How to Budget for Charitable Donations
The holidays are known as the season of giving. This is especially true when it comes to giving to charity. Many people give money, time, or physical goods to their favorite charities during this time. This is especially beneficial to these organizations as many raise up to half of their annual revenue during the last two months of the year.
However, for many Americans, money is tight during this time of year and they may not have extra to give. Fortunately, the personal bankers at Citizens Bank are here to help you create a budget that allows you to give back while saving money. Below, we explore some ways you can budget for charitable donations this holiday season.
How to Plan for Charitable Donations This Holiday Season
Like any gift you give during the holidays, a charitable donation is something you need to budget for. You want to know your money is going to a good cause and that you will be able to care for your needs before giving to others. Below, our personal bankers share some tips on how to plan for charitable giving this holiday season.
1. Include Charitable Giving When Making a Budget
A budget is an overall summary of your income and expenses like housing, food, and transportation costs. You can also include extras like charitable donations in your budget as well. By doing so, you can see how much you spend on giving to charity or plan to give a set amount based on what you can afford after other expenses.
2. Choose One Cause You are Passionate About
You may consider yourself to be a generous person. However, it’s best to focus on one cause you are passionate about to fit charitable giving into your budget. Figure out what you care most about and find charities that align with those values. For example, if you value education, you may want to give to a local school.
3. Involve Your Family in Giving Back
Teaching your children about financial literacy is a gift that will last them a lifetime. Make sure to include lessons about generosity, including giving to charity, as part of their financial education. This way, they will learn how to use their money to not only benefit themselves but others in the community as well.
Help them find a cause that is of interest to them and make a plan to donate money, time, or resources to it. For example, if your child loves animals, you could help them make a plan to save part of their allowance to give to a local animal shelter as a cash donation or to purchase pet food or other supplies to donate.
Also, consider making a donation to a charity in honor of a friend or family member as a gift this holiday season. Choose a charity that is important to them or related to their interests. If you want a tangible item to give along with the donation, consider giving a card that describes what the contribution will be used for.
How Citizens Bank Gives Back to Our Community
Since its establishment in 1904, Citizens Bank has been dedicated to giving back to the communities it serves. We partner with esteemed local nonprofit organizations such as Operation Hope to deliver resources and financial literacy education to individuals in need, helping them attain financial stability and self-reliance.
As a historically Black-owned bank, we invest in programs related to racial equality and economic growth in the Black community. We also support initiatives to make homeownership and other goals more attainable to all citizens, regardless of race, in our community. To learn more about our community involvement, contact us today.
Give Back in Tennessee With Citizens Bank
Giving back to your community goes beyond charitable donations. If you’re not already, consider becoming a member of Citizens Bank. As a member, you will be supporting a local, Black-owned bank and the community as a whole through various initiatives promoting economic growth and racial justice.
To start giving back to our community today, contact us online, call (615) 327-9787, or visit us in Nashville or Memphis to start the process of becoming a member of our bank. Our personal bankers would be happy to help you set up your account and join our many satisfied members. We appreciate your support.
Donate to Charity in Tennessee With Citizens Bank
You have many causes that are important to you. You want to be able to give back during the holiday season but may not know how to do that while staying within your budget. Citizens Bank can help you create a budget that includes charitable donations, along with other holiday gifts and related household expenses.
To learn more, contact us online, call us at (615) 327-9787, or visit one of our branches in Nashville or Memphis today. We can help you explore your savings options and join our holiday club so you can plan for the holidays this year and for years to come. It’s part of our commitment to supporting our members and community.