In high school, one of my favorite places to hang out on the weekend with friends was the mall. Now, shopping has never been my favorite activity, but the mall had an abundance of restaurants we could afford, and an abundance of other teenagers. I always came home with something small — usually something I purchased from one of the clearance racks. As long as the shirt was only $5, it didn’t matter if I only wore it a few times, right?
I never thought about why that shirt cost only $5 on clearance, or, better yet, why it only cost $15 initially. I never gave any consideration to the quality of materials, the labor used to create it, or the broader environmental impact not only of the production process but also of the fact that I would only wear this $5 shirt a few times.
Those concepts may not have occurred to teenage me, but they sure do to adult me. I’ve developed an interest in sustainable fashion and have become more curious about ways I could shift what feels like a behemoth system. One of the best ways we can live out our values is to put our money behind them. This isn’t always a straightforward process, but it’s a worthwhile one.
This week I’m sharing 5 ways you can use your money to create a better world for all of us — not just those of us with privilege. I encourage you to use these ideas to spark your imagination.
Save your money — buy less. I have more than enough. My husband and I are at the point in our life where we just don’t need more things. We value time with the people we care about and new experiences so much more than anything that can be gift wrapped. While there are certainly ways to buy more sustainably, ethically, and locally (and we certainly try to do this when we do need to buy things), I think buying less is one of the best ways to slow the cycle of consumerism and waste. Plus, it comes with the added benefit of having more money to put towards things we do care about.
Invest carefully in targeted and impactful ways. Too often we focus on the way we spend, forgetting that the bulk of our money is likely tied up in savings and investments that may or may not actually align with our values. There are ways to not only invest sustainably, but also to allow this money to make a deeper impact in our communities and around the world through impact investing. I’m grateful my retirement account provider offers impact investment and screening options. Now I’m taking it a step further by looking for opportunities to do smaller, more focused impact investments or microloans within my own community.
Donate “upstream” to address the root cause. Giving to organizations that offer relief for an immediate challenge is important, but have you ever thought about why that challenge exists in the first place? Over the last few years, as my husband and I started to learn more about systemic racism and the issues with policing in our community, we wanted to take action. Initially, we gave to victims’ families, but to address the root issue we began to support Campaign Zero. We were impressed by their multi-faceted, research-based approach to ending police violence not just in our neighborhood but around the country.
Examine the shadow side of your money story. While this might not be a “use of money” per se, I’m convinced one of the best ways we can create a better world is by investigating the impact of privilege and prejudice on us. It’s challenging to see the privilege present in our own stories until we spend time listening to the stories of others whose experiences differ from our own. A few of the things that have been particularly helpful for me on this journey: reading “The Sum of Us” by Heather McGhee, following indigenouspeoplesmovement on Instagram, and taking the time to listen to my students and friends who are LGBTQIA+. Listening to their stories and reflecting back on my own story has helped me see lines of privilege I never knew were there. This has helped me become more conscious of the ways in which I have intentionally or unintentionally used my money to perpetuate these systems of prejudice, and inspired me to live differently.
Join the movement for equitable pay. One of the best ways to fight the pay gap is by creating an environment where talking openly about salary and benefits is not only accepted, but celebrated. When I started in my new position almost two years ago, I was so grateful for the colleagues who shared with me what they earned and what I should earn in this role. I’ve tried to pay it forward by doing the same. If you are in a position where you are hiring and/or managing other employees, advocate for equitable pay and benefits for them as well as more transparency in the system. My husband’s work outlines salary ranges across positions in the company so everyone knows what they can expect. It’s amazing how equitable pay standards can break down silos across the workforce and help to build stronger teams.
These ideas are just a starting point. They are founded on my values, and your values are likely different than mine. Take what works for you and leave the rest. Have other ideas you’d like to share? Great! Add them to the comments below.