How To Be Charitable When Money Is Tight

When you manage your money correctly you reap rewards that go beyond financial security. Strong money management skills often result in a person being in a position to not only feel safe in their own financial situation, but also help others in need. This giving back to the community is satisfying personally in that you know your time and money is helping others in need. Unfortunately when the economy takes a turn for the worse, even those with great money habits may find themselves feeling the pinch financially. If for whatever reason you find yourself unable to donate money to your favorite cause, consider the following tips to maximize your contributions to those who need it most.

• Time is a valuable commodity- Many charities and organizations created to help your favorite cause can benefit just as much, if not more, from a donation of time versus money. If you are short on cash or simply cannot afford to give money right now, consider donating your time. If you choose to take it one step farther, you can donate your professional services which will not only help the organization by saving them money, but you can benefit as well. You have the self satisfaction of helping in addition to being able to deduct the time and expenses from your taxable income at the end of the year.

• Check with human resources- Employees of large corporations are often able to participate in a program which offers a matching gift from the employer. Your human resources department will have the information you would need to determine if your employer will match your donation, basically doubling the amount. What happens when you are unable to donate cold hard cash? Many of these same companies are also willing to donate money based on the number of hours you volunteer at your charity. For example, if you volunteer 20 hours of your time, your employer might match your hours with a donation of $250 hours.

• Donate items- Short on time and money? Don’t feel bad, times are tough for everyone right now. That doesn’t mean however that you do not have anything to offer an organization in need of donations. Consider items you already have that you do not use. You can donate household items such as furniture, electronics and appliances that are in good condition to a local charity where they can either use, donate or sell the item to raise money.

While the main goal of donating your time, money or personal property to an charity is to help the cause itself, you can also receive tax benefits that only add to your personal satisfaction. Remember to keep track of your your donations if you plan on using them as a tax deduction. This is simply another way to manage your finances well so you can continue to help your favorite organization in the future.