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To Spend or To Give: Should You Stimulate the Economy or Give to Charity with That Tax Rebate? |
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| What to do with your economic stimulus check? | ||
 by Tamar Fox, June 30, 2008 |
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Mo Money Mo Problems: so think about giving some of that phat check awayTax rebates are trickling into American mailboxes. Some of us will be getting a pretty sweet chunk of change back, and with the economy going down the tubes, there are plenty of places we can think of to use that money. But if you don’t absolutely need it to pay rent, put food on the table, or pay off some debt, some people think you should give your rebate (or at least, part of it) to charity. A number of churches have started funds where people can donate their tax rebate money to charities that haven’t been doing so well due to the crappy economy.
"It's an unbelievable amount of cash that people of faith or people of conscience could choose to say, 'You know, we could get along without this. We could put this money to use,' " said Ken Sehested, co-pastor at the Circle of Mercy church in Asheville, N.C.
His congregation of about 50 adults, which is affiliated with the United Church of Christ and Alliance of Baptists, voted to give at least 10 percent of their checks to charities. He and his wife plan to give their entire $1,200 check to the church's partner congregation in Cuba.
Kiva.org: give to entrepeneurs all over the world and help end poverty
You may already have a favorite charity where you’d like to designate your money, but if you’re looking for some suggestions, Low Impact Living has some tips for spending your money in eco-smart ways that will save you money later on, and also happen to be good for the planet. Or how about helping communities in need all over the world—including Darfur, India, and Colombia—by donating to the American Jewish World Service, which funds hundreds of grassroots organizations working to promote health, education, economic development, disaster relief, and social and political change in the developing world.
And here’s our favorite idea for your rebate check: Use it to make a micro-loan to empower an entrepeneur in the developing world to lift him or herself out of poverty. And since you’re only loaning the money, you can even get it back to spend on a night out on the town in a few months, or reinvest in another venture, or donate it. Check out kiva.org to choose the micro-loan you’ll support.
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Anonymous
Wish I could afford to do either! Looks like it's gonna be paying bills for most of us instead!
peelapom
My stimulus check went straight to a local Food Bank. They are desperate right now and I am not. That money should go to the people who really need it and not to encourage average people to buy more stuff they really don't need.
.............................................
Or speak to the earth, and she shall teach thee
או שיח לארץ ותרך ויספרו לך דגי הים
Job 12:8
http://www.peelapom.com
Matt
Excellent blog post. My friend and I (also a rabbinic student), spoke months ago about applying the ridiculous rebate toward sustained lifestyle changes, rather than lump-summing it to an organization--i.e., to purchase the more expensive local or organic food, etc. I went the organic route. So far, a nutritious, delicious payoff...
Monica Rozenfeld
Some of us think donating requires a large sum of money. What is $10 going to solve? But the truth is it's like a drug. Give away $10 and not only will your ego sore, but it becomes addicting. You'll realize not only do you not miss those $10 (which you would have spent on one drink in Manhattan if you're lucky) but you might actually have a few more tens to spare and all these great ideas on what to do with them.
I'm glad to see that you've suggested some great ways to spread sheckels, including giving to entrepreneurs in third world countries. But we can't forget to give sometimes to our friends, or entrepreneurs we believe in in the Jewish community who might be able to do something great with it -- like help people in third world countries.
Here is a list of some charities I think are great -- and if you're looking for some awesome Jewish projects to help support, don't hesitate to ask me about those too.
www.Sharsheret.org
www.LevlaLev.org
www.FriendsofEfrat.org
Thanks for this post.
xo Monica
www.TheJewSpot.org
FindMyJewSpot@gmail.com
v9designbuild
This is a very sound proposal but I wonder how many of us who still have jobs will be able to increase charitable donations.
In Britain it has been reported that the financial climate for charities is worsening, with over half of those affected report a decline in income triggered by the recession.
Reports show that bigger charities were less likely to have been hit by income reductions, but almost two-thirds of that group were concerned that the downturn would affect their work in future.
There have also been job cuts at household names including Shelter and the NSPCC amid warnings that one in three charities is expected to lay off more staff in the coming months.
It is certainly looking grim for those on the front line.
dromero
You may already have a favorite charity where you’d like to designate your money, but if you’re looking for some suggestions, Low Impact Living
has some tips for spending your money in eco-smart ways that will save
you money later on, and also happen to be good for the planet.
dromero
My friend and I (also a rabbinic student), spoke months ago about
applying the ridiculous rebate toward sustained lifestyle changes,
rather than lump-summing it to an organization--i.e., to purchase the
more expensive local or organic food, etc. I went the organic route.
So far, a nutritious, delicious payoff...