Examples of generosity range widely in size and style, from grantmaking that bestows millions of dollars upon a single charity to simple acts of kindness such as mentoring a teen or visiting nursing home residents to offer companionship. While some of the most inspired and fulfilling gifts are made spontaneously, thinking about charitable giving as a core component of your financial plan, with specific targets and goals, can help your donation achieve more. When you don’t have big amounts to give, it’s especially important to manage your gifts carefully.
Here are some insights and ideas for giving with any budget:1. Charitable giving vs. philanthropy While charitable giving and philanthropy are often used interchangeably, these terms can distinguish between styles of giving. For many of us “philanthropy” likely conjures images of wealthy benefactors granting impressively large sums of money to charity. Rather, philanthropy is more of a strategic, long-term form of giving, usually around a specific mission and goals, whereas charitable giving is usually short-term, reactive and focused on meeting immediate needs as they arise. Both are beneficial — and both may be accomplished with any budget. Regardless of which giving style works best for you, check out these tips for ways to mak …