I was writing out a check to this charity for impoverished youth in Latin America the other day when I thought: should I be giving more? Maybe you’re like me—throwing a little cash here, a little cash there when the mood strikes, with no idea whether the amount is generous or stingy. So what is the sweet spot when it comes to how much to give? Some say 3%; some say more. I say, you gotta decide for yourself. But maybe answering these questions can help:
1. Do I have the basics covered? Hey, you gotta watch out for you. Are you covering rent, electricity, food and other basics? Is your retirement savings looking good? Looking at my budget and expenses was the first step in figuring out what I could afford to give. The info here can help.
2. How does charity fit into my grand plan? If you’re struggling with debt or you’re behind in saving for retirement, you may still be able to give to charity, but a lesser amount until you catch up. For me the trick was looking at my goals, figuring out how to get there, and weaving charity into the master plan.
3. Where can I find cash to give? Luxuries and impulse buys baby! Take a look at unnecessary spending. Could forgoing that latte or riding your bike to work instead of driving sometimes equal dollars toward an important cause?
4. How else can I give? If you’re in school, unemployed, struggling to pay off heavy debt, or in another financial situation that is standing in the way of your giving money to charity, I have two words for you: volunteer and donations. Check out opportunities in your area at sites like volunteermatch.org.
Giving is good—in terms of the financial perks and so much more. Before writing out that check, just remember to check your charity’s ratings at sites like charitynavigator.org. And for more What’s My score blog posts on charities, click here.
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