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In today's Edition of Put Your Money Where Your House Is, US economist Michael H. Shuman discusses how this concept has changed his mindset.

"We use a phrase in the United States to 'think local first': Whenever you're making an expenditure, ask yourself, is there a local alternative that is just as good and just as affordable? That act of thinking usually will lead to some degree of shift in your purchasing pattern." 

Some people may think that buying the cheapest price from a big box or online store is better, but that certainly isn't the case.

"A local business doesn't necessarily charge the lowest prices to be a great local business. It needs to deliver goods and services that really satisfy their customers and a smart local business works hard to do that"

Local businesses are here to provide unique goods and services, but they stay open thanks to the shoppers who put their money where their house is.

You can learn more about Michael Shumans work at his website michaelhshuman.com