How to make a bigger impact without giving more
February 17, 2023
 | By Jamie Schloegel, Chief Executive Officer |
After a year like 2022 plagued with financial turmoil, its easy to understand why some people might feel the need to trim charitable giving in 2023. Lingering inflation, continued stock market volatility and recession fears are making it feel like there is just less we have available to give. The good news is that you can still make an impact with your charitable giving even without giving more by following a few simple tips.
3 simple tips to supercharge your giving impact
- Sharpen your focus.
Identify the causes you care about most and stick to that list. Don’t just give when asked by a friend or fundraiser for things you don’t necessarily care about.
- Consider making fewer, larger gifts.
Charitable giving is one area where you don’t want to stretch your dollars, you want to concentrate them. Fewer, larger gifts will often make a more significant difference than many, smaller gifts. While it is true that any gift is a good gift, it is harder to see the impact of your giving when its divided among a dozen or so nonprofits rather than only a few.
- Commit for the long-term.
Found a nonprofit you really love? Let them know by committing to a multi-year gift. The more than an organization knows about how much support they can expect, the better they can plan how to put those dollars to work. You will more than likely feel more engaged in the progress of the work your supporting if you develop a personal relationship with the organization.
Start giving what you can
Making giving more routine is the simplest way to make the biggest impact you can. To do this consider allocating a portion of your monthly or annual budget to charitable donations. Setting a goal up front and making a realistic plan to achieve it makes it much more likely to happen. According to a recent survey from Vanguard Charitable, those who include charitable donations in their total annual budget give nearly four times as much money as those who don’t.
You can even take it one step further and automate contributions into a separate charitable giving savings account or directly to the organization(s) you want to support. The concept of automation leads to more successful outcomes over the long run, whether it comes from saving for retirement, for an emergency fund, or in this case, charitable giving.
Learn more
Want to learn more about ways to give now? How about planning to give later? Check out these links to learn more.