Every summer I donate $250 to one of the American Cancer Society’s local Relay For Life events.
Contributing to that fundraiser could make a dent in my finances each July. But it doesn’t because I plan for it.
I put aside $5 a week for that specific purpose. So when the event rolls around, I won’t have to suddenly come up with $250. That money will already be earmarked for donation.
It works better for me to set aside $5 from 50 paychecks then to have to take $250 from one paycheck.
One of the easiest ways to do something like this is to simply get a piggybank and stick a few dollars in it each week. When it’s time to donate to a charity, simply take out as much as you need.
But maybe you’d rather keep the money in a bank account, where it could be gaining interest. If so, you’ll want to make sure you have a way of tracking how much of the money in the account is designated for charity so you don’t spend it on something else by mistake.
And don’t forget that, depending on how you file, you can claim such charitable donations on your taxes.