Supporting the neighborhood vs protecting the 'stache

[theknitcycle]

How do you balance it?

I live in a neighborhood that is "in transition."  It's one of the lower-income parts of town and has some trouble with gang violence and one particular street running through it with a rather unsavory reputation.  But it's also a place where people know their neighbors and look out for each other, and there's a pretty strong neighborhood association and sense of community.  I own the house and am expecting to stay here for at least 10 years.

The commercial street nearest my house is an odd collection of empty storefronts, obvious gang fronts, auto repair shops, and some really good restaurants that just needed the cheap rent.  Right now it feels like things could kind of go either way -- if the restaurants go under, another entrepreneur might be less likely to give that same location a try and we'll wind up with more vacant and vandalized spaces.  If they do well, other entrepreneurs may take note and some of those currently-empty places might get filled.

So on the one hand, my 'stache wants me to stay home and make my own coffee and eat rice and beans.  But on the other hand, my community wants these places to succeed, and sitting at home wishing them well won't help that.  Buying a cup of coffee at the new shop that's struggling through its first month of business, or having dinner at the restaurant on the corner, will.

Right now my balance is that I seldom go out, but when I do I try to choose a locally-owned place within walking distance.  And if a new place opens up, I'll make sure to visit it at least once in its first month of operations.  I'm just curious if other folks have a plan or system for contributing to the neighborhood economy enough to be meaningful, without adding too much unnecessary spending? 

[MarciaB]

Good on 'ya for wanting to support the neighborhood. If I were in your shoes I would probably develop a little budget for going out to these places and/or a quota of visits per month. That might be coffee at one place once a week, and $35 twice a month at one of the restaurants, or something like that.

It's money you wouldn't be spending, but you can look at this as an investment in your property values I suppose. The healthier the businesses get, the more other folks move in and displace the violence and crime. And that attracts more healthy stuff/people, and the cycle raises property values (which benefits you when you go to sell or rent out).

[PMG]

I'm interested in this conversation.

I feel this pull myself.  Small town. Not much going for it. I want the small businesses and community organizations and events to succeed.

I find myself attending events that aren't "my scene" just for that reason sometimes. I'll be a body at a niche event if that means it will continue and in turn foster more events I might be more interested in. Meet some cool people and gain new perspective along the way.  Most of those things have cost more time than money... Time is money?  Money is time.

[chucklesmcgee]

I mean, it's nice and all to think about your community, but you have to see it as a charity expenditure at the very best. Ultimately you' will be spending money you wouldn't have otherwise spent just for the sake of your city. Maybe you get a little bit back in the form of increased property values or maybe an improved neighborhood- but that's going to be inefficient. If you're FIRE and can accomodate it, sure, but if it means working longer beofre you can retire I'd hesitate.

[Catbert]

In part I think this depends on where you are in your journey to FI.  If you are still digging out of debt then spending money in your neighborhood just to spend money isn't a great idea.  If you're FI or well on the way it can make sense to devote some $$ to keeping the neighborhood businesses alive.  As a minimum spend whatever restaurant/coffee shop/bar budget you have in the local area.

[justajane]

I feel the same pull. Our neighborhood is perhaps a few decades on from yours, i.e. it was awfully sketchy about 20 years ago and now has super cool coffee shops, book stores, and boutique shops in the downtown where pawn shops, payday loans, etc. used to be. It arrived at this place because people did take a chance on the neighborhood, and, most importantly, the schools turned around. The problem now with me "eating local" is that it is damned expensive. And the boutique shops are things like organic beauty product stores, essential oils, specialty meats and spirits. My Mustachian side just can't do it. When I go to coffee, I do meet friends at the local one in walking distance, but for dinners out, I have to admit that we don't go to the places in our downtown. We go elsewhere. I just can't drop $50 on a dinner for two anymore.

[southern granny]

My suggestion is to visit them at least once and if they are good, then do several online reviews to encourage others to try out the business.

[MarciaB]

I feel the same pull. Our neighborhood is perhaps a few decades on from yours, i.e. it was awfully sketchy about 20 years ago and now has super cool coffee shops, book stores, and boutique shops in the downtown where pawn shops, payday loans, etc. used to be. It arrived at this place because people did take a chance on the neighborhood, and, most importantly, the schools turned around. The problem now with me "eating local" is that it is damned expensive. And the boutique shops are things like organic beauty product stores, essential oils, specialty meats and spirits. My Mustachian side just can't do it. When I go to coffee, I do meet friends at the local one in walking distance, but for dinners out, I have to admit that we don't go to the places in our downtown. We go elsewhere. I just can't drop $50 on a dinner for two anymore.

So, I'm thinking that your work is done  (if you were there 20 years ago when times were tough). You supported the neighborhood in the early days, and now you're off the hook. They don't need your help anymore, right? Let some foolish spendaholic support them now.

[iris lily]

Yes, I've had exactly the same dilemma. I live in an urban core neighborhood that has "arrived" but it took 40  years for that to happen.

In past years:
I have purposely visited our little business district to buy Christmas presents, even though these are presents I wouldn't ordinarily buy. I want them to get business. 

At times I debated "go neighborhood or go outside" when we dine out. I felt guilty for going outside of our neighborhood when we've got a nice variety of places here, I felt like I'm committing adultery.

  I had someone cater an event at work that was done rather poorly.

But now that I am retired and on a fixed income:

I don't buy stuff just to support businesses here. They need to offer something that fits in with my values. I won't buy twee stuff in the gift store because it annoys me that the entire shop is filled with useless crap. I won't visit the new ice cream place because I don't care about gourmet ice cream at $5 a pop.

I WILL make an occasional purchase of size: a piece of art for $250 and would have purchased more if my favorite pieces hadn't been sold. A commission of a wrought iron piece. A big dinner for my birthday with 10 people hosted at the great (but a bit pricey) restaurant down the street. Etc because these are all tings I love. 

So, this dilemma is one of those balancing acts of life. Give them some business, but as I think about past experience, I would make sure you reward the business that actually provides you with goods or services you want. I think it's a mistake, in the long run, to prop up places that  don't give people what they want. I lose respect for business owners who are a testament to their ego. I really do not understand why people think opening a "shoppe" stocked with things selected by their good taste will attract the buying hoards and all will be hunky-dory.