When creating a budget, you may choose to set aside money for familial support or charitable giving. Here are some tips and tricks for how to do so.
Family support
Some students may wish to send a portion of their income to their families. If you choose to do so, it is important to find a safe way to transfer your money. Money transfers can be done securely online or by mail.
Online
Many bank accounts offer mobile banking apps, which, among other things, allow you to securely transfer money from your account to another person’s account. Certain third party apps, such as Venmo or Paypal, also allow for secure money transfers online or on your phone. Be careful with third party apps — do your research, and stick to large name-brand apps such as Venmo, Paypal, or Apple Pay.
Be careful with third party apps — do your research, and stick to large name-brand apps such as Venmo, Paypal, or Apple Pay.
By Mail
Many people prefer sending money physically, rather than online, for security purposes. But that does not mean just sending a bundle of cash in the mail! Sending cash directly to family members is actually quite risky, and even mailing a check is not the most secure transfer method. If possible, send money using a money order, which is meant specifically for mail use.
Things can get slightly more complicated if you need to send money abroad. Check out the resources below for some quick and secure ways to send money out of the country.
Charitable giving
Giving to charity allows you to give back to the community, and support causes that you care about. Many studies have linked charitable giving to general financial success and stability, and most importantly happiness, which is always nice, but don’t feel pressured to give to charity if your budget is tight. Charity is an add-on to your budget, not a necessity , and you should never feel guilty about spending money on necessary things for yourself before giving to others.
If you find yourself with money left over after paying for all necessary expenses in your budget and setting aside some money for savings, then giving to charity might be a good choice!
If you find yourself with money left over after paying for all necessary expenses in your budget and setting aside some money for savings, then giving to charity might be a good choice! Find an organization or cause that you wish to support, and do your research and make sure it is trustworthy. Most charities allow donations online via credit or debit card, but you can also write a check and send it directly to the charity. Charitable giving with cash/check/credit is considered a tax deduction!
Check out the links below to learn more about ways that Yalies can give back to their community.
