International Day of Charity: Using Your Money to Help Others
Booker T. Washington, author and advisor to numerous US presidents, once said: “Those who are happiest are those who do the most for others.” These acts of service don’t have to be grandiose.
Often, it’s the little things that count. If you are in a position to do so, using your money charitably can be a small but powerful way to make a difference to yourself and others.
Whether we realise it or not, almost all of us will turn to a charity at some point in our lifetime. You may have had a relative in hospice care, benefited from charity-funded research, or visited a National Trust property. Many museums, art galleries and cultural spaces have charitable status too. According to the Charitable Aid Foundation (CAF), the UK donates as much as £10.1 billion every year, funding the good work of these institutions.
Sharing wealth is beneficial for donors and recipients alike. In a recent survey, CAF found that 42% of donors agreed that the enjoyment they felt as a result of giving to charity was a key influence in their decision. In other words, using your money to help others can improve your financial wellbeing immeasurably. Financial wellbeing is about building a sense of confidence and fulfillment in your finances. It’s more than just having money – it’s about using it in ways that make you truly happy.
What’s more, there are many ways to give to charity, beyond making a one-off donation. The Charitable Aid Foundation has a number of suggestions, including charity runs, gifting financial assets, volunteering, or leaving money in your will. If you decide leaving a charitable legacy in your will is something you would like to do, then you might consider speaking with a financial advisor to help you through the process.
Of course, using your money to help others goes beyond charity. You might feel an equal sense of fulfillment simply helping your children or grandchildren with their finances. You might set up a Junior ISA for them, or perhaps set aside some money that will go towards their university. A significant part of your financial wellbeing relies on knowing that your loved ones are well-provided for, so if you can help them, you might afford yourself some peace of mind too.
When we use our money to help others, we build a society with a social conscience, inspiring others around us to do good too. At gpfm, we believe that money is a tool to help you achieve your goals – whether they be personal goals, goals for your family, or for the world.
This article is for information only and must not be considered as financial advice. We always recommend that you seek independent financial advice before making any financial decisions. Investments can go down as well as up and you may get back less than you invested.
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