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November 27, 2020
New Mexico’s Legal & Financial Weekly
Vol. 10.100 No. 48
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Financial Planning Tips to Maximize Your Giving
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veryone believes in a good cause. Especially now, when individuals and organizations are struggling in the wake of the ongoing coronavirus pandemic. People want to support causes they care about, whether through volunteering, donating goods or services, or making a financial contribution. The ability to make a financial contribution to a cause that matters to you will likely vary throughout your lifetime. As a younger person starting out, your financial resources may be more limited or spread across areas including home purchase, student loans, starting a business, or starting a family.
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The financial planning profession recognizes that people want to support organizations that are meaningful to them without compromising other financial goals, such as repaying debt or planning for retirement.
Also, writing a check directly to a charity lets you deduct the full amount vs. paying to attend a fundraising event. Do your research and find out what percentage of donations directly support the organization’s mission.
The CFP Board, a non-profit organization dedicated to supporting professional standards in personal financial planning, can help individuals assess their financial positions and plan for how much they can budget for charitable giving.
- Stick to your plan. It’s easy to blow a budget for charitable giving, especially during difficult times when everyone is asking for help. Set priorities, choose your favorite organizations, and send your money there, rather than spreading your funds thin. Also consider whether monthly or yearly contributions make sense depending on the consistency of
“A CFP professional can help you clarify your financial objectives and determine which charitable giving options are best suited to help you meet your income. your goals,” says Marguerita Cheng, CFP®, a CFP Board Ambassador. - Think outside the checkbook. You don’t have to give from your regular Some factors to consider in your planning include putting your personal salary to make an impact. If you have an interest or skill that you can use situation first. Don’t shortchange your regular monthly expenses for as a side business, donate those profits. Sell time at a vacation home when housing, loans, or other essentials, then consider giving money to charity. you aren’t using it and donate that money. Visit letsmakeaplan.org for more information about the CFB Board and for tips and advice on how to make charitable giving part of your financial -(NewsUSA) - Maximize your money. Some employers match charitable contributions. planning strategy. Other tips to make the most of charitable giving:
Moving Ideas
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f you’ll be decking the halls of a new home this holiday season, you won’t be alone. Every year, one in ten Americans moves to a new place. It can take some careful coordination in the best of times, but during the holidays—and a pandemic—it can be even more of a challenge. One of the most important things you can do is to stay connected to the people and things that matter most to you. For that, you’ll want your Internet, Cable TV and phone up and running, so you can continue to work and learn from home, celebrate in new ways with family and friends, watch all your favorite holiday movies and shop online for presents and festive foods. Here are hints on how: 1.Take the proper pandemic precautions: Follow the Centers for Disease Control and Prevention disinfecting guidelines. While out for move-related errands, be sure to cover your mouth and your nose. Some festive holidaythemed masks are available. Also, wash your hands regularly with soap and water.
2.Stay Connected: A good move, even before you move, is to get in touch with the new home’s local Cable provider through www.smartmove.us and arrange for new Touchless Installs that let you safely connect your tech services yourself. The cable company delivers the equipment with step-bystep activation information so you can set up your system on your own, or with support over the phone, online, through chat functionality or video tutorials. In most cases, no technician needs to come into your house. 3.Keep up with holiday traditions—or create new one just for your new home: Use your new online connection to find delivery services to help stock your pantry and fridge. Your new house will feel more like home if you take time to watch your favorite holiday shows, maintain your exercise program (to feel fit and fight those holiday pounds). Make time to connect with people you care about through group video chats or viewing parties and show off your holiday decorations or virtually ring in the New Year. Learn More For further facts and tips, go to www.smartmove.us. - (NAPSI)