5 reasons to pass on your success through charitable giving
18 November 2019
You’ve busted your debt, saved wisely and secured yourself a healthy financial future – congrats! You should be proud. While we’re big believers in having supportive finances behind you, we also think it’s important to give back.
We’re not alone in this belief. Millions of Australians donate to thousands of charities and non-profits every year, with many being doubly generous with both their wallets and their time. While charitable giving means something different for everyone, there are a few core reasons regular donors cite for their generous actions.
1. You’ll feel good about it
No matter how much or how often you give, knowing that you’re helping others is an amazing feeling.
This good feeling isn’t just a socially instigated one – it’s hardwired into our systems. Numerous studies have shown that the act of giving generates a positive impact on the brain, leading to stronger feelings of self-worth. The best thing about these feelings is that they aren’t isolated – the more you give, the more you’ll cultivate an ongoing and improved pattern of well-being.
The next time you’re feeling low, try giving something away or lending a helping hand. You’ll be amazed at how assisting someone else can improve your own life.
2. It can help you refine your money management skills
Regular giving can help you clarify your spending priorities and develop better money management habits.
Instead of being tempted to buy something you don’t need or using credit for charitable giving, commit to adding a charity donation as a regular part of your budget planning. As a successful wealth builder, your budget will likely allocate lines for your essentials such as bills, groceries, rent or mortgage. By adding a ‘giving’ line to your budget, you’ll ensure you can consistently fund good causes as part of your healthy money management.
3. You can make a real difference
Making a difference doesn’t mean handing over tens of thousands of dollars or making exclusive philanthropic connection. It’s about giving what you can to something you truly care about. With natural, economic and societal issues and upheavals happening around the world, your support for a cause can go a long way to making a difference.
Sometimes the hardest part of charitable giving can be deciding which organisations or causes to give to. Luckily, organisations such as the Australian Charities and Not-for-profits Commision (ACNC) can help you narrow your search and make sure your donation is going where you intended.
4. You can help inspire others
The act of giving can help inspire others to act. Sharing your charitable actions throughout your networks can be an easy and effective way to spark inspiration in those around you. After all, giving or sharing something with others is a social act – as social beings we’re drawn to copy the actions of others. Giving can be wonderfully contagious.
For others, donating can be a very private thing. While public pledges are one way to get others motivated, there are plenty of other ways to share your love of a charity or cause. Sharing your beliefs is still a great way to get family and friends thinking about their own contribution. If you have children, sharing your attitudes can also help lay the groundwork for a lifetime of charitable giving.
5. It confirms what you stand for
When you reach the enviable position of being able to create a legacy of giving, you start to think more about what you want your impact to look like. This doesn’t mean you need to go overboard and give to every charity or cause possible to leave your mark. True charitable giving can be about taking the time to give thoughtfully and in a way that aligns to your values.
The desire to leave the world a better place is a powerful force. If you have the privilege to help others, it’s an opportunity that allows you to find contentment with your wealth, and joy in the way it can positively impact others.
Start planning your legacy
Excited to plan your legacy, but unsure where to start?
We know how important it is to have a financial plan—for your future and that of the people you care about. Making an appointment with a financial planner is the first step to planning your legacy and maximising your ability to give.
- How to save more money – align your spending with your values
- How to save money – 4 creative ways
- Protect your future
Information is intended to be of a general nature only and any advice has been prepared without taking into account any person's particular objectives, financial situation or needs. You should make your own enquiries, consider whether advice is appropriate for you and read the relevant Product Disclosure Statement or Product Information Document before making any decisions about whether to acquire a product.
Products and services including banking and insurance (including home and car insurance but not life or health insurance) are provided by separate entities in the Suncorp Group. Each entity is not responsible for, or liable in respect of, products and services provided by other entities of the Suncorp Group. Suncorp Bank is only liable for the banking products or services it provides and not the products and services of other companies in the Suncorp Group.
Banking products are issued by Suncorp-Metway Ltd (“Suncorp Bank”) ABN 66 010 831 722 AFSL No 229882. Please read the Product Information Document for Personal Deposit Accounts before opening an account. Fees, charges, terms and conditions apply and are available on request.