Around 70 shops across both towns are offering something special for £5 until Sunday, July 13.
Malton and Norton became Totally Locally towns in June last year.
The aim is to promote services shoppers have on their doorstep and encourage people to "love where they live".
Emma Brooksbank, from the Totally Locally group, said: "The summer of sport Fiver Fest underpins one of Totally Locally’s key messages: if everyone in Malton and Norton spent £5 in an independent shop which they would have otherwise spent online or in a big supermarket, it would be worth a vital £2.6m each year for our local economy.
"If lots of the Malton and Norton shops get inspired to do great window decorations on the sporting theme, there willl be a Totally Locally prize for the best one – we’re going to ask local young sports people to do the choosing."
Emma said the the Summer of Sport FiverFest would cover all the national, international and local sporting events including Malton’s Festival of Cycling through to the World Cup final.
"Totally Locally are grateful to Malton & Norton Chamber of Trade and to Malton CIC for covering the printing costs of this FiverFest and we hope people will get involved with all the wonderful £5 offers across the towns. Shop Local and enjoy all the wonderful sporting events this summer!."