Kenneth Savino of Avon, CT is a wealth management professional who specializes in retirement planning and investment strategies. Ken Savino is also committed to giving back to the community through charitable work and donations. In the following article, Ken Savino discusses ways to incorporate charitable giving throughout the year, not just around the holidays.
It’s a holiday routine as common as trimming the tree.
The spirit of giving sticks with us during the holidays. It’s a donation here or there to a charity one admires. Perhaps donations are asked for in lieu of a present. It’s a time for those with so much to be thankful for and to think about those less fortunate explains Kenneth Savino of Avon, CT.
And then it stops.
Whether it’s an end-of-the-year tradition or a new year’s resolution, charitable giving traditionally jumps during the latter part of the year and then as quickly falls again as a new year begins. Even so, charitable giving is as prominent as ever.
In 2020, Ken Savino of Avon, CT reports that Americans donated $471 billion to various charities, and overall giving averages a 5% increase year after year. In 2021, there was a 9% increase.
But consider this: A full 1/5th of all revenue raised by a nonprofit comes in December, according to a survey from Neon One, a technology company specializing in web tools for nonprofits.
While end-of-year giving is an admirable and important tradition, keeping it going through the rest of the year would be the greatest gift explains Ken Savino of Avon, CT.
Ken Savino on the Motivation to Give
Giving to charity has long been popular during the holidays, but in 2012 it became a holiday itself. Giving Tuesday encourages generosity in the world on the first Tuesday after Black Friday. In 2022, around $3 billion was given on Nov. 29.
But the event’s goal is to extend giving’s reach past the holidays; it’s for giving to become ingrained into the world’s collective culture and behavior. Despite Giving Tuesday’s success the end of the year is still by far the most popular time for an array of giving. And it’s not just because of holiday cheer.
One big reason: taxes.
Kenneth Savino of Avon, CT says that many in the U.S. rush to complete any type of charitable giving by the end of the year in order to also reap the benefits of tax deductions.
Year after year, according to The Chronicle of Philanthropy, people start giving slowly in November and through December, give more a bit closer to Christmas, and then give much, much more on New Year’s Eve, the deadline to make donations that can be turned into deductions explains Ken Savino of Avon, CT.
And that’s true for all types of charitable giving, whether it’s local nonprofits or global funds for natural disaster relief.
That’s not to say people are suddenly generous one month (or day) of the year and then turn into a Grinch. While the holidays always carry a spirit of giving that’s hard to ignore in the U.S., here’s how to hold unto that spirit through the coming year according to Ken Savino of Avon, CT.
Commit to Regular Giving
The new year is often the best time to evaluate one’s charitable giving and integrate it into a new budget and fit it into new financial goals. But before committing to a year of generosity, it’s important to keep the following in mind:
• Giving Goals
Before writing a check, Kenneth Savino of Avon, CT says that it’s best for individuals to write out who they’d like to support and why. Are there particular issues one is most passionate about? Is there something one would like to see changed or improved, such as fighting climate change, ending homelessness, or contributing to medical research?
• Giving Methods
There are tens of thousands of charities to consider supporting and there are numerous methods of support. Pinpoint the best method to give.
That could include one-time cash donations or monthly support of organizations through membership. Immediate charitable gifts can be made via cash, real estate, or other assets. Some opt to give at a later through planned gifts.
• How A Gift Will Be Used
Even if a charity aligns with one’s personal passions and values, Kenneth Savino of Avon, CT says that there are different ways charities use donations.
Research exactly how a charity typically uses donations — as well as how much of their yearly donations actually go towards tangible efforts such as funding a shelter or a percentage that goes to a specific initiative. For example, K9s For Warriors reviews show that the organization is highly transparent in how funds are utilized.
• Tap into a Community Need
Impactful giving starts in one’s own community according to Kenneth Savino of Avon, CT. Look to see if there are specific needs that need great financial support through the year close to home.
This may include educational needs or funding for new parks and green spaces. A community may be home to a large number of military veterans who need assistance or contain an underserved population.
Inspiration for giving through the year could be right around the corner.
