I work in the not-for-profit sector and charitable giving and community involvement is a very important part of our family philosophy.
Â
With respect to giving, we give 6-10% of our gross income to charities each year. In addition, our kids get a monthly allowance. Of this, they're given 50% to spend on whatever wants they may have and the other 50% is divided however they'd like between their savings and charities jars. I'd say each of our kids gives about $100/year to charity. They pick the charities they give to - we ask them to research the cause, the charity and we talk about why a given cause is meaningful to them. They also undertake fundraising by participating in an event for one to two charities each year.
Â
We're also very involved in the community. DW and I actively volunteer - we both sit on Boards of local charities and undertake casual volunteer opportunities. We also make sure that we volunteer from time to time as a family and get the kids involved in their school and larger community.Â
Giving back, shaping the community we live in and making a difference is part of the value system of our family.