The Impact of Intentional Spending

What is the impact of a dollar? When it comes to making the best use of your money, it can feel like every dollar you spend is the same — it’s one less in your bank account. The true impact can depend on the choices we make. For instance, putting money toward goals like saving or paying down debt has a positive effect on your own financial health. It’s also worth exploring how and where the dollars we spend can have a wider economic impact.

Are you supporting businesses of every size? If your shopping habits focus solely on convenience or keeping your spending to a minimum, consider ways to spend with intention and make your money go further for yourself and the provincial economy. By making conscious spending decisions to support small businesses within your budget, you may be pleasantly surprised by the outcome.

Here's why:

• You help boost Nova Scotia’s economy — When you spend at a small business, more of your dollars stay in our economy. In fact, small businesses recirculate up to 63% of their revenue back into their economies compared to 14% for multinational companies, according to a study by research firm Civic Economics on the economic impact of small business. The money doesn’t stop flowing once employees and suppliers are paid; our dollars support our families, friends, neighbours and other businesses right in our communities.

• You contribute to a unique experience — For the same reason we believe that CUA is the better way to bank, many Nova Scotia-owned businesses offer a great shopping experience. In small shops, you are more likely to receive personalized service, be able to purchase unique products, and you get the added benefit of supporting a diversity of businesses in your area. Where larger scale companies can have the benefit of deep pockets in tough times, small businesses often rely more heavily on you to help keep them going.

• You can avoid buyer’s remorse — Many of us attach emotion to our spending. One of the benefits of supporting small businesses isn’t quite as tangible as others, but is equally as important: it’s the feeling you get. While it’s always important to make budget savvy purchase decisions, supporting a Nova Scotia-owned business makes you feel good! Knowing where your money is going and receiving a product or service that you need can leave you feeling better about your spending choices.

You might ask, “I’m only one person, what difference can I make?” The answer is a HUGE difference. The choices we make as individuals matter, and together we can have an incredible impact if we all shift even the smallest of purchases to Nova Scotia-owned small businesses.

Now that you understand the impact our dollars can have when we spend them intentionally here in Nova Scotia, as our economy reopens, continue to think about ways to support small businesses, even if you're on a budget.

If you have questions about incorporating small businesses into your spending activity — or even starting your own small business — we can help. Reach out to a member of the CUA team at 902.492.6500.

Revised Jul. 4, 2021

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