How to Encourage Your Children to Give Back
You can instill a sense of gratitude and generosity in even the youngest of children by teaching them the value of giving back. Philanthropy can consist of giving their time or sharing a portion of their allowance for the causes they support.
Here are some ideas for encouraging your kids to become young philanthropists:
Discover what sparks their interests
To get your child excited about giving, consider engaging them in the decision-making process about which charities to support. You can easily uncover their interests by having a conversation with each child or if everyone is in one location, hold a family meeting.
The key is to make sure that the charities capture their hearts. For example, if your child likes pets, they might be interested in a local animal rescue group. Once a group is selected, look for opportunities to support them by donating time or money. For extra motivation, you might agree to match the donations your child gives.
Create a family tradition
Celebrate a holiday, anniversary, or other event as a family by giving back to those in need. Not only will your kids learn the importance of volunteering and generosity, they’ll also look forward to the event every year. For example, participate in a family-friendly one-mile or 5K walk that benefits a cause important to your family. Or, enjoy beautiful spring or summer days by volunteering for a park cleanup project or a local building project. These shared experiences can help teach your kids valuable lessons about the impact of giving back to the community.
Establish a donor-advised fund
A great charitable tool you should consider is a donor advised fund. Many families establish a donor-advised fund because it’s flexible and a great tool to teach their children about giving, saving, and investing. When you and your family donate to the fund, you’re making a tax-deductible donation immediately. You can then decide on the details of when to give money and who you would like to give it to.
Some families set savings goals, they wait for the fund to reach a certain amount prior to dividing it amongst their favorite charities. The family members meet regularly and review the contributions and value of the fund. Your money is invested based on your family’s preferences, so it has the potential to grow tax-free, while you’re deciding which charities to support.
Givers for life
By teaching lessons in gratitude and generosity early on, you can set your kids up for a lifetime of giving back to those in need, to their local communities, and to cherished causes. If you would like specific ideas on how to incorporate charitable giving into your family- contact us today.