Mar 19, 2014
It's no secret that young adults just entering the workforce aren't made of money.
According to the National Center for Education Statistics, those aged between 25-34 average less than $45,000 in yearly salary with a bachelor's degree. The figures drop significantly for those who haven't completed college or earned a degree. Alternatively, the mean salary climbs more than 30 percent for those who've earned a master's degree or higher.
While $45,000 may seem like a lot of money, a number of contributing factors can pull away at the savings of any young adult. Student loans average $29,000 per student, according to a recent report by the Institute for College Access & Success' Project on Student Debt, CNN reported, and insurance premiums are continually rising. Additionally, cost of living, food and entertainment are all constant expenses for recent graduates. That said, how can a young adult afford to donate to charity?
Listed below are three tips for millennials interested in contributing to a charitable organization:
1. Budget: Young people have most likely heard this word from their parents, their friends and their high school economics teachers. Its importance never gets old, though. Contributions don't have to be expensive, but Forbes suggests setting aside just $5 to $10 each paycheck in advance, and before you know it, you've got a respectable gift to present to an online donation form.
2. Find a cause you're passionate about: Although young adults don't have a much to give, Achieve's "2013 Millennial Impact Report" found that those aged between 20 and 35 are more inclined to give to causes they truly care about. Forty percent of young adults gave just $1 to $50 last year, but 52 percent said they'd be interested in monthly giving. The size of the donation isn't all that matters; your time and energy are more important to a charity's success than your bankroll.
3. Itemize donations on your taxes: Taxes aren't fun, there's no arguing that. But donations are tax deductible if you itemize on your tax return, Forbes says. Receipts must be kept, but confirmation emails for online donation services are acceptable as well. It is true that young adults don't have a lot to give financially, but the Millennial Impact report found that 83 percent of the demographic gave at least once to a charity in 2013. The government rewards those who give to charitable organizations, so if you do decide to donate in the near future, make sure to take advantage of itemizing on your taxes.