BUDGETING AND SAVING
FDIC-Insured—Backed by the full faith and credit of the U.S. Government
Close
Before you go
New empty nesters Clifford and Suzanne were still living a good life, but they missed their busy household. After sending their youngest off to school in a neighboring state, “we realized we had a lot of something we hadn’t really thought about before,” Suzanne said. “And that thing is time.”
While listening to the radio one day, this mid-60s couple heard about a local food rescue hotline. Volunteers drive to a nearby supermarket or restaurant, pick up donated food, and then take it to a shelter or soup kitchen to serve people in need.
“We called the number, and they put us on their daily food rescue list,” Clifford said. “You choose a food rescue the night before, and then just jump in the car and do your work. It’s a way of giving back, doing good, and being active. We love it!”
“It makes a difference,” Suzanne said. “Now, when the family gets together at holidays, we all help with driving food from the place that has extra to the place that needs it.”
Giving can take many different forms, like donating money to a cause, bringing a holiday gift to a children’s charity, or picking up wrappers and bottles on the side of the road. Whatever you choose, your time and effort will make a difference. See if your employer will match your donation to make a larger impact. The Flagstar Foundation has provided over 66 grants to nonprofits where our teammates volunteer or serve on the board. Since its founding in 2017, the foundation has donated more than $14 million to various organizations.
Make it a family habit
Cheri and her husband wanted the whole family to be involved with giving, so they came up with a plan. Every quarter, the parents and three children chip in a certain amount and then take turns choosing where to send it. “It’s not a lot of money, but we like doing it this way,” Cheri said. “The kids, my husband, and I come away feeling more connected.”
It’s also a way to teach their children lifelong giving habits. “We have an allowance equation. The kids earn an allowance by doing chores, but they’re expected to set aside a part of their allowance for the family giving.”
More ways to give
- Set up recurring payments for a cause you care about. Then, your donations will happen automatically. Remember to add the amount to your monthly budget to account for the money. If you itemize your taxes, you may be able to deduct your contributions.
- Give super-locally. You can donate food to a neighborhood pantry, give books to a little library, or teach dance at the community center.
- Feel good about decluttering. If you have trouble getting rid of things, it helps to know that they’re going to people who need them. Make sure the donations are gently used and wearable (for clothing) or in good working order (for lamps, furniture, and kitchen appliances).
- Share your skills. Are you great at social media? Nonprofits need your help spreading the word and asking for donations. Great at accounting? Keep the books for a local charity. Like animals? Walk dogs at the pound or foster kitties until they find their “furever” home.
- Give your time. Offer to play cards or board games with local nursing home residents. Volunteer to hold babies at the hospital. See if a nearby school could use a hand. Go on long walks and pick up trash.
- Make it social. Enlist friends or family to join you. Drive together, volunteer together, and then go out for coffee. It’s easier to be new when you’re with someone you know. Or, leverage your current social group and have your book club members each donate $20 and vote on where to donate it.
- Make it something you care about. That makes it more fun and less like a chore. A few ideas: Volunteer for the NPR fund drive, teach kids how to play music, coach your favorite sport, or simply be there for people going through a tough time.
- Overhead isn’t everything. Good salaries attract talented employees, so a portion of the budget should go to paying people for doing good work. Pay more attention to the organization’s effectiveness.
- Start small. Don’t go big and burn out. Donate a few dollars or an hour of your time. Try different organizations and find the right fit for you.
Giving, particularly when it comes from the right place, can help the giver and the recipient.
Small acts of kindness and generosity can go a long way. At 13, Charlie had a rewarding experience serving Christmas turkey to residents living at a shelter. “Forty years later, and I’m still giving back to those who need it,” he said.
