Donate your salary to charity
Do you really need to have that fancy coffee shop beverage every working day? Or that meal deal from the supermarket instead of bringing in your own lunch? If the answer is ‘no’, then it’s time to put your money to better use.
It has become increasingly popular to donate a portion of your salary to charities as a way of helping the underprivileged with a clear conscience.
There is a growing group of people who practice effective altruism, which claims to use evidence and careful consideration to figure out how to maximise the impact of a certain amount of resource to do good – for example, if they can feed one person for £10, or £10 to buy equally health food for ten people, the second option is a more effective way of being altruistic.
Earning to give
Another movement is earning to give, which involves individuals deliberately pursuing high-earning careers to donate a significant portion of their income to charity. While many donate 10% of their salary, others are known to give away up to 50% of their income. It can be seen as a highly controversial idea, but there are other routes you can take to give with your salary.
Why is it a good idea?
Reports suggest that the number of people donating to charities is declining, however those who do tend to give more. However, the sustainability of charities relies on mass giving, so giving charities a regular payday through your salary could become an ideal way for them to guarantee donations, which will allow them to plan.
How much should I donate?
Well, it would be entirely up to you. Some people donate 15% as they believe they earn enough to do so; you could even donate 1%. Taking a small portion of your salary to give to charity can have a massive impact - not only on the charity but also on those it supports.
Rather than working in percentages, you could also decide to donate a specific amount of money to charity every month from your salary.
How can I donate?
We mentioned before that there are several routes you can take to donate to charity through your salary [Link back to November R06 piece]. Some employers operate a payroll giving scheme through the government where you choose how much you would like to donate, and the amount comes out of your wages on payday. Alternatively, you can donate the pennies from your pay to charity, rounding down to the nearest whole pound.
If this is something you want to do, you might decide you would like to control the amount you pay and when you do so. This is where Toucan comes in. You can find almost 20,000 UK charities on the app and set up a monthly donation which you can split across three charities. Either keep them in your portfolio long-term or change them every month - it's your choice! You will be able to track all the good you are doing right from your phone.
The power to do good is in your hands, with the bonus that you will help charities every month.