Are you more inclined to donate your time or your money?
Most people tend to be more generous around holidays or when natural disasters strike. That’s when people donate money or products. Generosity can also come in the form of time, when you volunteer at a local food bank or a non-profit.
Are you more likely to give away your time or your money?
Your answer could determine what type of “giver” you are.
Let’s unpack a few common beliefs about generosity and the act of giving. We’ll take a look at a few mistakes people often make when doing charitable acts.
Read on to avoid making the same mistakes.
Can happiness be found in charitable giving?
Research indicates there’s a connection between charitable giving and happiness. Specifically, people tend to feel better about themselves after they’ve made a consistent donation.
Therefore, the act of being generous contributes to your emotional well-being.
The study identified two different mindsets people tend to have about donations:
- The representation of time is associated with concepts of emotional meaning
- Money is closely associated with concepts of economic utility
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Giving away your time vs money
Volunteer work
Volunteering can be an amazing way to help out local non-profit organisations. It can also make you feel useful because you are sharing your time and skills to help your community.
Choosing to become a volunteer gives you the chance to meet new people who you probably wouldn’t have had the opportunity to meet otherwise.
One of the many great things about volunteering is the visible impact. This will not only motivate you to keep on giving, but it will also give you this amazing feeling of accomplishment.
People often tend to associate volunteering with the sense of fulfilment. Therefore, they will most likely consider volunteering as more valuable than writing off a cheque when it comes to charitable acts.
Money donations
For busy people, there’s always the option of helping out with money. Even though it may seem like the easy way out, let me assure you it’s not.
The decision to write off a cheque for a non-profit is not only a personal decision but also a financial one.
[ctt template=”7″ link=”r48Gb” via=”no” ]The decision to write off a cheque for a non-profit is not only a personal decision but also a financial one.[/ctt]
Before you make a definitive decision, take a step back and look at your financial goals and obligations. Do they all align with your decision to donate money?
It’s important to get your financial adviser on board with your financial decisions. They can help you figure out a way to manage all your financial desires.
Financial experts are known to specialise in finding effective ways to make all your financial dreams a reality. At Shuriken Consulting we specialists ready to help you right now. What do you need help with? Get it here.
Common mistakes you might make when donating to charity
- Disregarding the need to research a charity. Most people choose a charity based on their friend’s or family’s recommendations, therefore neglecting the need to do any further research. Every charity has their own strategy and mission. Make sure you check a charity before you decide to donate.
Tip: Find a trustworthy organisation to help out on the ACNC Register. You can check out their record and make sure the non-profit you choose will use your resources for a cause you believe in.
- Donating time is more valuable than donating money. People often think writing a cheque is far too easy, so it can’t possibly be as meaningful as volunteering. In reality, money can actually help an organisation far more than a few hours of a person’s time can. Of course, that doesn’t mean volunteering is less valuable – they go hand in hand.
- Small donations aren’t enough to make a difference. This “all or nothing” mentality affects many people nowadays. The truth is, few people can afford to give a huge donation. Impactful donations can be small, consistent gifts that add up.
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Have you made your decision yet?
Have you identified which type of “giver” you are?
Yes, donating your money is an important financial decision. I can help you decide which type of donations better suits your current financial situation. Wealth management is all about making your dreams come true while keeping your financial security intact. If you’d like that, let’s get in touch below.
