Ways to Improve the Local Economy

Author: BankFeeInsider.com     Saturday, August 30, 2014 12:00 AM

The economy often brings a large, national idea to mind. When it is discussed on the news, the economy refers to the country as a whole. While it is important to recognize the national and even state economic factors that may contribute to local concerns, making improvements at the local level can help improve your community.

Purchase Products Locally

While it is not always possible to find everything you may need in the local community, you should focus on buying local when it is possible. According to Time Magazine, buying local ensures that more money stays in your community and it makes the local economy twice as efficient when compared to areas where the local purchases are limited.

The Institute for Local Self Reliance states that supporting the local businesses will encourage job growth and provide better wages over time because business owners will naturally expand as the company grows.

Stay in the Community for Banking

Avoid large national banks and opt for opening a savings account or a checking account in a local credit union.

Credit unions offer some key benefits that are not available on a national level, such as competitive rates on interest when you take out a loan. You can obtain friendly service and you can expect to receive more when money is put into a savings account because of the community aspects of the credit union.

Staying local with your banking will keep more money in the community and it ensures that any interest that you pay is being used in a way that you approve, such as putting it into local projects or offering better options for savings accounts.

Work Close to Home

It is always financially smart to stay close to home when it comes to work and job growth. Instead of commuting for an hour to and from work, look for jobs within your local community. Opt for a job that is within a few minutes of your home.

Not only will you help keep more money in the local area, but you also reduce your personal expense when it comes to traveling and commuting to your work. Even if the local positions offer slightly lower salaries, you may save enough by eliminating a long drive to make up for the lower income.

Building up a solid local economy can have a positive impact on the growth of your community and the options that will be available in the future. By simply keeping your shopping, banking and career as local as possible, you are having a profound impact on your community. When more money is circulating in a particular area, there are more funds to take on community projects and reach new goals.

Source: BFI