Pay now and consume later to help local businesses survive the economic slowdown

Posted on April 30, 2020

The global economic slowdown has left many small and large businesses struggling to keep their heads above water. And while governments may provide financial support, what companies really need are customers buying their products and services. If you can afford it, now is the time to help them out.

One way to financially support your favorite restaurant, theater or local shop is by prepaying for something you will consume in the future. For example for a future dinner. You pay now, e.g., by purchasing a gift card, and enjoy it once the crisis has passed. This not only helps businesses to make ends meet, it also gives you something to look forward to. After all, picturing ourselves in a brighter future can help us stay mentally healthy these days.

Financially supporting local businesses can be rational and socially sensitive once you’ve got your own finances in order. For example after you’ve successfully taken the 10 most important steps in case of a financial shock. Interested in other ways to help? And in why paying now and enjoying later can be beneficial for yourself as well? Continue reading this article.