Tips For Giving Money to Charities During Economic Downturn

by Hank Coleman

Smart Money Magazine compiled a list of 7 ways to stretch your charitable gift giving in order to impact of your gift, even if you need to cut back on the amount.

The 7 ways of making the most of your charitable donation are:

  1. Giving to the neediest organization.  You might also want to think about local charities as opposed to just national ones.
  2. Give more than cash.  Giving your time or some old possessions can be more beneficial than just giving money.
  3. Use sites that offer matching donations.  Also, see if your employer matches your donations.
  4. Check financial records.  Nonprofits should use 80% or more of every dollar that they collect for the needy. 
  5. Seek reputable outfits.  There are very little requirements for someone to open a nonprofit organization.  Be skeptical of fly by the night outfits.
  6. Skip the middlemen.  The federal government uses the Combined Federal Campaign (CFC) to collect money from members of the military and other federal employees.  CFC also takes a small cut from the donations in order to facilitate the funneling of money to thousands of charities in one central system.  You can save money and donate more by going straight to the charity itself instead.
  7. Stay Focused.  If giving is important to you, do not let the economy and America’s recession deter you.
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