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How to incorporate tithing and charitable contributions into your financial plan

How To Incorporate Tithing And Charitable Contributions Into Your Financial Plan

By Richard Riva

If you’re like most people, you don’t just want to have money for the sake of having it. You want to be a good steward of your wealth. You want to use your money to support the people and organizations that matter most to you. Even more so, you may want to use your wealth to honor God (as is the case for most of my clients).

The most common way to do this is through tithing and charitable giving.

Today I want to go over how to incorporate tithing and giving into your financial plan, so you can make sure your money aligns with your values, morals, and faith.

Here’s how to incorporate giving into your financial plan—whether that’s donating a lump sum to your favorite charity or tithing 10% of your income every Sunday.

Talk It Over With Your Family

Discuss your tithing and charitable contribution goals with your spouse and family. Are they on board? Do you all have a clear vision for how you’ll use your money to accomplish your philanthropic and faith-based goals?

Maybe you want to give 10% of your money to your church through tithing. Maybe you want to use additional funds to support local organizations in your community that are helping fight homelessness and poverty.

We’re all called to different purposes. Whatever your purpose is, set aside some time to discuss it with your family. Wealth is a special gift. Use it to support the causes and organizations you’re passionate about.

Discuss Charitable Giving And Tithing With Your Financial Advisor

Once you’ve got the family on board, it’s time to discuss your tithing and giving goals with your financial advisor. Ideally, your financial advisor is of the same mindset as you and supports your decision to continue tithing and giving even if you’re still paying off debt or saving for retirement.

At Wealth Management Solutions, LLC, we won’t ever tell you to limit your giving just to grow your net worth. If charitable contributions and tithing are important to you, we’ll help you build that into your cash flow analysis, so you can ensure you have the funds to fulfill those goals each month. 

Depending on your situation, a donor-advised fund, qualified charitable distribution, or charitable trust may be a great way to fulfill your legacy and estate planning goals.

Include Tithing And Gifting In Your Cash Flow Analysis

We’ve all heard the saying “Pay yourself first.” But what about “Pay yourself second”? If tithing and giving are at the top of your list of financial priorities, consider dividing up your paycheck in this order:

  1. Set aside part of your paycheck for tithing and charitable contributions.
  2. Set aside a portion of the remaining funds for your savings and debt pay-off goals.
  3. Use the rest for monthly expenses.

Earmarking funds for tithing and giving first will help hold you accountable and ensure you’re meeting your goals. You can always go back and adjust the numbers in any three categories if you feel your money isn’t stretching as far as you’d hoped.

How We Help

At Wealth Management Solutions, LLC, we understand that accumulating wealth isn’t your ultimate goal—and that you want to use your money to support your values, morals, and faith. If you have any questions about how to incorporate giving into your financial plan, we’d love to have a chat with you. Schedule a complimentary consultation by contacting us at (949) 475-9700 or info@wms-llc.com to get started.

About Richard

Richard Riva, the founding partner of Wealth Management Solutions, helps families advance their purpose in the framework of family financial matters. He brings comprehensive experience in banking, trust and investment services, and as an independent financial business, the passion in helping people and families, as a trusted advisor. Richard is a proud veteran and currently serves on the California State Guard.

All investing involves risk including loss of principal. No strategy assures success or protects against loss.

The opinions voiced in this material are for general information only and are not intended to provide specific investment advice or recommendations for any individual.

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