It's the season of love. And when we at Ella Financial Advising think about love, we think about giving with our partner(s). Sometimes our significant other(s) is passionate about a cause that is completely different from ours. How can those in relationship make plans to give together and toward their own causes?
Note, this information is not only for romantic couples. It can apply to any relationship where you share money and have a desire to give together.
Donating with a loved one is a great opportunity to discuss values. We'd like to think our significant other(s) knows everything about us, but it's good to re-evaluate your values at least once a year. People grow, change, and evolve (as does the world around us), so our most pressing issues may also change over time.
Once you've discussed your values as a partnership and as individuals, you can begin to decide where to allocate your giving funds. The good news is, according to Fidelity Charitable (2017), "not only do 81 percent of donors make giving decisions as a couple, they also overwhelmingly agree on those decisions." And often times, donating together can bring couples and families even closer. It can also solidify a family's value system for other members, including children.
But what if you don't agree? You could set up multiple separate donation buckets -- one for each person and one together as a whole. Then, each member can feel free to give to their on personal passion, but the group still makes a choice that represents the family's values.
Important Reminder:
Ella and her wife are expecting a baby girl in March 2023. She will go on maternity leave beginning March 1, 2023 and return after the July 4th holiday.
While she's out, Erin--our operations manager--will be holding down the fort. Feel free to reach out to her with questions, concerns, or comments.
Articles Referenced:
(2017 February 13). Fidelity Charitable survey shows giving brings couples together, highlights importance of discussing values. Fidelity Charitable. https://www.fidelitycharitable.org/about-us/news/survey-shows-giving-brings-couples-together.html