Budgeting - factoring in charity donation

SaveSomeMore_2

I'm trying to cut back on personal spending, but I've always felt I should be giving more to charity. I'm in a bit of a pickle with it; wanting to save as much as I can, but give as much as I can too (so it's trying to find a balance).

I've seen some budgeting sites recommending to aim anywhere from 1-5% of gross salary. I think 5% would be a bit extreme for me right now, 3% would be a challenge but a definite improvement on what I'm giving right now.

What do you reckon would be a good balance for a single income low earner also wanting to save and be "moneysavingexpert"? :money: And whilst on the subject, what is a good percentage to save (20% seems to be the common suggestion).

EssexExile

How much to save has been covered at length:
https://forums.moneysavingexpert.com/discussion/5365129
How much to give to charity? Well that's up to you, how deserving are the charities? How much can you afford to give away? I've never thought of it as a percentage.

olly300

I would say you should give your time to a local charity rather than just money.

getmore4less

Sort yourself out first then you will be able help much more.

It's the equivalent of the oxygen mask on broken aircraft or the life belt on a ship. Help others once you have sorted yours.

boo_star

Charity begins at home.

Look after yourself first. If there's a reasonable surplus then give a small amount of it to charity.

HappyMJ

SaveSomeMore wrote: »

I'm trying to cut back on personal spending, but I've always felt I should be giving more to charity. I'm in a bit of a pickle with it; wanting to save as much as I can, but give as much as I can too (so it's trying to find a balance).

I've seen some budgeting sites recommending to aim anywhere from 1-5% of gross salary. I think 5% would be a bit extreme for me right now, 3% would be a challenge but a definite improvement on what I'm giving right now.

What do you reckon would be a good balance for a single income low earner also wanting to save and be "moneysavingexpert"? :money: And whilst on the subject, what is a good percentage to save (20% seems to be the common suggestion).

The UK gives 0.7% of GNI as charity aid to foreign countries/assistance programs so you could start at that level.

A good percentage to save is everything you have left after paying the essential bills and after having spent enough to enjoy yourself without restricting anything. Overpaying debts can be considered saving too so if you have debts repay them first.

Eco_Miser

SaveSomeMore wrote: »

What do you reckon would be a good balance for a single income low earner also wanting to save and be "moneysavingexpert"? :money: And whilst on the subject, what is a good percentage to save (20% seems to be the common suggestion).

50-60% saving is also commonly quoted on those sites dedicated to financial independence. I'd say work out how much you need to spend, including an allowance for treats, and save the rest.

A lot of charities can make better use of volunteer labour than cash (but others need to employ professionals), so you could save your money, but give your time.

LE3

You will find that most people on MSE are selfish, greedy or simply lack the understanding as to why people would want to give away money and they will keep telling you "charity begins at home" or similar

In order to really help you decide how much to save/give etc we need to know how much you have left at the end of the month - have you done a budget?

Before giving, you MUST make sure that your essentials are covered - accommodation, food, basic bills - but providing that they are, then giving to charity for some people comes before new clothes and big nights out and fancy handbags and 50" TVs. It sounds as though you feel very strongly that you want to give to charity and I think that 3% sounds like a great amount to aim for initially - putting it into context, that's 3p/£1, 20p per hour at minimum wage, about £1.50 a day. You will find that some people give much more, most give much less.
If 3% scares you, could you consider £1/day? Or maybe £5 a week?

Have you a particular charity or charities in mind?