Hey there! It's Talk About Money Tuesday, your favorite day of the week! 🤑
When we think about money, our minds often go spending, saving, or investing. But since it's giving season, I want to focus on another equally important part of financial well-being: sharing. Generosity might not sound like a financial skill, but it can be a powerful way to build a healthy relationship with money.
With Giving Tuesday and year-end giving campaigns underway, it's the perfect time to talk to your kids about how generosity fits into your family's financial picture. And speaking of giving, on this Veterans Day I'd like to thank all the men and women who have served our country for their courage and sacrifices.
Money Stat
$592.5 billion
Giving connects us to others and teaches us that money is something that can be used for good. That truth plays out across the country every year. According to data from Giving USA, Americans gave $592.5 billion to U.S. charities in 2024. A strong stock market and economy fueled that giving, which was up 3.3% from the year before when adjusted for inflation. Meanwhile, four categories of nonprofits saw giving hit an all-time high, even when adjusted for inflation: education, health, environment/animals, and arts, culture and humanities. Giving USA's annual report on philanthropy also highlights that individuals — people like you and me — were responsible for the largest share of all donations made last year.
Money in the News
The news: Warren Buffet, the billionaire investment icon, said he plans to give away his fortune faster. In a Thanksgiving letter to shareholders of his company, Berkshire Hathaway, Buffett said he gave more than $1.3 billion to foundations run by his three children. In 2006, Buffett pledged to give away nearly all of his wealth during his lifetime or at his death.
What it means for young people: Buffet's commitment to charitable giving shows them that money can be a tool for supporting others. His example can serve as a reminder that managing money well includes decisions about where it goes, not just how much you keep or spend.
Tip for parents & mentors: Here are three simple ways to help young people see that anyone —not just billionaires — can use their money to make a difference.
1️⃣ Budget for giving. Show your kids how routine giving fits into your budget, just like saving and spending does. When they can see a "giving" line item in your budget, it reinforces that giving is a planned financial choice, not just something you do during the holidays.
2️⃣ Connect money to values. Ask young people what causes they care about and how they think they can plan their money to support them. This lets them see that money decisions are value-driven.
3️⃣ Teach the long game. Emphasize that small, consistent giving can add up over time. Help your kids set a "giving goal" for the year to guide them in saving a few dollars from their allowance or other income to support a cause that matters to them. At the end of the year, look back with them at how their giving grew and talk about what their money helped accomplish.
Smart Money Quiz
What share of U.S. charitable donations came from individuals in 2024?
A. 20%
B. 50%
C. 32%
D. 66%
(The answer is at the end of this newsletter.)
Money Talks
"If you had $20 to give, who or what would you help and why?"
This is a simple question to ask kids, teens, and college students to get them to reflect on causes or organizations that are important to them — such as a local animal shelter, a food bank, the environment, or a holiday toy drive.
Have them explain their choices and how they think their $20 gift could make a difference. Research local charities with your child and help them build a budget that includes money for giving.
This conversation can spark a thoughtful discussion about priorities, empathy, and the impact of small acts of kindness. It can also help young people realize they can play an active role in making their community a better place.
Loose Change
💰A bunch of billionaires agreed to give their money away, but will they follow through?
📺 Thrift stores want your donations, but not all of them. Here's a list of eight items that won't make the cut and what you should do with them instead.
🌪️ After tornadoes, floods, fires, and other natural disasters, people who want to help often run into fake fundraising efforts. These tips can help you separate the good from the bad.
Thanks for reading! If you know someone who cares about youth financial literacy, share this newsletter with them. And if this newsletter was forwarded to you, please subscribe here.
'Til next time,
Audrey
Founder/Certified Financial Education Instructor
The FinLit Zone
ANSWER
D. 66%. Most charitable giving in the United States comes from everyday people, not corporations or foundations, according to Giving USA. In 2024, individuals gave $392.5 billion out of a total of $592.5 billion donated in the U.S.
600 1st Ave, Ste 330 PMB 92768, Seattle, WA 98104-2246
Unsubscribe · Preferences
