03-28-OPCOL-2012-FinancialFitness

Something that effects everyone’s financial well being is the condition of the economy. The trend in the State of Maine, is that we typically are last to experience economic downturns, but we are also the last to recover.

To help our local economy thrive, it’s important that our community supports local business by shopping in our neighborhoods.

It's easy to buy items on the Internet and sometimes it’s easier to shop at a large store or at a mall. But think about the impact of buying local. When a local business thrives, it creates jobs for people in our community.

Thriving businesses, in turn, use other local businesses to do things like create advertising and use local credit unions and banks to keep their money. More people employed locally means more people frequenting neighborhood restaurants and other local services, further expanding the benefit of a business being patronized by the people who live in their community.

While your contribution may seem small, every dollar spent at a local business for goods and services is a dollar that stays in your community.

Buying locally has other benefits. By reducing the need for travel, it cuts down on fuel consumption and reduces the need to ship items over thousands of miles. Both of these are good for the environment.

Consider nearby farmers' markets, not only will you be supporting the local economy; you will be getting the absolute freshest produce and ingredients. When you are looking for that perfect gift, try a local store for something unique.

To help boost the Norway economy there is a Cash Mob planned for Thursday, July 19.

What is a Cash Mob? It’s a group of people who assemble at a local business who all buy items from that business, whose purpose is to support local business and the overall community.

If you’re interested in participating, meet representatives from W.J. Wheeler, creator of the Cash Mob and sponsor, Oxford Federal Credit Union, both local businesses, at the parking lot behind Fare Share Market in Norway.

One twist is that you don’t know until the meeting where you will be spending your money; it’s recommended to come with $20 to spend. As one of the few who knows where the Cash Mob will take place, I assure you it will be easy to find something to purchase.

Afterwards the group will meet for light refreshments supporting another local establishment. We hope to see many of you on July 19 ready to support your community.

This information is provided by Oxford Federal Credit Union as general information, and is not intended as financial advice. If you have a financial question you would like answered email it to marketer@ofcu.org.

Photo:

Susan Graves