Black Friday is around the corner, and it can be tempting to snag deals and goods you may not need. But conscious consumerism―a mindful approach to buying less and taking ethics and sustainability into account when you do buy―is catching on and offering more meaningful ways to spend your time and money.
If you are planning to keep an eye on your budget this holiday season, you are not alone. TD Bank's 2024 Merry Money Survey revealed that more than half of respondents are scaling back their spending due to recession anxieties.
One of the best ways to start the journey towards conscious consumerism is to participate in Green Friday, Small Business Saturday and Giving Tuesday to tackle your shopping and support your community.
Black Friday: Thanksgiving is the start
Thanksgiving marks the beginning of the holiday season―a time of year marked by gratitude, celebration and, unfortunately, a mad dash to grab the year's best deals. Black Friday leads the charge and has become synonymous with frenzied shopping and overconsumption. But it doesn't have to be this way. Not only can you opt out of Black Friday; you can participate in alternative shopping trends that are good for the earth, local business and your community. Here's how:
Green Friday: Choose sustainability over chasing deals
Instead of impulsive binge shopping, turn your attention and contribute your dollars to the world around you. Buy from brands committed to sustainability, choose quality over quantity, buy locally crafted or recycled products, and support companies that prioritize ethical and eco-friendly practices. Or consider skipping shopping altogether and spend the day enjoying nature or partaking in outdoor activities.
Small Business Saturday: Give back to local businesses
The Saturday after Thanksgiving is an opportunity to support local retailers in your community―the independent bookstore around the corner, mom-and-pop bakery with the best blueberry scones, or boutique clothing store that sells must-have handmade scarves. Beyond the economic impact, shopping small is a great way to keep your neighborhood vibrant, reduce your carbon footprint, discover unique products and services from one-of-a-kind shops and feel good about your shopping.
Giving Tuesday: Make philanthropy part of your holiday tradition
After the Thanksgiving weekend comes and goes, don't let Giving Tuesday slip past you. It's a great time of year to think about something bigger than yourself and shift your focus from consumption to compassion. Here are some tips to help make sure your generosity makes the strongest impact all around:
- Do your research. Take time to understand an organization's mission and programs to confirm they align with your personal values. Also, assess their financial health, learn how funds are spent and confirm your donation will be used appropriately.
- Make unrestricted gifts. This allows the organization you're supporting to use the funds you donate in whatever way it finds most useful.
- Make a multi-year gift. If you're giving to an organization that you really love, consider donating throughout the course of the year to increase you impact over time.
- Give together. Participate in a giving circle where people pull their money to maximize their contribution or bring your family together to start a new giving tradition.
- Identify the best way to give and keep records. For example, determine if there's an advantage to using cash, a check or a credit card. And keep receipts identifying the organization, date and amount of contribution.
- Make your money work harder. Talk with your tax or financial advisor to discuss things like year-end tax reductions, donating stock, bunching charitable donations, avoiding capital gains and more.
- Look for matching opportunities. Find out if your employer or charitable organizations match gifts, which can double your donation.
Stop the shopping madness. Be intentional with your money, and consider Green Friday, Small Business Saturday and Giving Tuesday as meaningful ways to make your spending count. They're a great way to rethink spending over the holiday season and invest in the planet, community and future.
For more on personal finance topics
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We hope you found this helpful. This article is for informational purposes only and is based on information available as of November 2024 and is subject to change. This content is not intended to be used or acted upon with respect to any client's specific circumstances. For specific advice about your unique circumstances, consider talking with your qualified professionals.