Financial Wellness Step 6: Learn how to pay if forward.
Now that you’ve started paying down debt, you and your partner have tackled money issues, and you’ve mastered the art of spending mindfully, you’re ready to think beyond your own needs by learning how to pay it forward.
Money management can sometimes feel inherently selfish. You’re earning, budgeting, saving, and investing, all so you and those you love can enjoy a worry-free life on your standards. But there is so much more you can do with your money and your time, talents, and possessions. So let’s explore five different ways you can make the world a better place by paying it forward.
1. Donate funds to your favorite cause
The classic and most straightforward way to pay it forward is by supporting a charity or two that speaks to your heart. Make a donation that fits your budget to help make a difference. Be sure to verify the authenticity of the organization on a charity-vetting site, like Charity Navigator or CharityWatch. And don’t forget to save your receipt to claim a tax deduction.
2. Commit to doing one random act of kindness each day
Kindness doesn’t have to be big, loud, or costly to make a difference. The small things can have a significant impact on someone’s day. You can offer to make a coffee for your coworker, feed a parking meter that’s about to run out, remove a branch or rock from a busy thoroughfare or let someone go ahead of you at a checkout counter.
3. Write thank you letters
When was the last time you thanked your child’s teacher, parents, or postal carrier? So, pick up a set of thank you cards, and spend 20 minutes writing thank you letters. There is nothing better than getting a thank you that you were not expecting.
4. Donate your time
Unfortunately, many people are suffering from various hardships. However, you can help alleviate some of their suffering with a small donation of your time. Volunteer at a soup kitchen, help bring cheer to hospitals and offer to babysit for a couple going through hard times so they can have a night out or visit a lonely person. You can brighten someone’s day simply with your presence!
Now you have learned how to pay it forward. There are many ways to pay it forward to help make the world better. And when you give to others, you’re giving to yourself by learning to be a better, kinder person. If you like this step to financial wellness, make sure to check out our other posts on our MoneySmart Tips blog.
