8 Ways to Teach Your Kids to Give

It’s National Family Literacy Month!

November is National Family Literacy Month so we’ve taken this opportunity to discuss a very important type of literacy: family financial literacy!

All month we’ve been sharing strategies with you on social media on how to discuss money with your kids and teach them good financial habits.

Since this week is Thanksgiving, we wanted to take a moment to focus on how to teach your children to be charitable. Understanding that your children won’t have the ability to give substantially to charity until many years or even decades from now, it is nonetheless, an important habit to teach kids early on.

According to 2012 research by Child Trends: “Kids who volunteer are more likely to have greater respect for others, leadership skills, and an understanding of citizenship that can carry over into adulthood.”

Who doesn’t want that for their child? If we want giving to become second nature, like brushing our teeth, we have to start early and practice often. Here a few tips on how to teach your children to be charitable:

Tip #1 - Encourage them to give compliments

Create a star-chart at home. When your child comes home from school, ask them to describe a compliment they gave to someone and why. Then you can give them a star sticker to place on the “Compliments Chart.”

Tip #2 - Volunteer with your kids

Many of us have charitable golf outings or breakfasts which we attend. If possible, bring your child with you so that they understand what these events are all about. Perhaps they can even volunteer themselves, as these events often need ticket collectors or beverage runners.

Tip #3 - Create gift certificates and coupons

Show your children that giving is not only monetary, it is also your time. Spend an afternoon crafting gift certificates or coupons for activities your kids can do that is charitable.

Perhaps it is a car wash, raking someone’s leaves, reading a book with the elderly, or even giving a hug. Then have your children pass these out to be redeemed by friends and family. 

Tip #4 - Making spending, saving, and giving part of their allowance

If you give your children an allowance, this is a great way to teach monetary giving to charity. Set up three piggy banks labeled “savings, “spending,” and “giving.” Ensure your child puts a little bit of his or her money into each jar.

Don’t forget to give them a little bit of interest in their “savings” jar to encourage them to save just as they would with a bank!

Tip #5 - Have them research a charity

Now that your child is saving money in a “giving” jar (tip #4), have them research the charity they want to give their money to. Maybe schedule a day where you child can go to the organization and interact with the people (or animals) they are helping.

If you do not give your child an allowance, still complete this exercise and as part of their holiday gift, have the child understand money will be going to the charity of their choice.

Tip #6 - Donate old toys

Everyone seems to be “Marie Kondo-ing” their homes. Why not have your kids jump on the bandwagon and Kondo their toys. The fact of the matter is, we all have too much stuff.

There are certain items your children no longer play with. Have them pick out those items and donate them to the next child that’ll play with them, whether that be a school, a neighbor, a shelter, or an orphanage.

According to the Association for Psychological Science, we receive more joy from giving than from getting, so this exercise is sure to bring a smile to your child’s face.

Tip #7 - Make birthdays charitable

If your child tends to receive cash for his or her birthday,  you can ask them to donate a portion to a charity. Or, you could ask parents instead of providing a gift, to donate to your child’s chosen charity instead.

One step further, is you can take your kid and friends to volunteer someplace locally, such as the humane society, as part of the birthday activities, then come home for pizza and cake.

Tip #8 - Use a change jar

Have a jar of loose change out in your home. Encourage your children to add in any loose change they may have and then at the end of the year have a family vote as to what charity all the money should go to.

Remember, you can’t vote for your own charity! Go together as a family to make the donation and volunteer your time, if possible.   

Conclusion:

All of the tips we’ve provided this month—from savings to college budgeting—have been important, but this one is truly the most special. If we all gave a little more, the world would be a far better place.

Wishing you a healthy, safe, warm, and kind holiday season. Happy Thanksgiving! 

Written by Maggie Johndrow

Maggie is a Partner and Financial Advisor at Johndrow Wealth Management. She attended Providence College and the London School of Economics prior to beginning her career on Wall Street at Barclays and JP Morgan. She has taken her experience with high net-worth clients and used it to empower families and small businesses.