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Being Smart with Giving Away Your Money

The reason for giving money away may be different for every person.

For many of us, giving to a charitable cause recognizes that no matter where we are in our own financial journey, there’s always someone above or below own position.

Giving helps pass on successes to others less fortunate and make the world a better place.

Start With Yourself

Giving to charity shouldn’t come above your own financial needs. Only for some income brackets is it possible to move giving to the first line of your budget.

Look at your own budget and financial needs before you assess how much you can afford to pass on to charity. If donating to charity puts you in a tough financial spot, you may need to hold off on donating until you’re better equipped.

Be Diligent, But Don’t Overthink Giving

While it’s important to do your due diligence when researching which charities you should contribute to, it’s easy to get so caught up with your research that you lose sight of why you’re giving in the first place.

Trying to maximize the return of your donations is admirable, but realize that every charity likely has overhead and operational costs and not every penny you contribute will make it to your chosen cause.

Instead of only giving away money when you’ve found the perfect opportunity, try splitting your donations into multiple causes to spread out its impact and put to use right away. If you’d like to get a basic understanding of where your money is going at each organization you donate to, check out Charity Navigator.

Giving vs. Wanting

Many people who donate say that they do so because throughout their lives, they’ve found more joy in the act of giving away money than wanting something new.

For first-time givers, the impact of changing a life can feel like a rush. Giving to your community, even if it’s just your time, can have a profound impact on their daily outlook.

By shifting your perspective from always wanting more to instead finding ways to give selflessly, you’ll likely find new sources of joy.

Even just a few dollars a month can go a long way in some charitable organizations. Or a simple act of kindness when you’re out in the world can turn someone’s day around.

If you’re new to giving away money, start small and find ways you can make a big impact with just a little bit. Don’t overthink it as you start to donate regularly to charities or causes — every little bit counts.

Want to learn more? Check out a recent episode from Edukate’s podcast Subject to Change.

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