As we approach the end of the year, many of us reflect on how we can contribute to our communities and make the world a bit better. The festive season reminds us of the joy of giving, not just to our loved ones, but to those in need. Let’s explore how you can make a meaningful difference through philanthropy and charitable giving.
1. Identify Causes Close to Your Heart
Start by considering the issues that resonate with you. Whether it’s supporting local schools, addressing homelessness, or contributing to environmental conservation, your passion will drive your commitment to give. Research local charities or community organisations that align with your values.
2. Understand the Impact of Your Giving
Before donating, learn about how your contribution will be used. Many charities provide impact reports or case studies that show how donations translate into real-world change. This understanding can make your giving more rewarding and encourage long-term commitment.
3. Consider Various Ways to Give
Giving isn’t just about money. You can donate your time, skills, or resources. Volunteering at a local shelter, mentoring young people, or offering professional services pro bono can be incredibly impactful. Sometimes, these non-monetary contributions can be even more valuable than financial donations.
4. Involve Your Family
Make philanthropy a family affair. Discuss charitable giving with your children or grandchildren. Let them participate in choosing causes to support or volunteer together. This not only multiplies your impact but also instils values of empathy and social responsibility in younger generations.
5. Create a Giving Plan
Develop a strategy for your charitable activities. You might choose to give regularly to a few organisations or make larger, one-off donations. Consider setting up a dedicated ‘giving fund’ in your budget to ensure you can support causes consistently throughout the year.
6. Explore Different Giving Methods
Beyond one-time donations, consider ongoing support through regular giving programs or workplace giving. You might also look into charitable trusts or foundations if you’re planning substantial, long-term philanthropic efforts.
7. Leverage Your Skills and Networks
Use your professional skills or personal networks to amplify your impact. You could organise fundraising events, offer to join a charity’s board, or use your social media presence to raise awareness for important causes.
A Note on Tax Benefits
While the primary focus of giving should be on making a difference, it’s worth noting that donations to registered charities can be tax-deductible in Australia. This can allow you to give more over time. Keep records of your donations for tax purposes, but remember, the real reward is in the positive change you’re creating.
Let’s Discuss Your Philanthropic Goals
As the year winds down, it’s an ideal time to reflect on your giving strategy and how you can make a meaningful impact in your community. We’d be delighted to help you explore your philanthropic options and create a plan that aligns with your values and goals.
Let’s have a chat about how you can make a difference this festive season and beyond. Together, we can ensure your generosity creates the greatest possible impact, bringing positive change to those who need it most. Reach out to schedule a consultation – your community will thank you for it.
You need to consider with your financial planner (or adviser), your objectives, financial situation and your particular needs prior to making an investment decision. Sensibly Pty Ltd and its authorised representatives (or credit representatives) do not accept liability for any errors or omissions of information supplied on this website
Nick Shanley, Steve May, Luke Styles and Shanley Financial Planning T/A Steve May Financial Services are Authorised Representatives / Corporate Authorised Representative of Sensibly Pty Ltd, AFSL 533923. Please refer to our website at www.stevemayfs.com.au to reference our Financial Services Guides.
