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Three Ways to Incorporate Philanthropy Into Your Budget

Philanthropic giving is one of the best ways for the average person to make the world a better place. Unfortunately, many people who want to donate struggle to do so, finding it difficult to give time and money. Thankfully, there are plenty of solutions to this problem. Using a few budgeting tricks, anyone can find […]

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Philanthropic giving is one of the best ways for the average person to make the world a better place. Unfortunately, many people who want to donate struggle to do so, finding it difficult to give time and money. Thankfully, there are plenty of solutions to this problem. Using a few budgeting tricks, anyone can find a way to support a beloved cause and stay motivated. 

Focus on a Fixed Percentage

The easiest way to budget for philanthropy is to treat donations like standard expenses. Add a line for generosity to the budget and dedicate a certain percentage of all income to charitable giving. The size of the percentage isn’t what matters; focus on finding a rate that works well with your income and other monthly expenses.

This is important because it ensures that money can be set aside for philanthropy every month. Many people who want to give fail to support it as a habit. They run out of money by spending it on other things, which leaves them without any for charity. A strict budget will avoid that problem.

Focus on Your Skills

Smart philanthropists take their skills into account when planning their giving. Some of them donate their time instead of money, which can be an excellent option for people who are on a tight budget. Others focus on giving money to charities that they understand, supporting causes with which they identify. For example, construction experts might give money to charities that build homes for those in need. 

You may find the resources to offer both time and money to a cause, such as funding and administering a project. Philanthropists who rely on this strategy can ensure that their donations fund the most productive organizations, which can maximize the benefits of a small donation.

Focus on the Results

Motivated philanthropists can always find a way to work charity into their budgets. The best way to maintain that motivation is to keep an eye on the results of philanthropic giving. Those who have concrete proof that they can improve the world find it easier to keep chipping away. Strategic philanthropists can also take the opportunity to make sure their donations go to the right places and adjust their plans accordingly.

Philanthropic giving doesn’t have to put a strain on your wallet; it shouldn’t. Practicing philanthropy can be so rewarding. With the right planning and budgeting, you can dedicate your resources to a worthy cause!

This article also appears on NicholasKahrilas.net.

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