Normal as we know it will continue to shift and change in the coming months, but if you have the funds to do so, there are effective ways to help stimulate the economy (even locally) as an individual. All too often, regular consumers are unaware of the impact their everyday spending and contributions have on the overall economic health of the nation. Here, financial experts and entrepreneurs recommend easy ways we can all give the dollar a fighting chance. “A thriving economy can boost a town’s image and make it an attractive place to live and work. Think about what your community is lacking and start a business that meets that need. By improving your town or city, you are improving people’s lives and wellbeing,” Nostrand says. “These small businesses buy services from other small businesses. That cycle continues, stimulating the economy, on and on,” she says. While it may seem like nothing to buy that $30 book from the local bookstore instead of purchasing it for $25 from a national retailer, that single decision goes into supporting employees and other small businesses in countless ways. RELATED: The 7 Smartest Ways to Use Your Stimulus Check Whatever the task, Lars Helgeson, the CEO of GreenRope, says updating your home can improve the economic minefield with little to no risk to you. “Your home is an appreciating asset, one that you will get a return on your investment for modernizing and fixing up. If you’ve had something that’s been bothering you, now is the time to take care of it,” he says. “The best way for someone to increase earning power is to have a solid education,” she says. “By contributing to scholarship funds and educational grants, you are providing someone with the foundation to earn long into their life. This has exponential power on feeding our economy in ways that are win-win-win for everyone.” RELATED: How to Avoid Charity Scams When Donating to Coronavirus Relief—Plus 5 Organizations You Can Trust As Thyme Sullivan, a small business owner, entrepreneur, and co-founder of TOP Organic Project, puts it, restaurants represent more than just food to families; they are a source of connection and community. “In our house, we have takeout Tuesday and rotate local restaurants. We do other nights as well, but Tuesday is a rallying cry. We spread the word so that our favorite restaurants can welcome us into their amazing smelling kitchens with open arms on the other side of this,” she says. “Treat your family and yourself to something to make life easier or more productive, or that just makes you feel good. It could be a nice dinner, dessert out, a new outfit, a new phone, maybe a new car if you have the funds,” Morse says. “Those expenditures put cash into the economy that can help that business invest into its future growth, pay its employees, and contribute to the economy.” RELATED: 8 Ways to Volunteer Right Now—Without Leaving Your Home Take the food industry. “With restaurants, school cafeterias, and office kitchens closed, there is a chain of many people that are negatively impacted by the closing of that final transaction,” Loretta says. “All of those growers and distributors in the chain are cut off from revenue, translating to lost wages for all the people employed down the chain.” In addition to buying that book from a community bookstore, consider other ways to get the supplies you need from alternate sources (and likely alternate supply chains). Is there a farm share you could join? A butcher shop that has started to sell directly to customers in the wake of COVID-19? Find local businesses around your town that could benefit from your purchases. “I’ve been keeping a careful watch on our cash flow with our financial consultant, which allowed me to make the recent decision to bring on more part-time help,” Ely says. “If you are in a position to employ people, then this is one of the top ways to stimulate the economy.” RELATED: 15 Brands to Shop to Help Support Coronavirus Relief Efforts “If I’m looking for a suggestion for a book or a meal or a movie, I look to my friends and people I follow on social media. We do not have Kardashian influence, but we all have more power to promote than we realize,” she says. “Give a shout out each day to one business that you love, because love and kindness are contagious.” “Without taxes, the government cannot invest in infrastructure and social programs. We can’t afford to dig ourselves into a deeper hole,” he says. “Invest in your passion and put your resources to work in growth opportunities that you are interested in, that are important to you, that you can impact, and that you believe in,” Morse says.
