3 Ways to Give More Without Sacrificing Your Financial Goals

Wednesday, 16 Dec 2020

3 Ways to Give More Without Sacrificing Your Financial Goals

 

For many people, seeing hurt and hardship going on around them prompts an aching desire to help in some way. But in the absence of traditional power and influence that comes with being a high flying business person or, well, running the country (!), it’s easy to feel like there’s nothing everyday people can do within the boundaries of their financial position and goals. We spoke to finance blogger Emma from The Broke Generation, to get her tips on how to give more without sacrificing your financial goals. “The key is to make donations part of your regular habits, without feeling like you need to dip into savings or reconfigure your whole financial position just to make a difference,” she says. Here are Emma’s top tips:

1. Budget for it

Allocating money to something that’s new for you can be a challenge, which is why giving to charity can sometimes feel like it’s eating into your savings or your disposable income. If you want to give to charity more regularly, add your nominated amount as a line item into your budget, just like you would a bill.

 

That way, it becomes a non-negotiable for your regular spending, and you’ll find it easier to make room for it in your usual financial habits.

 

2. Give like you do already

Lots of us are used to allocating money each year to giving gifts for Christmas or the holidays, birthdays, housewarmings, weddings, new born babies… the list goes on. So if you’re looking to find easy ways to donate to charity more often, try adding your favourite charities to your regular gift list.

 

If you gained a niece or nephew, you’d likely add them to your gift list and make it work accordingly, so treat your favourite causes like new additions to the family. Factor in giving a monetary gift, large or small, at other times when you’d give gifts. By anchoring the act of giving to something you already do, you’ll soon be giving a little extra to the things that matter to you.

 

3. Make it a community effort

Opt for a strength-in-numbers approach, and involve those close to you in your endeavours to give more regularly. You could develop a giving challenge with friends, where each month a nominated member of the group researches a new charity and shares their learnings about their work. During your learnings, you could each make a donation if that charity aligns with your values. Alternatively, if you’ve got friends and family with similar values to you, you could come together and swap a lunch date or a birthday gift budget with a donation to your chosen charity. That way, a bit like tip #2, you make it a habit to make donations a part of gifts you’d be giving anyway.

 

CBM Australia appreciates all donations, large and small, and truly values your taking the time to read through these tips and consider making regular giving a part of your lifestyle. All donations over $2 are tax deductible, too, so remember to include your acts of kindness on your tax return.