“Kindness in words creates confidence. Kindness in thinking creates profoundness. Kindness in giving creates love.” – Lao Tzu
There are many different facets to saving money. Aside from saving to pay yourself first and saving to invest, there is also another key area of savings which is saving to give! Saving to give can be a difficult concept to grasp. Especially if you’re struggling just to keep your head above water…and understandably so. I mean if you’re having a rough time just saving for yourself, how then, can you expect to save to give?
I get it! And there’s only one good way to do that. In order to give financially, you need to get your own financial house in order first of course. You have to be able to take care of your own needs and financial responsibilities so that you can truly give to others without putting yourself in a financial tailspin. Otherwise, you could find yourself in a position of not being able to help yourself, let alone anybody else.
Doing Good by Saving to Give
I like to equate it to the metaphor of being on an airplane. When the cabin pressure is lost, and masks drop from overhead. You’re instructed by the flight crew to place the mask on yourself first. And then help the child or person next to you. The reason is that you will ensure your ability to help that child or person next to you, if needed, by taking care of yourself first.
Going back to finances. The better you’re able to get your own financial house in order, the more you’ll be able to give. And the more people you may be able to help. Giving should be something you do on a regular basis, not just when it’s convenient for you. It should be something that you do whenever you feel the need to give. And that you have resources available to give when that feeling rises up inside of you!
“We make a living by what we get. We make a life by what we give.” – Winston S. Churchill
Giving should be a part of your financial plan. Even though you may not consider it as part of your plan, giving may be something you just naturally enjoy doing. For some of you, giving is something you receive so much joy and satisfaction from almost even to a fault! For instance, giving by putting groceries on a credit card for someone isn’t a gift.
If you’re giving to a charitable cause or offering a fancy birthday present for a buddy and then turning around to put your living expenses on a credit card, that’s not really a gift. You’ll soon discover that the present or gift you gave was paid for 2 to 3 more times than necessary when the bills start coming in. Having the heart to give and be generous is awesome, but not at the detriment of your own financial well-being.
You need to be clever about how much you give in relationship to your household finances. If you feel the uncontrollable urge to give before you can get your own finances in check, with a little brainstorming, you can figure out how to be generous without money. There are so many ways you can give of your time that can be helpful until you’re able to give monetarily.
The main focus here is to get yourself to a place where you’ve set yourself up to consistently pay yourself first. Get your debt under control or even eliminated. Then, consistently saving to invest and to consistently be saving to give. With an uninhibited giving heart, without struggle or worry. It feels great to give and it feels even better when you’re able do it on a regular, carefree basis!
“I see that the path of progress has never taken a straight line, but has always been a zigzag course amid the conflicting forces of right and wrong, truth and error, justice and injustice, cruelty and mercy.” – Kelly Miller
Once you’ve reached the point of saving to give, like with any other point of saving, start with what we can. Whatever way works best for your individual situation and/or strategy. You might hear of preferred or recommended ways of doing this. But there is no “right way” and the only “wrong way” would be to do nothing at all. So, with that being said, be creative and start with what works for you.
As an example, start with 1% of your gross pay. Or 3% of your take home pay. Or $10 per week or $100 per month…whatever works for your situation, it’s a starting point that counts. From there you can and should increase what you save to give as your financial health improves. So as the percentage of your income increases, you would increase the amount that you save.
This is the beauty of Financeology, there’s no one size fits all! Mix and match strategies and ideas to find the way that works with your individual thoughts and situations. Personality and comfort levels play a big part on how fast or slow you reach your financial goals. Speed is not as important as progress, with progress as the main objective.
Taking the steps to improve your financial well-being, start saving to give when you can and what you can, to help as many people as possible, is one of the most gratifying things you can do in your journey toward financial freedom! So, no matter what strategy you use or how long it takes you to get there, saving to give and being generous should always be a part of that plan.
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