I’m writing this on a (very!) warm day in August—a month where everything seems to slow down to a blissfully relaxed pace. This is the season of pool parties, dining al fresco, and guilty-pleasure beach reads. It’s also the perfect time to start making plans for your year-end charitable giving.
I know, I know—when you’re wearing flip-flops, December 31st can seem a million miles away. But before you know it, the kids will be back in school, followed by Halloween and the mad rush of the holidays. And suddenly, you’ll be left scrambling to figure out where and how much you want to give before the clock strikes midnight on New Year’s Eve.
I’m a big advocate of getting a head start on your charitable giving, and I’ll give you three reasons why:
1. You can make more mindful decisions.
With five months left to go before 2023 is upon us, now is the time to really start thinking about what kind of impact you want to make this year. Ask yourself: Who has inspired you? What stories of need have touched you? Have you or a loved one benefitted from a certain organization? If so, consider reaching out to that organization and asking where specifically they need support. When you have ample time to reflect, you can make more meaningful gifts.
2. You’ll have more time to plan.
Maybe you had a financial windfall, sold a piece of property, or just had a good year. If you’re thinking of making a larger contribution like a charitable gift annuity or remainder trust, those types of gifts take a bit longer to put together. You’ll want to have plenty of time to sit down with your attorney, accountant, or planned giving professional to make sure all the paperwork is in order before the year is out.
3. Giving back is a serious mood booster—so why put it off?
I’ve said it before, and I’ll say it again—there’s nothing better than seeing the impact of your gift in action. Giving sooner rather than later gives you that much longer to meet the doctors doing the research, follow the programs you’re supporting, and witness the power of your gift first-hand. Honestly, it’s such a feel-good to see the fruits of your labor pay off in such a positive way. And with all the chaos happening in the world right now, we need all the positivity we can get.
Help your favorite cause beat the “summer slump”
Summer’s slower pace affects charities, too. With fewer contributions coming in than during any other time of the year, many nonprofits experience a “summer slump” just as their needs hit year-round highs. The gift you give now can help your favorite organizations improve their cash flow during the traditionally slow summer months so they can continue to do their important work.
If you’ve got a bit of extra time on your hands, you might also roll up your sleeves and pitch in at a food bank, meal delivery program, or homeless shelter. Volunteer-heavy organizations like this often see a drop during the summer and can use all the help they can get.
I hope that the rest of your summer is filled with lots of fun, adventure and rejuvenation. Should you throw a little giving into the mix, I promise it will make these longer days feel even brighter.
