How to Create a Personalized Giving Plan: A Guide

Crafting a thoughtful, personalized giving plan can be an effective way to help you align your charitable efforts with your values, priorities, and financial means. A customized plan can be simple like an outline of where you want to give. Or, it can be more comprehensive and involve a multi-year strategy. Either way, having a plan can help you stay committed to your giving goals over time and provide consistent support to the causes and charities you care about. It also lets you adapt your charitable giving based on changing circumstances in your life.

Here is a quick guide to help you get started on creating a personalized giving plan:

What is a giving plan?

A giving plan is a strategic approach to charitable giving that structures how you want to donate to charities and causes. It involves determining how much, how often, and where you want to give. This way, you’ll have a better sense of where your money is going and how it will make an impact. A giving plan, whether simple or comprehensive, helps you stay intentional and flexible in your philanthropy, so you can make adjustments to your planned giving when your circumstances or priorities change.

Things to consider when creating a giving plan

Determine how much you want to give

The first step in creating a giving plan is figuring out how much you want to give. This amount will vary depending on your financial situation, goals, and commitment to charitable giving. You can choose whether to allocate a fixed percentage of your income or set aside a specific dollar amount. 

Decide your giving frequency

Once you’ve established how much you want to give, consider how often you’d like to make donations. You can use an Impact Account to determine your giving frequency by adding funds to the account. Then, decide whether you prefer to send gifts monthly, quarterly, or annually: 

• Monthly giving: You can give to your chosen causes every month, this will ensure you provide them with consistent and sustained support.
• Quarterly giving: Donating quarterly can strike a balance between regular support for your chosen causes and having the donations spread out over a period. 
• Annual or holiday giving: You can focus your charitable efforts around the holidays or specific times of the year when giving feels particularly meaningful.

Give when you’re ready

You don’t have to send gifts to charities and causes right away. The funds in your Impact Account stay there until you decide where and when to allocate them. You can choose from more than 86,000 Canadian registered charities to give to. Whether it’s a one-time donation or a recurring gift, you’ll have control over how the funds are distributed.

Consider proactive giving, reactive giving, or both

Consider whether you want your planned giving to be proactive, reactive, or a mix of both:

• Proactive giving: This approach involves setting a clear schedule and strategy for your donations. You may choose to focus on specific organizations, causes, or initiatives you care deeply about. As a proactive donor, you can conduct long-term planning and commit to a sustained impact on the areas you want to make a difference.
• Reactive giving: A reactive approach allows for more spontaneity in the way you donate, especially when responding to a sudden event or crisis. For example, you may want to support a friend’s fundraiser, a walk-a-thon for cancer research, or help with disaster relief such as for a raging wildfire – these situations may spur you to donate without any pre-planning. 
• A mix of both: By using an Impact Account, you can be both proactive and reactive in your planned giving. The funds you deposited in your account are readily available for you to allocate to charities and causes. But it also gives you the option to donate reactively and immediately when unexpected events or causes capture your attention.

Reflect and evolve your plan

Creating a giving plan isn’t a one-time task—it’s an ongoing process that should evolve as your interests, circumstances, and the world around you change. You should reflect on your planned giving periodically and consider the following:

• Adjusting your plan: You may find that your initial plan needs adjustment after a while. Maybe you started with a focus on reactive giving but later developed a deeper connection with a specific cause that you want to support more proactively. Or, you may decide that a more regimented giving schedule doesn’t fit your lifestyle and prefer the flexibility and freedom to give whenever you want. 
• Ongoing evaluation: Regularly reviewing your giving plan allows you to make informed decisions about where to direct your resources. It’s a chance to reassess your priorities, explore new causes, or refine your strategy to increase your impact.

Understand there’s no “one size fits all” approach

It’s normal to wonder how others manage their charitable giving or seek guidance on the “best” way to give. However, it’s important to recognize that there’s no universal blueprint for philanthropy. Each person’s giving plan is as unique as their values, financial situation, and life experiences. The most effective plan is one that is tailored to your specific charitable goals and preferences. It should reflect your distinct personal vision of how you want to make a difference through charitable giving.

Make a lasting impact through planned giving

Creating a giving plan can help you bring structure and purpose to your charitable efforts. By defining your goals, deciding on a donation frequency, and choosing proactive or reactive giving, you can make a meaningful and lasting impact on the causes that matter most to you. Start a personalized giving plan today by downloading this worksheet. It’ll guide you through key questions to help you build a custom giving strategy that aligns with your core values. For more tips and insights into purposeful planned giving, check out our online resources.