Pandemic: How to save money and support the local economy
by
Bryan Dean
NEED A TRANSMISSION? Call Ron! All Quality Transmissions 385-242-4676 30 Years of Experience Mention this ad for 10% Off
The world is a new place, at least for now there is a new normal. Many of us are waiting to see if the new normal will become the normal, or if the old normal will come back. Either way for now we have to live in this pandemic shaped economy. According to the US Bureau of Economic Analysis the personal savings rate hit a historic high of 33%. With the uncertainty of the current situation, and scars from the 2008 recession still fresh, it’s understandable that people would be very hesitant to spend. Not to mention how much toilet paper can one person stockpile? But there is another side of the story, the economy. If everyone stops spending then everyone would stop earning. So how does one balance the line, spend enough to keep the economy strong but save enough to be responsible. I propose that the answer to that question is not how much you spend, rather how and where you spend it. Here are five ways to balance the save money vs. build the economy problem. 1. Buy Local has to be a priority now. Over the last 10 years
our economy has been strong. Its been OK, not awesome, but OK if people shifted some of their spending from local. But remember the more local you spend your money the stronger your local economy is. Now buying local is not as easy at it sounds. Sure it is easy to make the choice to buy your products at a local store instead of Amazon or a website. But it goes deeper than that. Every shopping decision has a different factor of localness. For instance if you need to buy a power tool or some home improvement product, you can buy it from Lowes or you can buy it from a locally owned hardware store. Both Lowes and the hardware store create local jobs, and they both pay local taxes. but more of the profit at the hardware store will stay local. Look for local products. Harmons grocery stores does a great job at showing you what products are local. I wish all stores did this. Last month I was at a hardware store, OK honestly I was at Lowes, I needed a ladder. As I looked at the assortment I realized that
Little Giant ladder systems were a Utah business, so it was an easy decision. 2. Buy Services not Products. If you are trying to help the economy you will likely do more good buying services rather than products. Let’s consider an example. When you purchase a lawn mower, the majority of the purchase price goes to the manufacturer which is probably not a Utah Company. But when you pay someone to mow your lawn, nearly all of it stays local. The person who is mowing your lawn is much more likely to do business with the business you work for than say Honda. 3. Launch a side hustle or two. I realize that this is not really saving money, unless you consider the age old advice a dollar saved is a dollar earned, then this is just the flip side of that. In today’s world there are an abundance of ways you can start a side hustle. Sell some of your unneeded stuff on eBay, breed your dog (everyone wants some type of oodle these days), rent out storage on apps like Neighbor, drive for Uber or Lyft, I saw a new App to rent your RV,
and there is one to rent your car, or second home, or bedroom in your first home. 4. Get rid of the storage unit. I laugh everytime I pass one of these storage unit businesses. I realize that there are certain legitimate reasons that one would need to rent a storage unit, but I don't think most people are using it for that type of reason. I remember my dad taking me to a storage unit that he rented. It was full of things, I don't know where it all came from but every few months we would go down and sort through some things, and take some new items to add to the collection. Even at a young age, I remeber sitting there on the back of his truck thinking, “if you put this stuff here because we don't need it, then why do we own it.” I implore you stop buying stuff you don't need and for sure stop paying for storage on stuff you don't use, and for most of you if you put it in the storage unit you probably don't need it, clean it out, sell it, and save that monthly storage unit fee. l
20% OFF with purchase of two entrees.
Coupon must be present. Expires 7/31/20
(801) 944 0505 • 3176 East 6200 South Cottonwood Heights, UT 84121
15% OFF Your Next Purchase
Open Monday - Saturday 8am - 8pm 44 W 7200 S Midvale | 385-557-1728 www.SagatoFoods.com
Page 18 | July 2020
(With Coupon Up to $10)
Midvale City Journal
