. Work locally
Speaking of jobs, when you work in your own city, you are not only saving money for yourself, but you are putting money back into the local economy. Your employers pay local taxes to the local government. There is also a chance you will be occupying more local businesses close to your place of work. Additionally, you will save on transportation by being able to walk or bike if your job is nearby, cutting down on exhaust and traffic.
6. Instead of calling, meet face-to-face
With all the social apps that are available at a touch of a finger, sometimes we can go days without seeing our friends and family in person. Next time, instead of FaceTime-ing your friend, suggest meeting up a cute little spot or a favorite hole-in-the-wall restaurant. While you’re there, make sure to geo-tag your location, giving local biz some of your earned media!
7. Go to the library
Your local library is a hub for entertainment. Not only are there tons of adventures awaiting in the form books and DVDs, there are events such as concerts and workshops. Many libraries have adapted to the needs of the community and now provide career resource centers as well as many online resource databases for school research projects. You’ll save tons of money not buying from big box stores and likely meet new friends to hit local restaurants and bars with.
8. Rent out your spare room
Although renting from a large-scale realty company may have its benefits (amenities, parking garage, security guard, etc), sometimes their high prices are not affordable for someone who is just starting out. By renting out space in your home, you can cut down on some of your monthly costs while helping a new member in town. If you’re not ready to commit to a new roommate, try sharing your space through Airbnb, allowing travelers to stay longer in your community, fueling your local businesses.
9. VOTE!
This is self-explanatory. You have an incredible power in choosing who has a say in your local government. Go to local board meetings and make yourself heard. Your tax dollars are hard earned, make sure they are being spent in a way that benefits all citizens in your community.
When you look at it, all of these situations end up being a win- win situation in the long run. Not only for you, but your friends, family, and the people who surround you in your city. Where will you begin in your journey to help your local economy?
