Supporting Charitable Causes While in Debt

For many Canadians, giving to charitable causes is an incredibly common thing.

This is especially true around the holiday seasons when we’re feeling particularly generous.

However, when it comes to setting priorities, it’s unlikely that people will donate to charity when they’re struggling to get a grip of their own financial situation.

In a situation like this, can you still justify supporting charitable causes, or is it acceptable to keep your money to yourself in a time of need?

This is a fairly difficult subject to talk about since everyone’s situation is different.

So here are a couple of thoughts to keep in mind when thinking of donating while facing debt.

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Include donations as an expense in your budget

Most donations come from loose change and rounding your balance.

As such, we don’t really think about the money that we donate to charitable causes.

However, if you tend to donate a little more of your money, then it’s perfectly acceptable to add it to your budget as a regular expense.

This will help ensure that you can afford the donation instead of making it an impulse “purchase” in the moment.

Avoid impulse donations

Speaking of impulse donations, research has shown that 71% of millennial women make impulse donations to charities.

While this is a great sign of charitable behavior, it can be compared to making impulse purchases.

It’s important to be smarter when it comes to managing your budget, hence why you need to think twice about any kind of impulse you have to spend money.

Even if it’s going to a charitable cause, you need to have your priorities in order.

Impulse donations can quickly get out of control, especially if you’re donating a small amount to dozens of different charities.

A little means a lot

Don’t underestimate how far your donations can go.

People can often feel bad about the amount they donate because it’s not as much as other people.

In some cases, it can feel like a competition to see who can donate the most to charitable causes.

This is futile since it defeats the purpose of a charitable donation in the first place.

Instead of comparing yourself to others, understand that donating a little can go a long way and it’s a good idea to be more mindful about what you can afford.

Money isn’t the only thing you can donate

Whether it’s giving books and old clothes to charity stores or even donating your time to help people in need, being charitable doesn’t necessarily mean you need to spend money.

There are plenty of different ways to donate to charitable causes and you don’t need to place a monetary tag on it to be worth something.

At the end of the day, dealing with your debt problems is the best way to enable you to be more charitable.

So if you’d like to learn more about solving your financial problems, feel free to contact us today for professional debt management advice.

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