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charitable donations

Wednesday’s need-to-know money news

November 13, 2013 By Liz Weston

Today’s top story: Figuring out what car repairs really cost. Also in the news: Protecting your children’s credit, tips on smart charitable donations, and how to prepare for Black Friday.

How to Figure Out What Your Car Repair Really Costs
How not to be at the mercy of the repair shop.

Protecting Your Children’s Credit
Even children are at risk for identity theft.

6 tips to donate to charity the smart way
Getting the most out of your generosity.

Top 10 Black Friday shopping tips
Practice, practice, practice.

The ‘4 Boxes’ Approach To Helping Elderly Parents
Inventorying your parents’ possessions could make important financial decisions easier.

Filed Under: Liz's Blog Tagged With: Black Friday, car repairs, charitable donations, elder finances, Identity Theft, tips

Help your local food bank

November 4, 2013 By Liz Weston

eating breakfastFood stamp benefits to 47 million people were cut Nov. 1–and further cuts may lie ahead.

Food banks already depleted by the lousy economy are now bracing for an influx of new patrons. So if you’re not among the one in seven Americans currently receiving food stamps, please consider a donation to your local food bank to help meet this growing need.

The best donation is cash (or checks, or payment by credit card). Food banks have relationships with food makers and distributors that allow them to get much better deals on bulk purchases than what you can get at the retail level. The Los Angeles Regional Food Bank, which my family supports with a monthly donation, can provide four meals for every $1 donated.

If what you can offer is food, though, or your skills in organizing a food drive–that’s good, too.

You can find your local food bank through the Feeding America site.

Filed Under: Liz's Blog Tagged With: charitable donations, charity, food banks, food costs, food stamps

How to make charitable giving part of your financial plan

September 30, 2013 By Liz Weston

Dear Liz: What are your thoughts on charitable giving? I hear about tithing (giving 10% of income) but would have real problems trying to maintain that commitment. That said, I’d like to become a regular donor to a reputable charity.

Answer: Most U.S. households give to charity, according to the Center on Philanthropy at Indiana University, but the average contribution rate for those who give is closer to 3% than 10%.

If you want to step up your charitable giving, take the time to plan and prioritize as you would any other part of your financial life.

Making larger donations to a few charities is typically better than scattershot donations to a bunch of causes, said Ken Berger, the president and chief executive of nonprofit watchdog Charity Navigator. Charities spend money to process donations, and those costs tend to eat up more of small donations, he said. A $100 donation to a single charity might incur $2 in processing costs, leaving $98 for good works, Berger noted. The same $100, spread among 10 charities, would require each to spend $2 for processing — leaving just $80.

Because smaller donations don’t benefit charities as much, some are tempted to increase their “yield” by selling your information to other charities or repeatedly hitting you up for additional contributions, Berger said. Giving more allows you more leverage to ask that your information not be sold and that the charity limit its appeals.

You can research charities at websites such as Charity Navigator and GuideStar to make sure you understand their finances and how effective they are in reaching their goals.

Finally, consider setting up automatic donations rather than rushing to make contributions at year’s end. Some companies have payroll deductions for charities, or you can set up a recurring charge on a credit or debit card. Making your contributions automatic helps ensure you can achieve your charitable giving goals. It’s like saving or “paying yourself first” — when you don’t have to constantly remind yourself to do it, it’s more likely to get done.

Filed Under: Budgeting, Q&A, The Basics Tagged With: charitable donations, charity, tithe, tithing

Thursday’s need-to-know money news

August 29, 2013 By Liz Weston

Chevy VoltPreparing for rising interest rates, making your charitable donations go further, and why having extra liability coverage is essential.

Extra liability coverage is cheap, cheap, cheap
Buying as much car insurance as humanly possible is essential.

5 Steps to Take Control of Your Personal Finances
Simple things you can do to take control.

Charitable Donation Tips for Boomers
Establishing a charitable plan can make your donations go further.

Top 10 fastest-growing jobs in the U.S.
Thinking of changing careers? Try one of these.

How to Prepare for Rising Interest Rates
After years of record lows, the party is almost over.

Filed Under: Liz's Blog Tagged With: car insurance, charitable donations, interest rates, liability coverage, tips

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