Be a Charitable Role Model for Your Children
Philanthropic giving is always important, but sometimes (as during the Covid-19 pandemic) roadblocks appear that prevent some traditional volunteering activities, such as helping at a soup kitchen or hospital. Nevertheless, there are always ways to help others, and involving your children can help them become more thoughtful human beings.
Philanthropy is a family affair. You probably have your favorite charities and causes that you’ve supported for many years, and now may be the time to include some organizations your children have an interest in. Enlarge the scope of your planned giving by discussing with your children the types of causes they feel are important. If they are young, explain why it is so important to help others who are less fortunate. Give them concrete examples of the activities they can undertake and who will benefit.
Giving money is just the beginning. A natural starting point for involving your children is to explain how charities work and why giving money is so important. Generosity can be taught early on through simple acts like donating some of their toys to a thrift store or creating art projects to brighten up a local nursing home. Take cues from them regarding areas of particular interest.
Model the behavior you wish to encourage. Children internalize the example you set when you engage in generosity together as a family. By investing your time and energy, you demonstrate the value of action beyond donating money. Food and clothing drives are classic forms of philanthropy, and you don’t need money to send emails to your neighbors asking them to drop off canned goods at your house.
Teach charity as a part of allowances. As children get a little older, you may start giving them allowances, which is a great opportunity to teach them about money. Explain to them that part of their allowance money is to be set aside for charitable giving, just like part of your own income is. For example, you can set up a charity money jar and put 10% of their allowance in that jar. Work together in an age-appropriate way to determine how your children will give the charity money to causes of their choosing.
Take the opportunity to refine your charitable planning. This is a perfect time to review your own giving plans to see whether they are timely and effective. There are many strategies for tax efficient giving that allow you to help yourself as you help others. VWG can review your philanthropic planning and optimize your giving so that everyone benefits from your generosity.
