Charitable Giving – Do You Factor This Into Your Budget?

Charitable giving ranked at #8 on MSN Money’s 9 Financial Resolutions For 2009.

“It’s easy to forget those less fortunate when you’re feeling less fortunate yourself. Don’t, says Bernhardt, of Bernhardt Wealth Management. Not only do charitable donations help you save on your taxes, but helping others can have a positive impact on your psyche and, if enough people donate to domestic causes, the economy.

‘It is important in times like this to have a grateful heart and a thankful heart for what we have because there are a lot more people worse off than we are,’ Bernhardt says. ‘These charities all need volunteers, so it doesn’t have to be money. But if we can make that financial contribution, ultimately, we should.'”

– MSN Money

As I’ve mentioned before, I do make charitable contributions throughout the year, but I don’t worry about deducting them from my taxes.  At the moment, I have $20/month contributions going to both V-Day and Greenpeace, with plans to add a steady, monthly contribution to Planned Parenthood in 2009.

How about you?  Do you donate to any charities with time and/or money?  Is this something you factor into your budget or do you simply contribute lump sums when you have some extra cash?

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2 Responses to “Charitable Giving – Do You Factor This Into Your Budget?”

  1. SarahMC Says:

    Hi Penny! Stupidly, I do not factor charitable giving into my budget. I don’t even have a budget. Instead, I tend to impulsively give $ to causes near and dear, without really considering whether I can afford it. I just got a request from the Humane Society, which I may need to stop giving to, because I feel giving directly to local shelters is more helpful. I also give to Planned Parenthood whenever the mood strikes.

  2. funnyface Says:

    We do, at least 10% of our income is designated for charitable giving. We do more when the opportunity arises, like a friend going to Africa to practice medicine for a month, or something. Our ultimate goal is to have our budget divided into thirds, one being save, one being share, one being spend. But we have a pile of student debt, so we won’t be achieving that goal for a while. (We got the idea from the “Money and Moral Balance” episode of NPR’s “Speaking of Faith” show.)

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