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Can GoFundMe Be Used To Pay Off Debt?

Social media has become an ongoing daily activity and borderline obsession for most people in society today, so it is no surprise that it is now also involved in many aspects of real life, such as small business and fundraising. GoFundMe has become a popular way for people, teams, companies, and non-profits to raise money for individuals, families, and causes in need of generosity and funding. The use of social media has made techniques such as crowdfunding possible and profitable for those in need. 

What is GoFundMe?

GoFundMe is now a non-profit fundraising website for those looking for donations from others, either for themselves, friends, families, or other non-profit organizations, through crowdfunding on social media. In the past, there was a 5% fee charged by GoFundMe, on whatever money was raised, but according to the site, there will no longer be a charge moving forward. 

What Is Crowd Funding?

There are different types of crowdfunding, but the type used to make GoFundMe successful is donation-based. The money is raised online through the use of social media through the group effort of individuals, families, friends, customers, and investors. The main idea is to get the most exposure through the use of online outreach. 

What are the funds raised and used for?

The funds are typically raised and used for a cause to help those in need. The funds can be for anything, but it needs to be for something that will grab the crowd’s attention on social media. A few common reasons people may use a site such as GoFundMe could be for families in need after a disaster such as Hurricane Harvey or when someone needs a medical procedure that their insurance doesn’t cover.

It is common to see a GoFundMe post when people find out about a sick family member, and the household needs help with some extra income while the person can’t work and is getting better. In all of these cases, the money goes to those in need, and the families can use the money for everyday needs, such as bills and debt that will be accrued during the difficult time they are going through. GoFundMe is a beneficial resource for helping others who need it, quickly and easily. For tax purposes, it is also considered a gift in most cases, so it is often an untaxed amount.

How Can You Make The Campaign Successful?

There are a few things you can do when designing a GoFundMe campaign that can help to ensure its success. 

1. Make sure your message is thoughtful, clear, and concise:

You don’t want it to say anything, but you also don’t want people to think you don’t want to pay your bills that month. Make sure people know what you are raising the money for and that they will feel good about contributing. At the same time, if your message is too long, people may not read the whole thing. Social media is used by people on the go in most cases, has a clear message with a good picture, and makes sure everyone knows what donations you are looking for. 

2. Don’t ask for too much:

The people who ask for too much rarely meet their goal. Make sure to ask for a reasonable amount of money, so you can reach out to your network, achieve your goal, and hopefully exceed it! 

3. Get the message out to your network:

Share the message often, and make sure to keep the posts updated!

4. Show Appreciation:

Respond to each donation with appreciation so you can get more donations from that person again in the future as well! 

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