Volunteering Your Way To a Balanced Budget

Volunteering your time could improve your financial situation.  While that may not be your main reason for being charitable with your time, it certainly is a beneficial outcome. But first…

The generosity of people amazes me.  People give away so much of themselves.  They donate money, time, goods and services.  But some people give to the point of self-harm.  And sometimes that harm is to their own long-term financial sustainability.  Giving to a good cause while utilizing credit cards to sustain your own basic living expenses is not wise.  Essentially, you are borrowing money at a high rate of interest to enable your donation.  Consider carefully how your giving fits into your overall budget strategy.

Now to the benefits of volunteering:

Did you know that your time may be more valuable to a charitable organization than your money?  The Independent Sector, an organization that gathers information about charitable activities, publishes an Estimated National Value of Each Volunteer Hour every year. That value stands, as of 2018, at $25.43 an hour. The actual amount varies from state to state, but we can see that volunteered time is a precious commodity.  If you are struggling financially, consider donating time instead of money to support your favorite cause.

Did you know that one of the benefits of volunteering has to do with health?  Long-term volunteers have longer lives, less disease, and better overall health.  One report says that people who volunteer over 100 hours a year are some of the healthiest people in the U.S.  With the high cost of medical care, good health may save you thousands of dollars in out-of-pocket expenses each year.

Did you know that volunteering may help you connect with the community, learn new skills, and even advance your career?  Volunteer experience strengthens a resume and proves your commitment.  It offers valuable experience by exposing you to real world situations.  You volunteer side-by-side with other members of your community.  This gives you the opportunity to network with community and corporate leaders on an informal basis.  The relationships you form through volunteering may lead to more lucrative job opportunities in your future.

Did you know that Apprisen’s Financial Specialists are available to help you find ways to balance your budget and can provide info about local community outreach programs?  Make an appointment today.