Making charitable donations is one of the most fruitful selfless acts. It enables you to make an impact in someone else’s life or the humanitarian efforts of a charitable organization. Even more, there are benefits that a giver of donations enjoys when they do this act. Here are seven key reasons to make charitable donations.
Safeguard Your Local Community
Countrywide safety net programs like disability benefits and Food Stamps usually benefit many Americans. However, making charitable donations to community organizations can offer essential local safety nets that provide critical assistance during emergencies and crises as well. Community organizations often respond quicker and more appropriately to the requirements of the local communities as compared to bigger organizations. But these community organizations need your donations since they get the majority of their financing from private donations. Charitable donations, therefore, offers support to the programs that enhance the well-being of the community.
Boost Critical Measurements of Your Health
Individuals who volunteer and make charitable donations score better on critical measurements of general health, like blood pressure levels and resilience when exercising, as compared to individuals who do not. According to a Consumer Reports’ article, older adults who make charitable donations and volunteer their time have increased walking speed, decreased rates of TV watching, improved cognition function, and improved ability to climb stairs, as compared to older individuals who do not. Each of these indicators is related to better health in older people.
Improved Employee Morale
Corporate organizations make donations for numerous kinds of reasons, including increased profits, tax breaks, and improved public image. Research shows that individual staff members who contribute their money or time to a corporate cause have a better chance of reporting improved morale. Participating in your organization’s charitable campaigns can give you the feeling of being part of the corporate team. Employers who want to boost team-building and retention must offer volunteer opportunities and charitable campaigns for the staff.
Boost Your Community Standing
Companies that give a lot happen to have greater influence with their charitable projects than companies who fail to give. For instance, some companies have a higher likelihood of having as a board member, as an individual who gives more to the cause. As a result, as a board member, you are better positioned to influence the decision-making of the agency since you have shown your interest and investment in terms of money and time. The more you offer to a charitable organization, the higher the likelihood of influencing that organization’s decisions.
Minimized Tax Burden
Charitable donations can minimize the tax burden at the end of the tax year. You can do this by reporting the money you offered as charitable donations for deduction against the taxable income. Even when you don’t have money to donate, you can donate items you don’t need to charity, like vehicles, furniture, and clothing, then claim the value of the items as a deduction. For instance, if you earn an income of $70,000 per year and give $7,000 or items of the same value to charity, then the taxable income drops to $63,000. This can result in significant savings particularly when you are in a higher tax bracket.
Improved Life Satisfaction
According to German research, there is plenty of evidence to show that individuals who donate more to the needy in terms of time and money experience higher life satisfaction than those who do not. Communities of individuals who tend to give usually show higher satisfaction levels than communities of people who do not donate. Hence, you will be happier in a community made of people who donate generously.
Activate the Brain’s Reward Center
Research by a professor at the University of Oregon shows that charitable giving creates a response in your brain, which is similar to the one activated by stimuli like drugs. This response promotes the production of endorphins and dopamine that are experienced as happiness. Charitable donations can make you feel pleasure deep within your physiology, more than buying a new outfit or spending a night out.
If you want to have higher satisfaction in life, experience pleasure in your physiology, protect your community, and more, you need to make charitable donations. It will benefit both you and the recipient.