Charities are a good way for a family to experience something together.
Those who believe it truly is better to give than to receive enjoy a wide variety of benefits when making donations to a charity. Donations can be just about any kind of gift, and those who lack money have the option to donate food, clothing, hair or even a few hours of time. Charity donation offers something for everyone, even to those who do not consider themselves altruists at heart.
Tax Benefits
Some of the money you give to charitable causes can find its way back into your pocket when tax time comes around. If the charity to which you donate qualifies, you can deduct a percentage (based on your tax bracket) of your contributions on your taxes. This lowers the cost of your donations. For instance, if you are taxed at a 33 percent rate, a donation of $100 costs you just $67 once you make the appropriate deductions.
Good Example for Children
Parents may choose to donate to charities to teach their children the concept of giving. By involving them in the process and allowing them to determine which charities should receive the donations and how much to give, children experience the joys of philanthropy at a young age. Parents who pass down these positive values to their children are encouraging them to continue demonstrating this generosity throughout their lives.
Influence Over Where Money Goes
According to the National Philanthropic Trust, the aging population in today's world is growing less likely to pass on all financial assets to their next of kin, instead electing to take a more active role in deciding how the money is allocated. When you leave your fortune to the next generation in your family, for instance, you have no idea what will become of it. More people are instead choosing to put their money directly to use in a charitable cause they feel passionately about so they experience the rewards before death.
Repaying a Debt
The aim of a charity is to help others, and if you were once on the receiving end of charitable help, you may feel the desire to pay it back once you are in a better position. This is also a possible motivating factor for those who are friends or relatives of someone a charity has helped. Those who feel a deep commitment to the cause of any charitable organization are likely to contribute whenever possible.
Tags: their children
