- One of the best things you can do with money is use it to improve the world.
- If you’re doing your budget and have the cash available, you can choose to donate money.
- Here’s 10 reasons why you should donate money, including the health benefits of helping others and building a legacy.
Sometimes it’s difficult to get motivated with your finances.
Building wealth can seem very self-driven. That motivation doesn’t drive all of us however, with young people instead wanting to make more sustainable consumer choices. This includes paying more for sustainably developed products to help change the world with your money.
Donating money can be a great way to give back to society.
There are many factors that affect whether we donate money to an organisation, including being motivated to help others. We recognise that some of us don’t donate money, including if we can’t afford to donate. However, if you’ve done your budget and have cash free to spend, there’s some great reasons to dedicate that money to a good cause.
Here’s 10 reasons you should donate money:
1. You get a tax deduction
Many countries will count donations to recognised charities as a tax deduction. In Australia, you can claim a tax deduction for donations to organisations that have the status of deductible gift recipient. Don’t forget to keep a receipt so that you have proof of your donation.
2. You might live longer
Helping others is good for your health. Research has linked stress and mortality, meaning if you help others, you reduce your risk of death. This is likely due to buffering your stress levels, another health benefit from donating.
3. You’re passionate about a cause
A key reason that many of us donate is because we care about a cause and want to help drive its progress. Donating money that you’ve worked hard for is a conscious choice you’re more likely to make if you care about the outcome.
4. You want others to donate
It’s official: giving is contagious. The pressures of social influence affects contributions to charity or in other words, seeing others donating makes you more likely to donate. Start a trend among your friends and family by choosing to donate.
5. You want to feel happier
We know that money can buy happiness and donating is a great way to boost this. You don’t need to donate a large amount of money to feel happier either. Donating as little as $5 can lead to increased wellbeing particularly when you make an intentional choice to donate.
6. You can see the impact of an organisation
It’s difficult to justify donating to an organisation when you can’t see where your donation goes. Much more motivating is being able to track how your specific donation will help drive progress and achieve visible impact.
7. You want to help in an emergency
When we see an emergency on the news, we can help by donating to a reputable organisation, providing on the ground support. A great example of this was donations that supported bushfire relief efforts in Australia to support those impacted by this emergency.
8. You’re building a legacy
A legacy is how you will be remembered when you pass away. Donating money can be a way build your own powerful legacy to leave a lasting contribution. Knowing how you want to be remembered will help determine what cause you should put your money towards.
9. You want to give back
Many of us benefit from the society we live in, including community services we use every day. Donating money to the community you live in and benefit from can be a great way to give back to society. You can also choose to give to a cause progressing the Sustainable Development Goals to contribute at a global level.
10. You want to pay tribute to someone
If you’ve lost a loved one, making a donation in their name can be a great way to remember them. This could be contributing to a cause they were passionate about in their life time, building a legacy on their behalf.
The most important reason you should donate money: it matters to you.
We all have different drivers that influence our behaviour, including whether we care about donating money. With these 10 reasons you should donate money in mind, look at how you can contribute to a cause you’re passionate about.