Cultivating the virtue of charitable giving in your children is an endeavor that’s never too early to start. The following tips can help you pass along your philanthropic values to the next generation.
1. Lead by example.
One of the best ways to instill values in your children is by modeling them. Talk to your children about the causes you support with both your money and time. Don’t worry about bragging; instead, be honest about what you do and the impact your actions have on the lives of others. It’s important that your children know how much you do for others.
2. Involve your children in charitable decisions.
Make giving to charity a family event by involving your children in charitable decisions. If you have a budget for charitable donations, give your kids a say in how to allocate a portion of the funds. Websites such as Charities Aid Foundation and Charity Navigator can help you discover a wide range of charitable organizations that align with your children’s passions, values, and interests.
3. Volunteer together.
Once they’re older, your children can volunteer with you at organizations such as food pantries, animal shelters, churches, hospitals, etc. Volunteering alongside your kids can be a great way to get them excited about helping others. However, even younger children have an opportunity to help others. Consider taking your child to help a neighbor with a small job, such as raking leaves or shoveling a driveway. You can also encourage young children to “pay it forward” by doing something nice for someone else each time someone does something nice for them.
4. Help your children develop their own charitable goals.
Talk with your children about their values and what’s important to them, then find opportunities for them to make an impact. Maybe your son loves reading and wants to share his joy by starting a book drive. Or perhaps your daughter has dreams of someday becoming a veterinarian and would like to walk dogs at your local shelter. Your kids will be more motivated to support causes that are important to them.
5. Encourage your children to donate their own money.
One effective way to teach children the importance of giving to others is by implementing a “three-bucket” strategy. Consider offering your kids an age-appropriate allowance and teaching them to separate it into three categories — save, spend, and give. Not only does this practice teach your children that a portion of their money should be used to help others when possible but it also helps them learn the importance of saving for the future.
Gene Gard, CFA, CFP, CFT-I, is a Partner and Private Wealth Manager with Creative Planning. Creative Planning is one of the nation’s largest Registered Investment Advisory firms providing comprehensive wealth management services to ensure all elements of a client’s financial life are working together, including investments, taxes, estate planning, and risk management. For more information or to request a free, no-obligation consultation, visit CreativePlanning.com.