It’s fascinating how the festive season is the primary period in a year when we amplify the culture of giving. However, excessive spending coupled with accrued debt during this period often makes the act of giving seem more burdensome than rewarding. Nonetheless, the act of philanthropy is not only beneficial to the recipient but also has a positive impact on the giver. Remarkably, it can help you manage your finances better. Sounds surprising, don’t you think?
I recall when I was in a financial crisis, overwhelmed by debt, and the thought of parting with a single penny was paralyzing. My first priority was securing basic necessities for my family. Still, I began by giving my time, then gradually made small financial contributions. Over time, my financial situation started improving as my charitable efforts escalated.
How did this miracle happen you ask?
GIVING ADDS VALUE TO YOUR MONEY
Imagine your daily toil to earn a handsome paycheck. What is your motivation? Or what keeps you ticking every time you receive a promotion or an additional income stream? Probably, your mental to-do-list of bills due, groceries to be bought, and your entertainment.
Amusingly, philantrophic acts place an extra significance on your earnings. If you look around, irrespective of your financial status, you’ll note that someone else is in worse shape. Various causes and missions could use your support. If you’re religious-minded, there are multitudes of ministries making an impact in communities that could use your help.
Making a conscious effort to prioritise giving enhances your self-esteem and gives you a sense of accomplishment with your finances. Your contribution, however small, made towards causes dear to your heart could make a significant difference. Plus, it gives you a sense of accomplishment for using your money meaningfully.
GIVING FOSTERS A MENTALITY OF ABUNDANCE
Sadly, we often view money through a lens of scarcity. I identified with this line of thinking whenever I encountered someone in dire need but hesitated to give due to perceived lack. But upon reflection, I questioned, “What’s the worst that could happen if I gave this person the $5 bill in my wallet?” The answer – very little, in fact, I barely noticed the small amounts occasionally given out.
Harboring limiting beliefs robs you of opportunities for financial growth. When you give freely, you express the belief that your coffers will refill – projecting optimism into the universe reciprocates with abundance.
GIVING ENHANCES FINANCIAL CONFIDENCE
Realistically, financial confidence is a feat for many Americans. Interestingly, giving can enhance feelings of joy and confidence about your finances, and even happiness when given out of goodwill. Making financial contributions to causes dear to your heart confirms your capabilities of making a difference in someone else’s life – a confirmation that your wealth has a greater purpose.
This newfound confidence sparks a motivational chain reaction towards proper money management and attainment of financial goals.
HOW TO GIVE THOUGHTFULLY
Perfect timing or circumstances shouldn’t be a prerequisite for giving. Shift your mindset from scarcity to abundance. Focus on your available resources rather than what you lack. For starters, volunteer at a community organization that aligns with your values, until you’re comfortable with making financial donations.
For instance, you could assist the homeless, make occasional contributions to disaster victims, or support local entrepreneurs. I lend my support to a YouTuber whose content I appreciate by contributing $5 monthly to her Patreon account. A seemingly insignificant act on my part greatly assists in the running of her enterprise.
Over to you! Are you in the habit of regularly giving, despite your financial circumstances? Do you resonate with these benefits of giving?
