When you think about donating money to charity, you probably come up with some undeniable benefits. For example, you're helping to change the world. However, there's also a long list of charitable donations' personal, mental, and emotional benefits. It can even lower stress and help you to be healthier. When you give to charity, you're not just helping others; you're helping yourself too!
What Happens When You Donate?
Let's say you want to make a difference in the world but aren't sure where to start. Someone suggests that you make a charitable donation, and you do some research to choose the perfect recipient. Finally, you're ready to donate money to charity-- but what happens after the donation?
Here are just a few things you can expect!
#1: More happiness
Charitable donations make you feel good. Sure, it can be satisfying to spend money on yourself-- but studies show that you get more happiness from spending money to help others. Helping a charity has been found to help alleviate depression, add to your life satisfaction, and generally contribute to your wellness and well-being. Studies have found that it makes you happier to give than it does to receive. And because it lowers stress, it can lower your risk of developing high blood pressure. It also gives you more ties to your community. Being more involved in the community can also help with depression and make you happier. IT may even contribute to a longer lifespan.
#2: Pure satisfaction
The great thing about charitable donations is that you know your money will help change the world. You get the satisfaction of knowing that you could be changing someone's life today. Donating activates your brain's reward center, making it extremely satisfying. Getting a surge of endorphins and dopamine can make you feel satisfied and happier. It will even improve self-esteem. Because you've done a selfless act by donating, you feel better about yourself. With stress lowered, you also begin to see more positives in life. For many, it makes them feel that they are undergoing positive growth
#3: Tax benefits
It's essential to do your research beforehand, but many charities are IRS-approved. This means that, in many cases, you can get a tax deduction on your charitable donation. You can deduct charitable donations when you do your taxes. This deducts that amount from your taxable income so that you will owe less in taxes. You can do this either as filing jointly or as an individual on your 1040. On Schedule A of this form, you have to itemize the year's deductions, including your charitable giving. There are limits to how much you can claim for charity donations, however. You can deduct up to 60% of your adjusted gross income each year. If you are in the 15% tax bracket, your donation of $100 will give you a tax savings of $15. You will get a receipt from the charity you donate to, which is used as your record when it's tax time. Keep those with your other tax records, and you'll be ready to deduct it.
#4: Setting a good example
Kids learn what they live--so when they see you donating, they're that much more likely to grow up with caring, sympathetic attitudes. The adults in your life might decide to donate, too, when they see you setting such a great example! We've all seen how children learn behaviors simply by watching their parents. Donating to charity seems to be one of these behaviors. One study showed that when parents donate, children are likely to donate as well. Talk to your children about charitable giving regularly. This familiarizes them with the practice and lets them see it in a positive light. They not only learn to donate, but they learn the spirit of generosity and empathy for others.
If you're looking to donate to a good cause, please consider helping build beds for kids in need by making a charitable donation to SHP. We help to build ad deliver much-needed beds to the kids who need them. And, we wouldn't be here without generous people like you.