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Develop a family giving plan

Article By: Elizabeth Rogers

There are many reasons to include charitable contributions as part of your financial planning. Here's how to get started.

Phone calls, visitors on your doorstep, letters in the mail, solicitations from friends and family... We are constantly flooded with requests for contributions to this or that good cause. It's easy to donate a few dollars here and there, but is your money really going to causes that are important to you? And how do donations figure into your overall financial health?

If you want to gain more control over how you handle donations, consider developing a personal or family giving plan. This plan allows you to identify important causes and find meaningful ways to support them long term. You set financial goals and include donations in your budget rather than impulse giving. Important causes aren't accidentally overlooked or left short, and you have a process to track and follow up on contributions. If you are caring for elderly parents, creating a plan with them can help with money management and allow them the opportunity to communicate their wishes and priorities.

Not sure how to get started? Try these steps:

Consider your budget

As with any other aspect of financial planning, start with your budget and look at the year as a whole. Once all of your essential expenses are met, determine how much you feel comfortable giving and how you want to contribute. There are many options: Do you want to set up an automatic monthly contribution? Put money aside for annual fundraising drives? Keep funds available for natural disasters or local projects? Do you want to make smaller contributions to a variety of causes, or larger contributions to a select few?

Setting aside money in your monthly budget doesn't mean you have to donate every month, but the funds will be available when you want to spend them. For example, if you tend to give during holiday season, setting aside funds earlier in the year eases the strain on your holiday budget. Don't feel you have to respond to drives or requests. Many organizations such as local food drives and humanitarian aid need money all year round and welcome contributions anytime.

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Visitors comments

Wow what a great article! I have had a passion for charity my entire life but found that many friends and family didn't do exactly what you said above - make a plan for giving. As time went on I went into the charitable sector and now work for the central office of the Catholic Church of Toronto ( after the Canadian Catholic Missionary Society and the University of Toronto ). I now help individuals make plans for all their Catholic gifts and encourage them to sit down with family and a personal advisor and make a private plan. Charities cannot assist with planning because we have an obvious interest. Organizations like 50Plus that promote smart givig in articles like this are
pnazareth@archtoronto.org

I have been doing all of the things listed in this article for many years. I have an annual donation budget of $12k. I have decided what areas I wish to support - groups that support low income, single mothers & children - and every year I review the groups I support and decide on the financial distribution to each. Prior to making my decision on which groups to select, I send them a letter and ask for information abot their group - I prefer small local groups where the impact can be visible. I only donate through "www.Canadahelps.com". I put the donation on my credit card and the receipt is received by email within seconds - this simplifies record keeping and tracking. I only donate t
Selective

Over the years we have decided to whom we give each month,then let all appeals fall on deaf ears except a dollar here or there when travelling around shopping etc.I always say if I had a million dollars,and gave a dollar to a million people,well we would be in the poor house to.Decide on what percentage of income to give and then thats it
riverview1210@hotmail.com

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