If your business is considering becoming affiliated with a charity this could be great for your reputation. By marketing yourselves as promoting a humanitarian cause, you’ll boost your business. Consider it an investment in itself. Here are six ways to budget for charitable giving.
How to choose a charity
Try to choose a non-profit to support can be a daunting process. There are so many people in need all over the world, and infinite organizations to help them. The important thing is to get organized and do your research. You could look into specific cases such as Jos Opdeweegh, or look up lists of reputable organizations online.
There are also plenty of charity watchdog sites to help you understand which companies are ethical. If you’re looking to sponsor a charity on the long term, think about something you’re really passionate about. If you’re looking for a non-profit for your business to support of work with, try to find common ground. Think outside the box to find shared values or a connection between your products or services and the work that they do.
Include it in your monthly budget
To keep yourself or your business overspending, it’s best to include charitable giving in your weekly or monthly budget. Some experts recommend that in order to budget for charitable giving, you should think of your donation as a percentage of your income.
If you get a bonus or a gift at work or find a new client, you will know ahead of time how much exactly you can afford to give to charity. Include your donations as part of your regular budget. You can always cancel them if you need to cut costs at any point in the future.
Automatic payments
Once you’ve chosen a charity and budgeted for the amount of your donation you can set up online payments. Making the entire process automatic means it’s convenient and painless. Your donations will come out in the same way as your other standing orders for bills and utilities.
Charitable organizations have portals to make automatic payments easier. You can also follow them on social media as most of them have a button to donate on their account page. With a little control, charitable giving couldn’t be easier.
Find matching programs
A great way to give to charity is with donation matching programs. If you work for a large company you could ask your employer to match your donation. This is an opportunity for the company to boost its reputation and branding. If you own a business and would like to take part in this type of scheme, you can offer to match employee donations.
This is a quick way to multiply the effect of your donation. As an individual, if you can only budget for so much, it’s a great way to bring more money to your chosen cause. Other institutions such as universities will also offer matching programs so do some research.
Charitable investment accounts
Charitable investment accounts come in the form of donor-advised funds. If you regularly give to more than two different organizations you can consider opening one. How it works is you transfer the money or other assets, and they are invested tax-free. The donations are then spread over the charitable organizations.
With one of these accounts, you might also be entitled to a tax deduction. If you are serious about donating, it’s a way to streamline the whole process. You will also have the option of making yourself an anonymous donor.
Fundraising
If you’re at your maximum budget for charitable donations then you could try some fundraising ideas. Think of new ways to make a contribution to your chosen cause. You could also consider volunteering. Non-profits will appreciate your time as much as your money. There are plenty of places you can offer your services.
If you want to draw in business for your company, you could set up fundraising or volunteering at work. Publish it on social media and regularly post videos of how you’re doing. This way you’ll be doing something for a good cause but also helping your business. You can turn charitable giving into a win-win situation, and promote both the organization and your company.