Teaching Kids to be Charitable

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Teaching Kids to be Charitable

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Teach your kids the value of philanthropy.

The value of a dollar is something that is becoming harder and harder to convey to young people. With all the great advances in payment technology many teenagers would not even be able to tell you how much money they spent in a given day because they are using cards to pay for everything.

The tried and true way to impart the value of a dollar is to give your kids an allowance. Let them know that, of course, you will continue to provide them with all the basics – but if they want anything that could be considered unnecessary or frivolous, it will have to come out of their allowance. Magically, their math skills will surpass Newton’s as they figure out the days, hours and minutes until they have enough money to buy the latest fad.

Another way is to give your kids some seed money for them to start their own charitable giving. Let them identify a few charities they like and watch as they figure out a budget. They may not know they are making a budget, but when they have a fixed amount of money to spread around three or four different charities, that is exactly what they are doing. Will they choose to give an equal amount to every one of their causes, or will they see that by making a larger gift they can make a bigger impact?

Of course not all charitable contributions – and not all lessons about the value of a dollar – have to be made with cash, check or credit card. Time is money. The gift of time is something that my family and I love to donate each summer to a pretty special place called Camp Happy Times. Sponsored by the Valerie Fund, this week-long respite for kids who have or have had cancer does not seem like work because it is so much fun.

The program requires that once the campers graduate from high school, they also graduate camp. Though always welcome, they are not be eligible to return and participate as Leaders in Training until they take a year off to mature a little. A transformation occurs during this summer off; these young people have lived as adults and they know the value of a dollar. Even so, they are eager to volunteer a week of their valuable time.

And while charitable giving is something that makes our country and our society stronger, let’s not lose sight of the goal of parenting; when you teach your kids fiscal responsibility, you are giving them an advantage in life. It’s like giving them the gift of a car, graduate school and a house all at the same time.

It’s never too early to teach your kids to be philanthropic. Whether it’s with dollars or time, the return on investment speaks volumes.

Judith Heft

Judith Heft, Principal, Judith Heft & Associates is a personal financial concierge with offices in Greenwich and Stamford. She can be contacted via email at judy@judithheft.com or by phone 203-978-1858.

2 Responses to “Teaching Kids to be Charitable”

  1. Thank you for the article Judith. When our daughter entered kindergarten, we began giving her an allowance. From that allowance we deducted “tax” of 25% which was symbolic of the taxes taken out from the workforce to pay for the services and benefits we receive. Her “tax” was placed in a jar and at the end of the year totaled up. We, along with some of our friends matched her savings to buy gifts for needy children serviced by Person 2 Person in Darien. We combed the stores, clearance clothing racks and newspapers for discounts to get more buying power for the money she saved and the matched dollars. She would come along with me to shop for the items and made selections. We would gift wrap the purchases and label them for age and gender and proudly deliver them to Person 2 Person. This became a tradition throughout her childhood years. To this day, she sets something aside for those less fortunate throughout the year.

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