I am glad that this fund is being set up. I hope that it will be fully accountable and that we will be able to see where the money comes from and more importantly where it goes to. Maybe on the website there could be links to the websites of organisations that have recieved grants.
I think more people would be willing to donate if they could see where the money was going.
Fantastic idea Martin. As stated above by loads of people how about training people to go into schools and teach kids about financial planning and budgetting.
Depending on what sort of projects you want to fund - don't forge the small ones- a lot of money goes to charities of a certain size but it is harder when you are small and are just starting out.
Also as suggested do you really need your own charitable fund or could the funds be distributed among many that already exist? All questions to put to the comittee/ trustees.
Making my money go further with MSE :j
How much can I save in 2012 challenge
75/1200 :eek:
Just to explain this is a fund. So of course money can be distributed to other charities if they apply for specific project funding - that's the joy of it. However it can also be distributed for individuals where appropriate. The idea is an unbrella fund - with no admin costs - to distribute money where appropriate.
Martin Lewis, Money Saving Expert.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
This sounds like a fantastic idea - I have spent quite some time getting straight with my finances, now I only use 0% if I have to borrow.
Many major companies have "staff charities" - how about getting some of the financial companies to nominate MSEFund for that? That way because the staff charities usually get "matched" money, every pound the staff raise gets matched by the company, the big financial companies can help to get people out of the mess they are currently getting them in to!
This is definately the way forward and is needed badly in the UK. I know one person who is debt free, one person, out of about 20. That's a tremendous strain on people. I have always had a little debt, however was good with money until i met my partner, who is rubbish with money, and now we are in lots of debt. I think as a woman there is even more need to be educated about money and also the legal implications of common law husband and wives sharing cash. Money like most things in life can be a very emotional subject and perhaps some training or events on debt and stress could help. I have worked in charities for a long time, and i am not aware of any other such trusts offering the same the grant giving, so i am sure it will be very popular.
I think this is a great idea and especially now that young adults are encouraged to get into debt as soon as they go into higher education. Add on the inevitable mortgage if they want to buy a property and I wonder if they will ever be debt free.
As well as the suggestion re staff charities I would add payroll giving. Once you have a registered charities staff can donate via their salaries (tax free) with the added bonus that many of the financial institutions match payroll giving donations. RBS Group double match so a £ from a member of their staff costs them 78p (or 60p if they are a higher rate tax payer) but your charity would receive £1 plus a further £2 from RBS.
I work in the charity sector, am certified member of the Institute of Fundraising and the Chair of a small organisation who could really benefit from the type of grants you are proposing to offer.
A grant to them could have the potential to benefit hundreds of people!
I'll stop now, this could turn in to a bid!
I'm sure you have had a professional advisor helping to set up the charity, but just don't overlook writing something in the Mems and Arts (if you're going for Company Lts by guarantee straight away) or Constitution to ensure you stay on the Board (if that's what you want to do) or you'll be just another Board member who could be voted off either through rotation or something else if you don't ensure you have the right powers written in.
Good luck - and where do we sign up as "interested in volunterring as a Board member"?
S-hopping Mad - I think it's a disease! :rolleyes:
Excellent idea http://img.moneysavingexpert.com/smilies/action-smiley-033.gif
:Tand I endorse the working with others (e.g. CAB) where possible approach. I am appalled at the ads to get you out of debt where the first step increases the debt (fee) and the underlying purpose is to encourage people to borrow more 'for that holiday, new care, home improvement'. The message is that the problem of debts consist of having several rather than one creditor, solved by consolidation rather than limiting expenditure to match income.
I agree with your view that paying off individual debts is not the answer and does not necessarily lead to more responsible behaviour in future (look at all those children blithely running up debts when their parents pay).
Keep up the good work.
I too would be willing to help in teaching. It does not even need a spreadsheet/computer - an exercise book listing weekly/monthly income against committed and incurred outgoings is enough.
We've actually got the first trustees meeting scheduled in three weeks so we can formally set it it - but it will still be a while before people can donate. Maybe they can put the cash aside in an account
Martin
Martin Lewis, Money Saving Expert.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
Replies
I think more people would be willing to donate if they could see where the money was going.
Keep up the good work !!
Make Every Penny Count !!!!
Depending on what sort of projects you want to fund - don't forge the small ones- a lot of money goes to charities of a certain size but it is harder when you are small and are just starting out.
Also as suggested do you really need your own charitable fund or could the funds be distributed among many that already exist? All questions to put to the comittee/ trustees.
How much can I save in 2012 challenge
75/1200 :eek:
Just to explain this is a fund. So of course money can be distributed to other charities if they apply for specific project funding - that's the joy of it. However it can also be distributed for individuals where appropriate. The idea is an unbrella fund - with no admin costs - to distribute money where appropriate.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
Many major companies have "staff charities" - how about getting some of the financial companies to nominate MSEFund for that? That way because the staff charities usually get "matched" money, every pound the staff raise gets matched by the company, the big financial companies can help to get people out of the mess they are currently getting them in to!
January : £200
:A:A
As well as the suggestion re staff charities I would add payroll giving. Once you have a registered charities staff can donate via their salaries (tax free) with the added bonus that many of the financial institutions match payroll giving donations. RBS Group double match so a £ from a member of their staff costs them 78p (or 60p if they are a higher rate tax payer) but your charity would receive £1 plus a further £2 from RBS.
I work in the charity sector, am certified member of the Institute of Fundraising and the Chair of a small organisation who could really benefit from the type of grants you are proposing to offer.
A grant to them could have the potential to benefit hundreds of people!
I'll stop now, this could turn in to a bid!
I'm sure you have had a professional advisor helping to set up the charity, but just don't overlook writing something in the Mems and Arts (if you're going for Company Lts by guarantee straight away) or Constitution to ensure you stay on the Board (if that's what you want to do) or you'll be just another Board member who could be voted off either through rotation or something else if you don't ensure you have the right powers written in.
Good luck - and where do we sign up as "interested in volunterring as a Board member"?
:Tand I endorse the working with others (e.g. CAB) where possible approach. I am appalled at the ads to get you out of debt where the first step increases the debt (fee) and the underlying purpose is to encourage people to borrow more 'for that holiday, new care, home improvement'. The message is that the problem of debts consist of having several rather than one creditor, solved by consolidation rather than limiting expenditure to match income.
I agree with your view that paying off individual debts is not the answer and does not necessarily lead to more responsible behaviour in future (look at all those children blithely running up debts when their parents pay).
Keep up the good work.
I too would be willing to help in teaching. It does not even need a spreadsheet/computer - an exercise book listing weekly/monthly income against committed and incurred outgoings is enough.
Martin
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.