In a previous article, Registered Financial Planner and business anchor Edric Mendoza talked about selflessness and the power of giving, and the blessings that it can bring to our lives. Giving, he says, unlocks our ability to receive and that the more we give, whether it is our money, time, or energy, the more we receive and see our lives improve.
But it can be hard to open our hands and give to others during these times due to the challenges that we face. Fortunately, Mendoza also talked about practical ways through which we can practice the principle of giving and experience its benefits. Even those who are already giving and helping others can learn to give through these two practical ways:
1. FFL (Financial Finish Line) – One practical way to give is to set an FFL or a financial finish line. Once your needs and the needs of your family are covered, you have reached your financial goals, made investments, and are financially set, then you can set your financial finish line. When you hit a certain amount in your savings, you can establish that as your financial finish line and give anything you earn on top of that amount.
However, Mendoza acknowledges the challenge of establishing a financial finish line. Part of the reason why it is difficult to set this line is that we compare with others, making it hard for us to give. He advises us to reassess our standards, as they may be a product of comparing our lives with others. Once we learn to live within our means, then setting that financial finish line and giving the rest to help family, friends, and others in need becomes easier.
2. Giving Fund – There are times when we will be asked to give and help others when we least expect it, which can be a challenge if we have a tight budget. One way to make sure that you will always be able to give to those in need is by having a giving fund and making it a part of your budget. If your family’s budget includes 50% for your needs, 20% for your wants, and 20% for your goals, then you can set aside the remaining 10% for giving.
Putting a giving fund into your budget allows you to intentionally give. Aside from money, this can also mean intentionally setting aside your energy and time to help others. Once you set aside this fund, it allows you to give to friends, family, and other people in need at any time.
Finally, Mendoza challenges us to give in whatever circumstances we may be in, whether it’s money, time, or energy, for us to see its power and how it can change our lives. He ends with a quote about how the great people in this world were not remembered for what they got, but instead for what they gave.