Any blog on mastering personal finance has to talk about how to give back. I bet you care about a cause that could really use volunteers, donations or cash gifts. While you’re choosing your cause, here are some ideas about how to do good with more financial savvy:
- Keep records of everything you donate. Even though it’s easier to let your parents take care of your tax paperwork, you should do your fair share by tracking what you’ve given. When I moved out of my last apartment, I didn’t want to list 100+ book titles, so I snapped pictures of the books while waiting in donation line. Goodwill and Salvation Army have good guides for how you should value your clothing, furniture and gaming systems.
- Donate time instead of money: Great way to connect with the community of other donors. A few years ago, I was inspired by Thanksgiving to volunteer in the fight against hunger, so I cooked at a soup kitchen for a few weekends. I wanted to help those outside my immediate city too, so I volunteered at a charity that fights global hunger, especially in developing nations. I was rewarded with doing some good and also meeting other like-minded people.
- Look for matching gifts: Sometimes, a donor “challenges” the rest of the community to give too. One example is matching gifts, where a big donor will match all money raised up to, say, $25,000. Ask the nonprofit that you’re interested in if they have matches and mention any matches as you talk to friends and family about your cause.
What are you giving back to this holiday season? Post your ideas at the What’s My Score Facebook page.
—Jean L.
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