My School Keeps Hitting Me Up For Money – Help!
I just got an email from my Alma Mater, whom I love and had a great time at. But, ever since I graduated, they keep hitting me up for money.
Didn’t they get enough of my money while I was there?
I understand that they need contributions from alumni to continue their efforts for improving their campus, but how do I make it work in my life? (and sometimes more IMPORTANTLY, my budget).
Invest With Time
Get involved in other ways, like investing my time. I joined an alumni council board, where I can still be involved but also something I can afford more than money: my time. As a younger alumni, we are busy but we might not be tied down like having kids or a full slew of calendar events each week. We can afford to give 4 hours every quarter to our college. Sometimes investing with time can be just as good as a financial investment.
Have a Giving Account Set Up
I love automatic payments and savings accounts that I don’t have to think about. I decided each month to invest a little amount into a “giving account” so that when my alma mater comes a-knockin’, if I choose to, I will be ready. How much do I fund into the account? About $20 each month. Does it have a particular initiative set up? Nope. I can choose to give to whomever and whenever I please. I like knowing that if I wanted to give a bigger amount, by the end of the year, I would have $240 to give. Just remember to keep your receipt for that tax deduction.
Support Through Attendance
Instead of giving a blank check, you can also support through attending events that they host. Every year, there is a wine festival for alumni where yes the tickets seem slightly high ($50 a person) but I am more willing to pay that than just giving my $50 randomly, because I get to go and experience and event. Even going to a game to support your school can turn into a money making opportunity for your college – who doesn’t want to buy the latest T-Shirt?
Long Term Plan
If you are wanting to give to your Alma Mater but maybe later in life, have you thought about setting up a trust with your intended wishes? Maybe you have some money once you retire or inherited that you want to set aside for after when you pass to give to your college. Having a trust can help support your college and allocate your money the way you want it divided up.
Regardless of which you choose, chances are, you will be hit up at least once a year to donate to your college (or to any organization you are a part of). It is okay to tithe, but you need a plan to do so. If you give every month and don’t have a strategy for your money built around it, you will find yourself potentially in debt or not able to do the things you love.
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