Money Psychology

Will Being Generous Help Your Finances?

It seems strange to think that your finances could improve when you give money away, but it’s true that there are some positive effects that your finances could see when you are generous with your resources.

Before you dismiss the idea of giving your money away, here are some good effects that generosity can have on your finances:

Feeling Good about Yourself

One of the advantages of generosity is that you often feel good. Being able to help someone else can boost your own feelings of self worth. Additionally, when you feel better about yourself, you also feel better about your financial situation. It’s easier to feel good about some of the sacrifices you are making to frugality when you have a warm feeling inside from helping someone else. Plus, it’s hard to think that your finances are in terrible shape when you have the means to help someone else.

Encouraging You to Use Your Resources More Wisely

Interestingly, being generous can help you manage your finances better. If you have made a commitment to give to charity, and this is an important spending priority for you, then it becomes necessary to carefully manage your resources in a way that allows you to continue to give. If you are seriously committed to giving, you will know that wasteful spending isn’t an option if you want to make sure can make your charitable contributions.

Will it Really Come Back to You?

In a lot of cases, people believe that their generosity will come back to them. Many religions include the belief that generous giving results in blessings from god. For believers, the effect of generosity is that it will result in having the blessings they need for their own financial lives. Although many point out that religious giving results in blessings of what is needed, and not necessarily untold — and unnecessary — wealth.

Others simply believe that helping the less fortunate is what any decent person should do, regardless of whether or not one feels a religious obligation. No matter your reasons for generosity, though, there is a good chance that your efforts will come back to you in some form, tangible or intangible.

Do You Have to Give Money?

Of course, you don’t have to be generous only with your money. In some cases, you might not have the financial resources to give as much as you would like. Instead, it might make sense to give in other ways. There are plenty of ways to help by tending children while a friend looks for a job, letting relatives live with you while they get back on their feet, or donating your time to a charity. There are a number of ways to help others, from serving at a soup kitchen to giving blood. Sometimes, being generous can be about giving in terms of time, talent, and expertise.

However you decide to go about it, though, giving can be a good part of well-rounded finances. Think about how you can give to others, and follow through, and you might be surprised at how your financial situation seems to smooth out.

Comments

  1. Daisy

    Being generous is super important, either with time, money or both. But one must be careful to not put themselves at a disadvantage due to generosity. I’ve been there and I sacrificed a lot of myself to be generous.

  2. Lidia

    What about the tax benefits of donation?
    Would seem more appropriate for this site…

  3. SavingfromScratch

    I think it’s extremely important to give back and make donations where possible. One thing I have cut back on, however, is shelling out money for free-loading friends. For years I would chip in for friends who were too lazy to work or were just plain terrible with their money. No more! I need to start Saving for some of my own goals.

  4. mycanuckbuck

    Giving time can also be an excellent way to meet people and network. I do like to give, but I try to make sure it’s to causes I believe in.

  5. Cherleen @ Barbara Friedberg Personal Finance

    Generosity should not be forgotten. I believe we should keep the value, teach our children to be generous, and pass it on to the next generation. I agree with what you said. We do not need to limit generosity or equate it to giving money. We have the time and talent to help friends and family in need.

  6. shunky3

    What we provide is not just the high value-added products, but also the first class service team and problems solution suggestions. Our crushers are widely used in the fundamental construction projects. http://www.jawcrusher.hk The complete crushing plants are exported to Russia, Mongolia, middle Asia, Africa and other regions around the world.

  7. Calgary Realtors

    I really couldn’t care less about the tax deduction for donations. This may sound odd, but if I have it to give, I’m giving it to the charities I am passionate about.

    The bonus is feeling good.

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