Whether you’re a self-made billionaire, median-wage shift worker, or well-to-do (but not astronomically wealthy) working professional, you probably want to do your part to improve your community and the wider world.
You just might need a little help figuring out how best to make an impact.
You’ve come to the right place. This is your introductory-level road map to giving back more effectively, and within your means. Think of it as a guide to help you make the world just a little bit better, no matter how busy you are or how much you have in the bank.
- Make a List of Causes You Care About
Start by making a list of the philanthropic causes closest to your heart. It might be helpful to make a “giving mission statement” to guide your thinking, some experts say.
“Creating a giving mission statement helps you focus on issues you care about most and want to support,” says Fidelity Charitable. “It is a way to give yourself permission to say ‘no’ to causes that may be worthy but don’t align with your values and charitable priorities.”
Don’t worry about naming individual charities or community groups right away. That will come later, as you get deeper into the research process.
- Figure Out How You Can Support Them
Americans gave more than $557 billion to charity in 2023, more than the gross domestic product of a medium-sized country.
Unless you’re quite well off, you’re more likely to give $557 to charity this year. Maybe $5,570 if you really scrimp and save.
So put out of your mind the idea of cutting life-changing checks to any individual or philanthropic organization, and instead think creatively about how you can stretch your dollars or your time the farthest. That might mean partially funding a scholarship, or donating nonperishable food that you’re sure won’t go to waste, or “donating” volunteer hours instead of money.
- Compile an “Annual Giving” List
About 67% of donors say they’re sometimes unsure about the legitimacy of the charities that ask them for money, according to Fidelity Charitable. Quell this concern by compiling an “annual giving” list of legitimate organizations and making an action plan to support each. When in doubt, give to organizations whose good works you can directly verify.
- Lend Your Talents
If your finances are tighter than you’d like or you simply prefer to “donate” your time, consider volunteering in a way that leverages your professional talents. For example, if you’re a certified accountant, consider partnering with an organization that offers free tax preparation for low-income individuals or small business owners. Or if you’re an accomplished carpenter, hook up with your local Habitat for Humanity chapter.
- Find Volunteer Opportunities That You Actually Enjoy
If you can’t find a volunteer opportunity that aligns perfectly with your day job or hobby, that’s OK. The next best thing is to find an opportunity that you actually enjoy doing.
This could wind up being a win-win situation for you and those you’re helping. After all, “a wide body of research from charitable organizations, healthcare and mental health researchers, insurance companies, and others has documented the mental, social and physical health benefits of volunteering,” according to Community Memorial Healthcare, a California-based health system.
Do Unto Others…
It sure would be nice to have unlimited resources, but very few of us do. In fact, even fabulously wealthy philanthropists have to structure their giving and prioritize recipients, which often means leaving worthy causes out in the final accounting.
Don’t worry too much about which causes end up getting the most of your money, your time, and your attention. Instead, do your best to support them in whatever way you can, knowing that you’re living out the Golden Rule and making the world a better place in your own small way.