Setting up a monthly deposit provides key benefits to donors, which can also translate into more sustainability for the charitable sector as a whole.
Due to COVID-19, many charities and organizations have had to alter the way they function and provide services. Facing financial challenges, some donors are not able to give as they might have in the past. In May 2020, Imagine Canada found that revenues for charities had declined by 30.6% since the onset of the pandemic and 69% of charities were reporting decreased revenues.
Even before the start of the pandemic—due to increasing needs and declining number of donors—Imagine Canada had predicted a revenue shortfall of $25 billion could affect charities by 2026.
You can help support a thriving Canadian charitable sector that addresses gaps in services and amenities. That’s just one reason why, if you can, it’s worthwhile to set up a monthly deposit in your Impact Account. By doing so, you are establishing a commitment to giving that buttresses the charitable sector (more on that later).
Making a commitment to giving can also help you
Committing to giving by adding a monthly deposit to your account is not just a selfless act of generosity. By setting aside money for your giving, you are investing in your own potential for creating change and voicing your interests. And that feels pretty good.
Among the additional plusses of a monthly deposit, you factor charitable giving into your regular routine and your budget. When you add a monthly deposit to your Impact Account, you can set aside money for charity—just as you might for your savings, retirement, or other long-term expenses. When you want to give, then you will have the funds to do so.
By planning for your giving more strategically you are also cultivating more financial literacy. As you dive deeper into giving, you can consider giving assets other than cash, activating tax benefits, and creating a giving legacy.
Unique benefits of giving with Charitable Impact
Adding an automatic monthly deposit to your Impact Account through Charitable Impact offers some unique benefits. By giving through a donor-advised fund, you are removing barriers to better and more intentional giving. You can easily plan how much you want to give, while taking time to decide where you want to give.
Doing so can be a step from reducing the overwhelm of where to give. Having a clear direction can also help you respond to the chorus of fundraising requests you may receive each year.
It’s an immense task to consider the full breadth of the charitable sector. With more than 86,000 charities across Canada, many of them may fall under the radar. Most people only know of a handful of big name charities.
From their beginnings as resources to alleviate poverty, charities have evolved in the 20th and 21st centuries. They now address a wealth of topics and issues.
Charitable Impact can help you to find charities that align with what you care about or what inspires you. When you can take time to explore and discover charities, you can choose to give more selectively to suit your own unique personal interests.
On our platform, you can narrow down your search to the causes that call to you by filtering charities according to categories. These include education, community development, arts & culture, human rights, and animals. Target your search further by filtering according to size and location.
Looking for charities in your own communities can reveal smaller, lesser-known organizations. There might be charities involved in initiatives that would directly impact you or improve aspects of where you live, work, and play.
Supporting the charitable sector
Why does this all matter to the charitable sector? Regular monthly giving to charities affords these organizations the ability to predict and project their finances. Essentially, with regular and expected donations charities can:
- Plan ahead and determine the programs and services they can afford to run.
- Develop a greater sense of community with their donor base
- Forge stronger relationships with their donors and other supporters
Regular giving creates a community of donors committed to supporting the causes they care about. And that’s good for the charitable sector.
Giving through Charitable Impact also offers distinct benefits to charities. Donors can set up automatic monthly gifts to charities. Without having to set up the technology on their own, charities with fewer resources can access online monthly giving from donors across Canada.
The platform also enables smaller organizations to cater to and connect with their donors. For charities that don’t have robust fundraising pages, Charitable Impact offers customizable profile and Giving Group pages to better promote their work. For example, charities can create Giving Groups around events or awareness days through which they can message and update their supporters.
Committing to your cause creates sustainability
When you start to think of giving as a long-term investment, rather than a one-time deal, you are actually creating a practice. Over time, you can learn what causes bring you more joy, satisfaction, and positive rewards. As you understand more about charities’ needs and how they spend their money, your giving can feel more meaningful.
You can also decide on specific giving strategies that suit you. Do you like to make a significant impact for a number of smaller charities? Or would you prefer to invest in the future of one or two charities doing work you feel most strongly about? If you know that you want to support long-term change on an issue requiring incremental progress, you will likely afford the charity the time and patience to achieve its mission.
Setting up a monthly deposit is an opportunity to build knowledge about what you care about and why. If you have a bad experience with giving, you know that you can still keep practicing to find what works for you. When active and engaged donors gain this understanding, the benefits to charities and the charitable sector as a whole can only multiply further.
When you give a little each month, you can make a big impact. Because we all have something to give. Through Charitable Impact, you can quickly set up a monthly deposit to your Impact Account. It takes just a few minutes to start a lifelong generosity habit. And giving monthly means it is easily factored into your regular expenses. Add a monthly deposit today!