Last year, Sarika, an IT professional based in Noida who did not want to reveal her real name, spent Diwali with children at Saikripa, a non-governmental organisation (NGO) that works for homeless and abandoned children. The family, consisting of her husband and son, decided to not spend anything on crackers, expensive lighting and new clothes, and re-channelled the money as a donation to the NGO.
She says, “We wanted to have a different experience on Diwali with underpriviledged children. It was a wonderful experience. My son was hesitant in the beginning, but was happy at the end of the day.”
Everyone may have different reasons and modes of donating, but for most donors, charity generates positive emotions. A research paper, The Emotional Rewards Of Prosocial Spending Are Robust and Replicable in Large Samples, published in the Harvard Business School’s publications in December 2022, confirms that. In the paper, Harvard Business School assistant professor Ashley Whillans, Canadian researchers Lara Aknin of Simon Fraser University, and Elizabeth Dunn of the University of British Columbia, said that spending money on other people can increase happiness among donors.
Like Sarika, many people prefer to donate during the festive season, though many do it throughout the year. Anant Arora, chief sustainability and communications officer, The Akshaya Patra Foundation, says: “Many people choose to donate at monthly intervals, ensuring consistent support. However, some donors prefer to contribute during festivals, aligning giving with the spirit of celebration and sharing.”
The decision to do charity, however, is only the first step. The next and more crucial step is to select an NGO or a cause close to your heart. For Sarika, choosing the NGO was easy, because she found it in her neighbourhood and felt for the cause.
HOW TO SELECT AN NGO?
Diese Geschichte stammt aus der October 2023-Ausgabe von Outlook Money.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der October 2023-Ausgabe von Outlook Money.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Tax Reforms: What's In Store?
The government is working on reforming the existing Income-tax Act, 1961. The impending reforms have raised many questions in the minds of taxpayers. Will the old regime and deductions be done away with? Will it really simplify your life? What's the need for these reforms? We try to answer these and other questions regarding tax reforms
5 Questions That Will Lead You To The Right Financial Planner
Choosing a financial planner is not as easy as it may seem. Besides the right credentials, you should also consider things like the kind of services you will be needing-tax advisory, estate planning-as well as the fee structure. Here are five questions that will help you choose the right planner
Health Insurance Sub-Limits
Sub-limits in health insurance are restrictions placed by the insurance company on the SP maximum amount they will pay for specific expenses that are part of the total hospital bill.
Delayed Gratification, Humility, Understanding Inflation And Risks Key To Financial Success
The journey to financial success is continuous, requiring patience, education, and disciplined decision-making.
Avoiding Common Pitfalls through Asset Allocation and Multi-Asset Investing
Just as you track the calories and nutrients for a well-balanced diet, you need a balanced portfolio that has multiple assets to balance the risks and returns.
Mutual Funds for Financial Growth
Mutual funds allow you to invest in small amounts and seize the compounding growth, and experts help tackle volatility and asset allocation, making them a potent tool to create wealth.
Multi-Asset Investing is The Financial Equivalent of A Well-Balanced Diet
Just as you track the calories and nutrients for a well-balanced diet, you need a balanced portfolio that has multiple assets to balance the risks and returns.
Theme and Triumph: How Thematic Funds Can Boost Your Bottom Line
Thematic funds target high-growth opportunities in various industries and economic sectors, allowing investors to participate in future-focused segments to generate long-term returns.
Wealth Creation Through SIP - The Slow & Steady Road to Success
For investors seeking to create long-term wealth, SIPS are a powerful tool that enables regular, disciplined investments to generate compounding returns.
Tuition Fee Varies Among Countries
I am 22 years old and have recently started working in a software company.
