We all know that to give is to receive. But what’s the best way to budget, save and even think about donating to charitable and nonprofit organizations?
And how much is enough?
Take a cue from Denver’s Lindsay Filsinger, whose motto is this: “Giving is like breathing; it’s up there with everything else you do. If you can give, you should. The level in which you give is irrelevant.”
Filsinger and her husband, Todd, CEO of Filsinger Energy Partners, are Colorado natives who involve their three daughters, Tatum, 15, Treva, 11, and Talya, 6, in regular donations to several Colorado-based charities and nonprofits including . Lindsay also serves on the boards of the and
“Our girls get it,” she said. “We started teaching them about budgeting for giving by ‘taxing’ their allowances by 10 percent. They then decide where to donate it. They understand that it feels good to earn the money and then to donate some of it.”
The Filsingers teach by example, she said. “We’ve been lucky in our success and everything we have, we’ve earned through hard work as well as luck; we’re very grateful.
“When we have a particularly good year, we plan to give more.”
In Colorado, while the decision to give is highly personal, some general demographic trends do emerge in relation to donors’ beliefs, the ways in which they give, and the kinds of messages that most appeal to them, according to Understanding Giving, a 2011 report on the beliefs and behaviors of Colorado donors by the
“Women are much more likely than men to say that an important reason to give is because the organization ‘helped you or someone you know,’ ” the report says. It also found that Coloradans on the Front Range place less importance on a nonprofit’s local impact than people in south, north or west Colorado.
When donors were asked what prompted a donation, younger people were more than twice as likely as older people to report making a donation after being asked for one by someone they did not know.
Saving and budgeting for your own donation doesn’t have to wait until you have a set amount, said Jennifer Stokes, vice president of resources at Mile High United Way. The organization’s 2014 fall campaign is now underway.
“Our donations range from one dollar to millions of dollars,” Stokes said. “We’ve found that a dollar amount is not as important to donors as what’s important to their individual family situation. Their contributions make significant impacts in our communities.”
Once you plan to budget for donating, and identify the organizations that are meaningful to you, the act of giving becomes a core value, Stokes said.
“Pay yourself first and pay the community second,” she said.
Conversations about giving help instill the tradition in children, she said. “If you talk to your kids about why you’re participating they will begin to take on this core value as well. Our most invested donors are those who inherited the tradition of giving.”
Many donors find it helpful to keep track of their philanthropy based on their income flow during the year. “If you have to decrease the amount you give, it’s OK,” Stokes said. “Organizations understand that.”
Beyond the tax deductions and credits, givers reap an intangible benefit: It feels good — especially if you find a passion for an organization that you really want to support.
When you do, it becomes second nature to help.
“It’s selfish to give,” Filsinger said. “The feeling is amazing.”
Find ways to give regardless of income
Giving to help make the world a better place by advocating for people who need help is a priority for Laura Roberts, a gas strategy consultant and member of Mile High United Way’s Emerging Leaders Council, and her husband, Denver Public Schools teacher Shawn Roberts. Here are her best tips for jumpstarting a gift-giving budget:
• Figure out where your heart is. A gift here will make the most impact and be the most rewarding for you. You can start giving by volunteering for an organization — that gives you an idea of what any financial donation will support.
• Maximize the benefit. Find out if your employer offers payroll deductions or matching contributions for donating to charities, which can double your gifts. Check with your target organization about places or times of the year when your gifts will be matched — for example, at your alma mater or during specific fund drives.
• Examine your budget. Take a look at what really comes in and goes out of your kitty in weekly and monthly expenses. Could you give up a lunch or dinner out once a week? Is there a way to get just as much joy and social satisfaction from a potluck? You’d be surprised at how quickly the savings add up from foregoing or reworking some pleasures.
• Do as some friends of hers do: They chose, as a couple, one organization each month to which to give, whether it’s by writing a check or participating in a fundraising activity.
• Invite friends and relatives to go along with you to charitable or volunteering events. You’ll socialize, network and increase the bang for your buck.
