Whether you’re budgeting for a business or yourself, you’re probably taking stock of all the line items you need to fit into your 2021 budget. While we usually find ways to budget for the essentials, it’s easy to forget about our less frequent or unplanned spending. One common example is charitable giving.
For many of us, when a worthy cause comes across social media or a local business reaches out, we donate on the spot. This is great! But it would be even better to set aside money in your budget for donations. Adding this to your monthly or yearly financial plan ensures you stay within your budget and makes giving an intentional part of your life.
Budgeting this out also puts charitable giving at the top of your mind. For those months when a cause doesn’t present itself or you haven’t already allocated those dollars, you can still donate based on the plan you’ve already created.
It’s becoming increasingly important for businesses to give back and offer opportunities for their employees to give back. The Pledge 1% movement, which Nextep loves and participates in, has some great stats on what consumers and employees are looking for from companies and their charitable efforts.
“60%+ of millennials state that a “sense of purpose” is a key reason why they work for their current employers.” -(Pledge 1%)
By planning donations into your business budget and encouraging your employees to give back, you could increase retention and impact the community. For businesses, we encourage you to reach out to other companies with charitable efforts to see how they give back and if they have any tips, for individuals, reach out to friends and family and see what causes they’re supporting.
At Nextep, we encourage employees to submit donation requests and share organizations they’d like us to support. We also give the employees access to a database of nonprofit organizations to find volunteer opportunities and donate via payroll deduction. This creates a seamless way for employees to give and brings together our company-wide philanthropic efforts.
Planning out these dollars keeps your spending consistent and keeps the conversation of giving going with you and your people. Whether you’re setting aside $5 or $100, every dollar of charitable giving can make a difference in your community. If you’re looking for ideas, here are a few organizations we’ve recently supported:
For more info on the Nextep Charitable Foundation, visit nextep.com/foundation.