During the holiday season, our thoughts often turn to gratitude and the desire to make a difference in the lives of those in need. From gestures of kindness and support that don’t cost a penny to financial donations that help sustain ongoing charitable work, there are a wide array of options to make a meaningful impact for a good cause. The key to successful charitable giving is to assess your budget and then find the path that’s right for you.
Big Heart, Not-so-big Wallet
With so many charitable causes soliciting end-of-year contributions, it might feel like giving money is the only way to help. But think again! Consider giving your time or donating goods if cash is tight this year. Local charitable organizations may need help boxing and delivering food supplies, wrapping presents for a toy drive or serving a holiday meal to a community in need. You could also participate in a winter coat drive that accepts your gently used cold-weather clothing to distribute to those less fortunate. Baby blankets, pet supplies, toiletries, toys and even eyeglasses are items many charities can put to good use. Check with the organization you want to support for ways you can help and what items they do and don’t accept.
Give a Little, Help a Lot
If you have a little cash to give, no amount is too small – even $5 or $10 can make a difference. Do some research into reputable local and national organizations and find one that aligns with your goals and values — or that serve the people or causes you most want to support. Whether it’s honoring a cancer survivor in your family or helping make sure a child doesn’t go to school hungry, your small cash contribution adds up. If you think you have $10 every month, you could even start a monthly giving plan — many organizations let you sign up online for an autopayment and specify the amount and you want to give each month. Start small, and as your salary increases, consider giving your charity a raise too.
A Lifetime of Good Works
No matter how small you start, your charitable donations can make a difference. Work with the charity of your choice to set up an annual giving plan — most have tiered contribution suggestions tailored to different income levels. Review your donation plan annually with a Financial Professional and consider charitable giving alongside your retirement and short- and long-term savings plans. A legacy gift through bequests in your will or a charitable trust can be a meaningful act of kindness that lasts far into the future. As an added benefit, you may be able to deduct your contributions — whether cash or physical goods — from your taxes.
Regardless of your income level, the season of gratitude is an invitation to take a step toward helping others. Assess your finances, research your options and find your own way to pay it forward.