Saving Money...When Helping Others
Welcome to Saving Money with Andrew!
Just as the Omicron COVID wave started to calm down and things seemed more normal, war in Ukraine has erupted, creating a humanitarian catastrophe. The war has managed to unite most of the world behind a single cause, but fear of wider conflict limits what we can do. Here are some things we can do to help the people of Ukraine, while saving a bit of money along the way:
Donate
If you can afford it, donate to relief groups. We donated to the International Rescue Committee, which aids Ukrainian refugees, and Insulin For Life, which arranges shipments of life-saving insulin to Type 1 insulin-dependent diabetics (mostly children) in Ukraine who can survive only a day or two without insulin.
Claim Tax Benefits
If you donate and itemize your deductions at tax time (rather than taking the standard deduction), remember to keep records so you can claim a deduction next year. Even if you take the standard deduction, save the donation confirmation. It’s fairly likely Congress will pass legislation allowing for special tax treatment for cash donations, like they did in 2020.
Consider Donating Appreciated Stock
For extra tax savings, donate appreciated securities (such as vested company stock) with a large unrealized gain held more than one year. The tax savings from a deduction of appreciated stock is often worth as much as 60-70% of the value of the stock donated. Investopedia has a good primer on the subject.
And, If You Can’t Donate
Please, please, please go to AmazonSmile, designate a charity of your choice, and make sure to do all of your Amazon shopping at smile.amazon.com or in the Amazon App using these instructions. 0.5% of your purchases will go to the designated charity at no cost to you, adding to the over $215 million donated since 2013.
And now…Andrew’s pick(s) of the week:
Better Things (on Hulu, Amazon, and elsewhere) has returned for its fifth and final season. It’s terrific—one of the most interesting shows I’ve ever watched.
How to avoid (some of) the worst prescription-drug ripoffs
If Russian Currency Reserves Aren’t Really Money, the World Is in for a Shock
The Other Mr. President (Stories about Vladimir Putin)
Decades of Neglect Leave I.R.S. in Tax Season ‘Chaos’
I hope this has been helpful. If you liked it, please share it on social media! Also, please send me your feedback, requests, and success stories.