Move Your Money is a campaign to educate Rhode Islanders about the importance of spending, investing, and banking local and to inspire them to take action.
When we keep our money local, it rotates through the local economy, and there are more positive effects and fewer negative consequences. For every $100 we spend at a locally-owned business, an average of $52 stays in the local community. Compare that to just $13 for a big box store. When we bank with a local credit union or community bank, 100% of our money stays within this community, compared to less than 1% with the big banks.
And that money that stays local? It isn’t neutral. It’s flowing, generating economic activity. That’s the multiplier effect. When money is in motion within a community, the whole is greater than the sum of the parts.
But financial profit (or loss) is just one type of return. Other effects are set in motion when we use money to purchase, invest, or give. These returns may not be as easy to calculate. They may reach us indirectly, having an impact more immediately on people or places around us.
Just because most local returns don’t fit neatly in a spreadsheet doesn’t mean they’re not valuable. They are often pooh-poohed as “soft” or “extra” benefits, and we are made to feel naive for prioritizing them. However, these factors go a long way in shaping our day-to-day experiences, the opportunities our loved ones enjoy, and the future security of our communities.
Local Return celebrated Move Your Money Month this April with many calls to learn, consider, and act. We are all economic actors, and our financial
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