A math update from a LiveWest participant -
I’ve spent $375.76 in 18 days of LiveWest, roughly $20 per day at Westside establishments. This has been spread around to at least 18 different businesses, and a few of these more than once.
The beauty of LiveWest lies in its practicality. While I may be spending a little more than I would typically spend by intentionally visiting new places, but the amount I’ve spent is not that far out of line. So if this pace continues for the 31 days in May, I’ll have spent approximately $620 locally – money that would have most likely been spent somewhere regardless of this event.
When I’ve walked up to the counter at a coffee shop, I haven’t exactly felt like my $2-3 was changing the world, but for some perspective:
1 Individual chooses to spend locally for a month – $620 to local businesses, relatively small in the grand scheme of things, but still somewhat meaningful.
8 Organizers of LiveWest spend locally – (using the same average amount, as actual may be slightly higher/lower) $4,960 spent locally in a month.
113 Current Facebook Fans of WelcomeWest spend locally – $70,060 in one month spent locally, $840,720 in local money annually – from just 113 people choosing to direct their money locally!
Understanding that spending every dollar on the Westside is unrealistic, even if current Facebook Fans spent 1/2 of their typical monthly expenses locally, that would still amount to $35,000 being injected into our hyper-local economy each month. This money can be used to increase quality and diversity of available items, and also to hire more local talent.
LiveWest Math
Action Steps:
- If these ideas energize you, stop on out to Vintage Bowling on Friday or the Home Makeover Night next Tuesday to invest locally and meet others with a similar mindset. LiveWest is best experienced together!
- A Facebook thread will be started where you can put either a dollar amount of a local purchase you make, or the name of a Westside business that you visited today. Post either the amount you spent at a Westside business today, or the name of the business.
- If you are interested in perusing more data on local spending, visit http://www.cridata.org/Neighb_GR.aspx
