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Description: Which altruism feels more effective: giving time or money? We predict that charitable gifts of time (vs. money) are perceived as more effective because they contain more of the self (i.e., greater self-gift overlap) and are, hence, seen as more valuable contributions. We expect that differences in perceived effectiveness partly explain why people are more willing to give their time (vs. money). Two incentive-compatible, preregistered studies (N = 1,420) and seven preregistered, supplemental studies (N = 3,240) support the prediction that self-gift overlap and effectiveness sequentially mediate the effect of gift-type on willingness to give. Further, we document the mediating and moderating role of perceived effectiveness on willingness to give time or money. This work introduces a novel account to why individuals are more willing to give time over money and generates new interventions for marketers who are trying to increase monetary donations.