Tip List - Maximizing your charitable contributions

As with the rest of our finances, I try to be frugal with charitable donations. Here are a few ways to maximize your giving:

1. When coordinating a fundraiser, ask local businesses if they are willing to donate toward your cause. For example, I coordinate a pancake breakfast at work each year, with the profits all going to charity. Our local grocery donates a gift card each year to help maximize our profits. We sometimes get items to raffle as well, so don’t be afraid to ask for what you want – the worst you can hear is no.
2. When buying food to donate, stock up when pricing is best. I take advantage of all the great pre-Thanksgiving sales on canned foods and boxed meals to donate to our local food pantry.
3. Consider requesting information on what is most needed from your preferred charity, so you aren’t buying something that will go unused. Each year we receive a list of the most needed items for the food pantry. It helps us know our donations will help fill key needs.
3. Buy items at the end of a season when they are on clearance – if you have space, stock up throughout the year. My favorite find was a huge sack of stuffed animals I picked up at a local store after Valentine’s Day. (I think I may have mentioned this before) Each adorable animal was less than $2. I do the same with hats, mittens and coats if I find a great end of season deal.
4. If you travel, stock up on toiletries from your hotel room. These items are always needed in shelters. A friend I work with whose mother volunteered for years at a shelter tipped me off about this.
5. Keep an eye out for things you can donate when cleaning out your closets. I try and (within reason) distribute the items I want to donate into stacks based on the needs of specific charities. The rest goes to the Goodwill donation station near my house, because it is so convenient.
6. When you don’t feel able to donate money, consider donating your time. Often our time and assistance is the most valuable thing we can give to others!
7. Consider the efficiency of fund usage when donating money. I try to find charities that have the lowest administrative costs, so the money is most effective.

What do you do to maximize your charitable donations? I’d love to hear your suggestions!

Look out for your money - When in doubt, always ask!

When in doubt, always ask – you owe it to yourself!! I’m often telling friends and coworkers that they need to look out for themselves…sometimes feeling like a broken record, but given my experience today, it might be worth saying again. Particularly in these difficult economic times, we all need to be looking out for our money.

I received several bills for some outpatient surgery I had performed in late July. At first, they hadn’t been filed with my insurance, so I sat them to the side in a folder and waited to receive updated bills. The updated bills have all been sent, so today I sat down and reviewed them.

According to the bills, I owed $150 for my outpatient procedure to the hospital, $570.08 to the anesthesiologist for the procedure, $63.40 for one biopsy, and $8.00 for another biopsy. I checked my insurance plan information and called to inquire.

According to the contact at my insurance company, I owed the $150 “copay” to the hospital and $6.40 for the biopsies. The remaining bills should not have been sent! Five minutes on the phone saved me $635.08, because if I hadn’t asked, I would have just paid the bills.

If you don’t have insurance or are requesting a procedure that isn’t covered, asked ahead of time about uninsured rates – most doctors and hospitals offer discounts, and the worst thing they can say is no!

What are you doing to look out for your nest egg? I’d love to hear your saving strategies!