3 Steps on How to Make Philanthropic Goals for the New Year

by | Jan 15, 2020 | Paying It Forward

Each new year inspires a host of new personal goals and resolutions. Many people set out to exercise more, spend less time on their phones, and adhere to a more balanced diet. But rarely do you hear about philanthropic goals. However, anything worth doing is worth doing well. So why not have a plan for your philanthropy? Here are three steps on how to make philanthropic goals for the new year.

1. Analyze Your Time

The first step in creating philanthropic goals for the new year is analyzing the amount of time you have available. Philanthropy requires a decent amount of time that needs to be allocated toward driving, volunteering, researching, and tracking the business aspects of your charitable contributions. At times, philanthropy can feel like a second, or part-time, job, depending on which cause you decide to champion. So be honest with yourself when analyzing your time availability.   

2. Analyze Your Finances

Before committing to philanthropic work, sit down and carefully analyze your finances. 

Will you: 

  • Need to implement a savings plan or fundraiser to achieve your philanthropic goals this year? 
    • If not, will you need to set your proposed funds aside to keep them separate? 
  • How much money do you plan to dedicate toward philanthropy this year? 
  • How will you handle the tax documents? 

All of these are questions that should be addressed before you get involved with an organization to save you the trouble later.  

3. Analyze Your Passions

Lastly, you must analyze your passions. Your philanthropic pursuits should lie in things you are passionate about. Consider topics that interest you, matters that pull your heartstrings, and needs that inspire you to action. You don’t have to back a cause simply because someone asks you to. Put your support behind an effort because you want to. Make a list of the things you most urgently want to address, then align with those causes this year. 

Giving back should be a well-thought-out undertaking. It impacts people’s lives and should be executed with the gravity of that responsibility in mind. By using these three steps to set your philanthropic goals, you’ll be prepared to go out and go do great work this year. 

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