As Financial Trainers, we’ve had the privilege of witnessing the amazing generosity of our clients throughout the pandemic. An increasingly common question is how to donate and support charities when you’re paying off debt? So, we wanted to compile a list of ways that you can be thoughtfully generous and make your dollar stretch as far as possible!
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Donate your points/miles. Some nonprofits will accept those precious points and miles you’ve earned on your credit cards. We know they’re hard to part with, but it could be an alternative to giving cash, especially if you don’t see yourself using those points anytime soon.
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Choose a percentage to give from each paycheck. Some clients commit to donating a certain percentage of their paycheck, regardless of how much they earn. For example, if you earn a commission, you could choose to set 1% or 5% or 10% from each commission check to go towards your preferred nonprofit. This can take the mental guesswork out of, “How much should I donate?”
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Sign up for a credit card that has a “donate the change program,” where every purchase is rounded to the next dollar and the difference is donated to the charity of your choice.
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Similarly, you could sign up for an app like The Round Up app. Their tagline is, “Turn Pocket Change into Global Change.” Another option is the Coin Up app.
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If your social impact is important, you could choose to make your investment accounts socially responsible. You could also check out https://www.locavesting.com/
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Company Match program – Some employers will match your donation to various charities, so you can double your impact!
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Donate your time. You can share your talents with others whether that’s through helping an organization in your community or volunteering to offer to lead a free workshop. There’s many virtual volunteering opportunities now, too, so you don’t even have to leave your house!
As we always like to say at the Gym, you should think about your finances like an oxygen mask on an airplane – they always tell you to put your mask on first before helping others. Same is true for donating. If you choose to donate with your wallet, talk to your Certified Financial Trainer about what you can afford. Is donating one of your non-negotiables? If so, there’s always a way to work it in!
If you know you want to donate, but aren’t sure where, you can use the website Charity Navigator to look up various charities and what your donated funds are used for.
