The fact that charitable giving can help reduce your tax burden is well known, especially if you’re in a high bracket. But the benefits of giving extend far beyond tax breaks.
Of course, giving can be a challenge – especially when money is tight. After all, your income could just as easily go toward a college savings fund for your kids, a much-needed vacation, or even a new pair of shoes. But whether you’re interested in the tax benefits or have altruistic motives – or a little of both – you can end up getting back a lot more than you give when you donate valuable items, cold hard cash, or even your time to your favorite causes. In fact, the emotional, social, psychological, and financial benefits of charitable giving often outweigh the satisfaction of splurging on yourself or your family.
Interestingly, research has indicated that the people who spend the most time thinking about charitable giving are actually the least likely to give. Unlike impulsive spending, impulsively giving can bring wonderful benefits to your mind, body, and community.
If you’re nervous about starting with cash donations, get your feet wet by giving away some items around your home that you don’t want anymore, such as toys, clothes, or furniture. Then, when you’re in a position to give financially, take that step – you’re not only benefiting the well-being of those you give to, you’re benefiting your own as well.
Have you experienced the benefits of charitable giving in your own life?