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Five Ways to Support Your Local Economy

Spending money within your community is an excellent way to support the local economy by watching the direct impact your cash flow has on the neighborhood you call home. By buying within your community, that money stays local thereby creating a cycle of economic growth your finances help feed. This means you’re helping to produce more local jobs, higher opportunities for business owners, and a greater retention of tax dollars, all while creating a more positive environmental impact.

Support Small, Locally Owned Businesses

Whether exploring a handcrafted boutique, cozy café, vibrant indie bookshop, or a family-run eatery, you’re contributing to the growth and success of entrepreneurs in your community. According to a 2018 survey conducted by American Express and NFIB, 67 cents of every dollar spent at a small business remains within the community. Shopping small businesses provides a unique opportunity to explore one-of-a-kind products and services that add a personal touch to enhance your overall shopping experience. Plus, the tax revenue generated through sales tax from local businesses goes back toward supporting the local government which then reinvests in the community.

Another aspect to consider is architectural style. This means deciding whether you appreciate the charm of older, historic homes or prefer the sleek appeal of modern models. By carefully considering these factors, you can discover the neighborhood that perfectly suits your individuality and preferences.

Eat Better, Not Bigger

Take a break from big chains and instead go for a jaunt through your community for fresh farmer’s market finds, local diners, and intimate culinary experiences. A once-a-week trip to the local farmer’s market is a great way to find some of the freshest produce on the market like ripe tomatoes just plucked from the vine, a personally-picked crate of juicy berries, homemade baked goods, and more! Plus, local food doesn’t need to travel as far to get to your plate which helps reduce harmful emissions into the environment. Of course if you’re not in the mood to cook there are plenty of local restaurants who want to do it for you.

It’s easy to get stuck in a routine of going to the same chain restaurant over and over, but try out a more innovative eating experience. Give back and get to know your region’s signature dishes like garbage plates in Rochester, Cheesesteaks in Philly, and of course, chicken wings in Buffalo!

Give Old Goods New Purposes

Contribute to your community by donating old goods you no longer need or want to local charities or thrift stores. Practicing resourcefulness helps to reduce waste and promote a culture of sustainability. Through fostering resourcefulness, reducing waste, supporting community organizations, and promoting entrepreneurship, this practice generates a positive ripple effect that benefits both communities and the individuals that live in them.

Value Your Time

Dedicating your time to your community helps build a supportive environment that attracts businesses and encourages local spending. See where your community is in need of local volunteers and find something that interests you to get involved in. By offering to lead workshops or sharing your knowledge on a subject, you yourself become a valuable asset to economic growth within the community. Volunteering enhances skill development and promotes networking opportunities, which in turn lead to new employment prospects and an increase in economic wealth.

Bank at a Credit Union

Being financial co-operatives, Credit Unions prioritize community development as an integral part of their mission. Their community-centric foundations help them go beyond simply providing banking services and actively contribute to the economic well-being of their members and the surrounding area. At Greater Niagara FCU we strive to provide educational resources on money management and promote financial well being, leading to healthy local spending habits.

Small Changes Make a Greater Impact

Responsibly spending money within your community allows you to contribute to economic growth, create local jobs, and provide opportunities for local business owners. Thus, when you implement these five ways to support your local economy, you play an active role in creating a thriving and prosperous community.