December's Basecamp Newsletter
Welcome to Basecamp, the monthly newsletter from P1FCU! Each month, we'll bring you free tips and strategies to improve your financial well-being, plus some insight into all the resources you have access to as a P1FCU member. Did someone forward you this email? Welcome! Become a subscriber below
For a lot of us, the holiday season sparks a strong desire to donate or give back to our communities somehow. As we shop for gifts for others and prepare to spend time with loved ones, we're presented with an opportunity to reflect on how thankful we are for everything we have. To share this gratitude, many pay it forward by making donations at the end of the year. In fact, non profit revenue is largely reliant on end of year donations, with most bringing in a majority of their online revenue the last week of December1
Giving back is not only important to your community, but also to your personal well being, but it shouldn't be motivated by peer pressure or shame. Identify what causes align with your beliefs and values and make donations that fit your budget.
Charitable giving is down as inflation has gone up
Adjusted for inflation, giving by individuals declined by 2.4% in 2023.2 Looking at the bigger financial picture, this makes sense. Consumer debt levels have reached an all time high this year, which tells us that people's wallets are hurting.3
As an organization that prioritizes giving back to the community and financial well-being, we encourage a well-rounded approach to giving back. Non-profit organizations play an important role in providing countless services to our communities, for which we're extremely grateful.
Giving is good for you
Not only are charitable organizations important to our community, but did you know that giving back is actually good for your well being too?
Studies show that donating and volunteering helps lower your blood pressure, leads to a longer life span, leads to decreased stress, and actually causes a chemical response in the brain that makes you feel good.4 While most of us don't give back purely for selfish reasons, it's an added bonus to know that we're not just helping others, but our bodies and minds are benefitting as well.
Ways to give back on a budget
If you don't have the means to give back right now, but want to find ways to make a difference in your community, here are a few ways you can get involved:
Volunteer
Volunteers are a crucial part of the success of non-profit organizations. A lot of non-profit organizations try to keep operational costs low by employing fewer people and relying on volunteers. You can make a meaningful difference by volunteering with a non-profit that works in your community.
Small donations make a difference
Even if you have a small amount to give, it will make a difference. For reference, a $5 donation to the Idaho Foodbank can provide up to 15 meals. That's a huge impact! Remember, if you're on the fence about donating because it feels too small, anything makes more of a difference than nothing.
Look into whether your employer matches donations
A lot of employers offer donation matching programs. If that's an option, that can even double your donation!
Don't feel peer pressured to give
While giving is a fantastic thing, sometimes we find ourselves in social situations where it feels awkward not donating. In a study surrounding giving, it was found that individuals were more likely to give more when surrounded by peers, but they were also more likely to feel less happy about the amount they donated.5 While your motivation behind giving shouldn't just be to make you feel good, you also shouldn't be motivated to give purely because other people around you are doing it, too.
It's important that your donation is actually one that aligns with your values and one that you can afford. Don't make a donation just because you feel pressured by those around you. That said, we recommend avoiding situations like charity auctions where the expectation would be that you give if you're not able to.
Our Recommendations
It's as important as ever to give back to your community. When you choose to give back, we recommend doing so with intention.
Nominate a Champion in your Community
Since 2020 we've partnered with organizations that make a difference in their communities. During our Champions for Change campaigns, we help them fundraise and match up to $3,000 of funds raised for them.
Attend our Annual Business Meeting
The 2025 Annual Business Meeting of Potlatch No. 1 Financial Credit Union will be held at 6 pm on Thursday, January 23rd, 2025, at the P1FCU Administration Center located at 1025 Warner Avenue in Lewiston, Idaho.
Watch for gift card draining this holiday season
Gift card draining is a tactic scammers use to get the money off your card before you've even purchased it. What happens is scammers will steal the code off the back of the gift card in a store, so that once someone has loaded money onto the card they can quickly and easily take money off of the card.
You can avoid this by purchasing gift cards kept closer to the checkstand or ones like P1FCU's that are kept securely behind the teller line.
Remember with gift cards, only scammers will ask you to purchase a gift card and send you the code on the back of the card online.
Subscribe to this Newsletter
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This is for educational purposes only and not financial advice.
References:
1 Ensor, Kristine. "18 Year-End Giving Statistics with Surprising Facts [2024]." Donorbox. 18 September 2024. https://donorbox.org/nonprofit-blog/end-of-year-giving-statistics. Accessed 8 October 2024.
2 Meyer, Joshua. "5 Takeaways and Next Steps from the Giving USA 2024 Report." Giving USA. 2 July 2024. https://givingusa.org/5-takeaways-and-next-steps-from-the-giving-usa-2024-report/. Accessed 4 October 2024.
3 Horymski, Chris. “Average Credit Card Debt by Age in 2024.” Experian. 2 July 2024. https://www.experian.com/blogs/ask-experian/research/credit-card-debt-by-age/. Accessed 18 September 2024.
4 "Why Giving Is Good For Your Health." Cleveland Clinic. 7 December 2022. https://health.clevelandclinic.org/why-giving-is-good-for-your-health. Accessed 2 October 2024.
5 Reyniers, Diane and Bhalla, Richa. "Reluctant altruism and peer pressure in charitable giving." Cambridge University Press. 1 January 2023. https://www.cambridge.org/core/journals/judgment-and-decision-making/article/reluctant-altruism-and-peer-pressure-in-charitablegiving/F63E2609A101747A65545A2EA53B5034. Accessed 4 October 2024.