The giving season is here, and you may be wondering how to make extra room for charitable giving in a budget weighed down by gifts for loved ones. No matter what, the holidays can put a big dent in your budget, so don’t feel guilty if you can’t write one big check to your favorite cause this year. There are several ways to give thoughtfully without causing stress. Read on for six easy-to-follow strategies to give back without breaking the bank.
[See: 12 Ways to Be a More Mindful Spender.]
Plan ahead for 2018. The first step is to figure out how much money you want to donate, and most importantly, how much you can afford to donate. You can identify the right amount that works for you by figuring out how much money is in your budget each month and how much you can afford to spend. Once you’ve crunched the numbers and have an amount you’re comfortable donating, make a habit of reserving that money each month to help meet your personal donation goals for the causes you care about.
Set up auto-pay. As you zero in on the amount of money you’d like to donate, identify your top causes to set up auto-pay for monthly donations. Making 10 to 12 payments a year is easier on your budget than making one large payment, particularly at the end of the year when there are so many other demands on your budget.
Raise money. If you’re tight on discretionary expenses, don’t forget that you always have the option of raising money for a particular cause. You can raise funds for charity in many ways — by organizing a local collection, participating in a sponsored walk or raising money on social media. For example, Facebook Fundraisers makes it easy to raise money for a specific organization or cause. Bring your community together to help support your donation goal.
[See: Prepare Your Finances for the Holidays.]
Donate goods. In addition to outsourcing money from your friends, family and co-workers, you can find creative ways to donate. Go through your basement, clean out your bookshelves, pull out those clothes you haven’t worn in years and donate them. For example, you can donate unwanted business clothes to Dress for Success, which helps provide professional wardrobes to disadvantaged women. Nike’s Reuse-A-Shoe program breaks down old shoes to create materials for public playgrounds. There are several organizations that will find good use for your old treasures.
Volunteer your time. At the end of the day, one of the best and simplest ways to help a charity is to donate your time. Many organizations need more manpower and people who are able to give time to support their mission, whether it’s preparing food, offering free tutoring or using a specific skill set. Charities are like any other business and can use professional service assistance such as legal aid, accounting, graphic and web design and more. No matter what your budget allows, donating your time can help anyone.
[See: 7 Habits You Can Learn From Highly Successful Savers.]
Don’t forget about taxes. It’s important to keep track of your donations for tax purposes. Making the donation is an incredible accomplishment during the holiday season — or at any time of year — and along with it, you’ll be able to save some money for yourself. You are able to record both monetary and goods donations to qualified organizations by itemizing your deductions.
If you’re looking to give back this year, keep these tips in mind to make the most out of the holiday season. It’s always a good feeling to spread some cheer and make a difference in your community or for the causes you care about, so don’t let your budget hold you back. Take a look at where you stand and what you can afford to spend, and remember that any amount of money or time makes a big difference to those in need.
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6 Money-Smart Ways to Give Back This Holiday Season originally appeared on usnews.com
