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How to plan for charitable giving (infographic)

The holiday season brings an opportunity to give to others and support nonprofit organizations you care about. Nonprofits are especially in need of assistance as the lingering physical, mental and economic effects of the pandemic continue to impact vulnerable populations. Now is the time to talk to your family about charitable donations by sharing your passion with them.

If you have a charity you donate to regularly, share with your family why you want to give again and what about the charity speaks to you, so they understand why this is important to you. If you’re searching for a nonprofit to give to on your own or with a group, consider searching within a website like charitynavigator.org to narrow down your options and connect with reputable nonprofits.

If your family thinks they are unable to donate due to finances, they’re not alone. According to the 2020 Giving Report, 42% of non-donors said the primary reason they do not donate money to nonprofits is because they do not have the financial resources. However, once you break down your budget to discover how much you are actually spending on a monthly basis, you may find that becoming a donor is within reach. If donating is already a part of your budget, walk your family through your budgeting process and share any tips you may have.

Another way to give back to a cause in addition to donating, is volunteering. Giving back with your time can also help you develop a meaningful connection with the cause your charity supports. Show your family how your donation will make an impact on the nonprofits by spending a few hours volunteering with the group.

Once you’ve talked to your family members and friends about donating, it’s time to act. Encourage every member of your family to pick a charity they would like to donate to and share why they are excited to support the organization. You can also try creating a donation pool or ask loved ones to donate to your charity of choice in lieu of traditional gift giving.

The giving spirit you feel during the holiday season doesn’t have to stop after Jan. 1. Once you decide on an appropriate budget for your charitable giving, consider setting up a monthly, automatic withdrawal with your chosen charity so you can continue giving throughout the year.

Planning for charitable giving: infographic and top tips

CONS Infographic HolidayGiving BLOG 471x2050 FINAL

Are you ready to begin a tradition of charitable giving?

Plan for charitable giving this holiday season with a proactive approach to donating. Here are some financial tips for this season.

Choose a charity

Seek our reputable nonprofits by searching websites like Charity Navigator. Financial fraud often occurs through ill-intended fundraisers and donation requests.

Budget for donations

Use the spend, save and share budget method by allocating 50% of your take-home pay to your spending funds, 30% to savings and 20% to sharing or donating*.

Consider how much to give

Gifts of any size are appreciated by nonprofits, so don’t fret the dollar amount. The intention behind donating speaks volumes.

Volunteer

If you’re low on funds, giving personal time or volunteering, engaging in advocacy, or giving material goods are all equally meaningful ways of contributing to a cause

Combine funds

Join financial forces with family and friends to pool your funds for a group gift.

View and save the infographic 

*Your budget allocation percentages may differ based on your financial situation.

 

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When you click links marked with the “‡” symbol, you will leave UMB’s Web site and go to Web sites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other Web sites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.
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