MY MONEY

Four ways to start giving to charity as a family

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It is never too early to start the tradition of giving. Volunteering your time as a family can provide a better perspective and understanding of the world.

Have a box for small change

Save $39 and buy a goat through the charity Oxfam for a family living in poverty.

Four ways to start giving to charity as a family

Encourage children to set aside some of their pocket money to go to a charity.

Some families have a 5% or 10% rule so that it is automatically deducted.

Engage in school volunteering and giving programs

Some schools require their students to work with disadvantaged groups to qualify for a reference. Choose a charity as a family. Discuss the issues that concern your children.

Research the charity and stick to one with a solid track record.

Think outside the box

Is there a crowd-funding venture or social impact documentary that your family would like to support?

Consider setting up a public ancillary fund or sub-fund endorsed by the tax office

They allow you control the investment strategy. Income generated by a PAF's investments is tax-free so that the funds available each year are not depleted through tax.

Or you could leave it up to a professional charity to direct your money to good deeds.

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Susan has been a finance journalist for more than 30 years, beginning at the Australian Financial Review before moving to the Sydney Morning Herald. She edited a superannuation magazine, Superfunds, for the Association of Superannuation Funds of Australia, and writes regularly on superannuation and managed funds. She's also author of the best-selling book Women and Money.
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