Often, in the world of personal finance blogging, we spend a lot of time focusing on how we can save money, and how we can build our own wealth. These concepts are obviously important, and essential for financial freedom. However, there is more to being financially well-rounded than building your assets and hoarding your money. Part of good financial management is giving to others.

Do You Have Enough to Help Others?

One of the indications that you are in a good financial position is that you are able to help others. It’s a hallmark of good finances that you have worked to become mostly self-reliant in your finances. Think back. Did you have people who helped you on your road? Did you have a mentor who gave time and advice? Did your parents help you out of a tight spot? Did you have friends you could rely on? Maybe you even had to get help from your church congregation, a charity or the government. Now that you can provide for yourself, it makes sense to offer others the chance to take advantage of the opportunities you had through your giving.

Finding the Money To Give

Look in your budget to find money to give. You can build an income portfolio to help you along, providing you with an income stream meant to help charity. You can also cut back on some of the frivolous things you spend money on in order to give to others. I’ve suggested to my son, since he has used his own money to buy a lot of things for himself lately, that he think about how he can use some of his money to get something for someone else. He already tithes, but it can be useful for him to learn to give on top of that. Teaching children about philanthropy is an important part of helping them to grow up to be generous. Make an effort to make room in your budget for charitable giving, and you might surprised at the result.

Giving in Other Ways

Of course, not all of us can give a great deal of money to charity. The good news is that you can give in other ways. Giving is a way to enjoy greater wealth in your life in general — not just in monetary terms. Volunteer your time at a local charity, or at your place of worship. You can also participate in food drives, or donate clothing and goods to the local charity thrift store. Consider what you can do to give to others, even if it’s providing service to your neighbor. In this time of economic difficulty, any number of people need your help.

Is It About Karma?

Many people believe in some version of “what goes around comes around.” It doesn’t even have to be a spiritual belief. I’ve noticed that giving can help people feel more positive about themselves and others. That kind of positivity, as well as the ability to make your own luck and way, tends to attract opportunities and connections that can help you to financial freedom. Indeed, perhaps the reason that many giving people are so successful is because keeping their eyes open for opportunities to give offers good practice for seeing financial opportunities.

What do you think? Is giving part of good financial management?

This post was included in the Carnival of Financial Planning