Fulfilling Philanthropic, Charitable Desires, Even When Finances Are Tight

 

The desire to give back — to donate something of value to a favorite cause — is there, but perhaps the room in the budget to make a monetary donation isn’t.

Fret not, because when your heart says “Give” but your head says “I can’t afford to give,” there are still plenty of ways, beyond a simple cash donation, to support a philanthropic, community or charitable organization.
“Organizations value your time, your talent, and your treasure,” says Mitchell Kraus, a Certified Financial Planner™ at Capital Intelligence Partners in Santa Monica, CA.
Here are some ways to tap the three T’s to fulfill your desire to give when money is tight:

1. Volunteer your time. Non-profit organizations rely heavily on volunteers for all kinds of reasons — to staff an event, to help keep their day-to-day operations running, to interact with the people they serve, and much more. “You can do everything from teaching English as a second language to volunteering in a hospital to building trails in a local park. There is something for everyone and it can be even more personally rewarding than giving money,” says David J. Haas, a Certified Financial Planner™ with Cereus Financial in Franklin Lakes, NJ.

2. Volunteer your professional skills or personal talents. What are you good at? What job skills might you be able to offer to an organization? Opportunities abound to share your talents and expertise. Use your culinary chops in the kitchen of a homeless shelter. Lend your accounting skills to an organization that needs help with its books. Use your powers of persuasion to help with fundraising. Mentor single moms to help them develop professional skills.

3. Put your skills — or the fruits of your talents — up for auction. Many organizations raise funds through silent or live auctions, notes Kraus. Here’s an opportunity to donate something of value to the fundraising effort — handmade pies or other baked goods if you’re a skilled baker, for example, or handyman services if that’s a strong skillset for you. “This is also a great way to advertise your business,” adds Kraus.

4. Sell stuff you no longer need or use and donate the proceeds. Scour the garage, attic, closets, basement and storage unit for items that you don’t want that may still have monetary value — furniture, electronics, bikes, jewelry, coins and other collections, clothing and more. Then look to sell them through a forum such as CraigsList.org. Or try selling them by holding a garage/yard/estate/tag sale and give the proceeds to your favorite organization, Haas suggests.

5. Give goods you no longer need or use directly. Instead of trying to sell unwanted/unneeded items you find in the garage, attic, closets, basement and storage unit, donate them directly to the organization of your choosing.

6. If you own a business, donate office supplies or contribute products the business makes, such as extra food if you’re in the culinary business.

7. Donate property or shares of stock. This can make sense for people who otherwise would be facing a significant tax payment on real estate or stock whose value has appreciated significantly.

8. Name your favorite organization as a beneficiary in your will or trust. “Sure, you can't afford to give now,” says Haas. “But charities love to get bequests and you don't know if there might be money left when you die. [If there is], leave some of it to charity.”

Finally, remember that your acts of giving may also come with tax benefits. Ask the organization to which you donate, and an accountant, about those benefits and how to claim them.