Charity and Financial Literacy

Today we conclude our analysis of The Importance of Financial Literacy. 800px-Bowery_men_waiting_for_bread_in_bread_line,_New_York_City,_Bain_Collection We look into the last portion of the Financial Literacy definition, “How that person donates it to help others.”

Why Donate to Charities?

You have probably heard the expression that Americans are the most generous people on the earth.  Part of this character quality can be attributed to the basic tenet that humans strive to help each other (i.e. religious beliefs or simply supporting the common good of society), but another contributing factor is financial prosperity that we have been blessed with.  By nature we each strive to protect our own self-interest, but in the end life is truly more fulfilled if you can be of service to others.

Remember, no all charity is strictly financial donations.  Volunteering your time in lieu of money is or more important as financial donations.  Without people physically on the street, it doesn't matter how much money is in the bank.

I don't have a strict budget percentage for charity, although we personally try to donate at least 10% of our income to charity.  If you can & want to give more to the organizations of your  choice, please feel free to do so.

Another bonus of charity is that if you itemize your income taxes, your qualified donations may ease your tax burden as well!

Ways To Give Charitable Donations

Here are a couple different ways that you can be charitable:

*Volunteer your Time with a local organization.

*Tithe/Offerings to your local congregation or donations to local organizations like your area pregnancy center.

*Donate unused clothing/household items or food items to the local Goodwill/Salvation Army or Food Pantry respectively.

*Make donations to organizations with a national presence that may support injured soldiers returning stateside or a medical research.

*Make international donations. Like Compassion International that sponsors a child living in poverty outside of this country. (We currently sponsor two children & you get to be penpals with the child as well.  You might consider this if your own children are the same age & want something interactive for them.)

*Utilize the Internet.  Amazon will donate when you make purchases from smile.amazon.com or the search engine Goodsearch.com will donate a penny per search.

If you aren't sure which charity to donate to but want to make sure your most your money funds the cause instead of administration, look at Charity Navigator that offers ratings on almost every charity to date.

Josh


Josh founded Money Buffalo in 2015 to help people get out of debt and make smart financial decisions. He is currently a full-time personal finance writer with work featured in Forbes Advisor, Fox Business, and Credible.