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COVID-19: Donate to State and Local Response Funds

The Philanthropic Budget

Resources are limited. There is only so much time in the day and so much money to go around. With prices climbing and demands for our limited resources increasing rapidly, it can seem especially difficult to fit philanthropy into our lives. We hear frequently about the importance of budgeting to ensure our financial obligations are met and goals reached. Today, we have some simple tips for how you can include philanthropy into your planning, ensuring that it becomes a lifestyle habit instead of one more demand on your limited resources.

Tight Monetary

Resources are limited. There is only so much time in the day and so much money to go around. With prices climbing and demands for our limited resources increasing rapidly, it can seem especially difficult to fit philanthropy into our lives. We hear frequently about the importance of budgeting to ensure our financial obligations are met and goals reached. Today, we have some simple tips for how you can include philanthropy into your planning, ensuring that it becomes a lifestyle habit instead of one more demand on your limited resources.

No matter what your resources are, everyone can become a philanthropist. Recent studies  prove that those who earn the least usually give the most. Oseola McCarty exemplifies how with a little bit of planning, you can produce results with a large impact.  McCarty worked as a laundress in Waynesboro, Mississippi. Through-out her career, she tucked away the money she earned, sacrificing many of the luxuries others enjoy in life. Eventually, her planning paid off and she was able to make a $150,000 donation to a scholarship fund. Through her planning and generosity, McCarty’s story reminds us that “Philanthropy is about thought, care, deliberation, going beyond the expected, and becoming involved. It is about bringing your giving in line with your hopes for a better world.” [Source: Fritz]

When beginning your philanthropic planning, first identify your passion and the cause you would like to support. Then, identify the needs of the nonprofit and the resources you have available.

If you decide to support your charity with a monetary donation, begin incorporating the donation into your monthly budget. Keep this in mind: you should be able to pay your bills, cover expenses without credit cards, and put some savings away for retirement before you make a donation to charities.[Source: Dove]. Consider cutting back on nonessential items, like premium cable, an unused gym membership, or daily latte, to increase your giving potential. Make a commitment to donate a set amount monthly. Some charities may even automatically deduct the amount from your account. Most importantly, remember this golden rule: no matter what size you can donate, every little bit makes a difference in the long run.

What if you want to give more but don’t have the monetary resources? There are lots of options to be a philanthropist that do not involve opening your wallet. For many organizations, time is a huge gift. Carve out specific time slots in your schedule to volunteer with an organization. Volunteering allows you to see the effects of the charity first hand and even has some proven health benefits! Some employers may even match your time volunteering with a monetary donation. Make sure you talk with your employer to see if they can increase your donation in any way. You can also clean out your house and donate your excess clutter.  Be sure to check out the additional resources below for more ideas on how you can make an impact without spending a dime!

Giving of your resources takes thought, planning, and diligence. In the long run, however; it pays off. With each dollar given, item donated or minute volunteering; you build a habit of giving. Charitable giving requires sacrifices, but should not be detrimental to your resources. Make a small lifestyle change today and become the philanthropist you never thought you would be!

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