Put Your Money Where Your Values Are
The pandemic has laid bare innumerable inequities, chief among them financial disparity. In May, the billionaire class added $308 billion to its wealth while a record 26 million people lost their jobs. If you read that sentence and thought, “We need change and we need it now,” we’re right there with you. The political scientist, Dr. Anne-Marie Slaughter, explained renewal as the happy medium between reform and revolution. Our economic landscape is primed for renewal, and it’s time to reimagine how our spending habits will sustain or disrupt what’s laid before us.
As consumers, we have a very specific power. Where we spend our money, time and energy dictates which businesses thrive and consequentially, what options are available to us. “Consumers have a huge opportunity to reshape this system over the next few months,” says Natasha Frank, founder and CEO of EON Group. “Brands are going to be looking for market indicators: do they [consumers] still care about transparency and sustainability and circular economy? It’s an incredibly important time.” Our shopping habits should reflect our personal values and priorities. If you’re buying from a brand that isn’t overtly supporting the Black Lives Matter movement or doesn’t have ethical practices, do some research to see where else you can spend your money. What are the ways you can readjust daily, weekly, and monthly purchases to subsidize Black-owned businesses and sustainable companies? This is what voting with your dollars looks like.
Not sure how to get started? The internet has got your back. There are many databases that catalog Black-owned businesses and/or local and sustainable brands, making it easy to switch up your routine and put intention behind your spending habits––Green American even has a “Vote With Your Dollars Toolkit.” Common checklists to hold up against a company include seeing if their marketing strategies have changed or if policies have been put into effect to reflect diversity and inclusion; if sustained charitable components have been introduced or if the results of the pandemic are being ignored or acknowledged. Here are some ways you can realign your current spending habits with your priorities to uplevel your financial life, especially during Covid-19.
Skip the store and subscribe to farm boxes or local produce delivery services. The quality is better, it’s more environmentally friendly and your money is going directly to the farm that grows your fruits and vegetables.
Swap your weekly trips to the chain grocery store to the smaller family-owned or neighborhood markets. In many cases, you’ll find otherwise sold-out items in stock at your corner mart. Make sure to include Asian, Hispanic and other ethnic supermarkets on your shopping list.
Break up with your megabank and join a credit union or “green” bank. Options like community development banks are great because they are focused on “advancing economic development in low or moderate-income areas that are “under-served by traditional financial institutions,” according to Green America. See if your company 401k plans or individual investments could be more socially responsible.
Buy gift cards, virtual gym memberships or order local takeout from minority-owned businesses. Many physical locations may be closed, but that doesn’t mean you can’t support your favorite small businesses. Trust, you’ll be thrilled when things reopen and that gift card can be put to use.
Say goodbye to fast fashion. Not only is it one of the leading contributors to climate change and greenhouse gas emissions, but it’s also perpetuating the oppression of millions of severely underpaid workers, overwhelmingly minorities. During Covid-19, many fast fashion brands like H&M, Nike, Zara, and Gap canceled orders that were already completed, and refused to pay the factories. These same brands were also posting public declarations of equality and solidarity with the Black Lives Matter movement––so, watch out for performative activism. There are many other reasons to leave fast fashion behind, and even more options for apparel with a conscience. Support environmental sustainability with your dollars!
Refer friends, family and clients to the places and people you love. Referrals are powerful because they come with a strong advantage of implied trust. You’re much more likely to buy a new product or invest in a course if you heard a rave review from someone you know. Small, local businesses depend on consumers more than ever right now. If you have a roster of small businesses you love, shout their praises and make sure to share them on social media, email a referral or write a review for the small businesses you love.
You work hard for your money, so spend it where you know it’s making a positive impact ––voting with your dollars is the power move we all need to make for a better world.