Graduating college, buying a home, having children, selling a business and retirement—these are just some of life’s experiences that are considered major life events. While some of these events bring happiness and others may trigger a little stress, they all bring about change—change in the way you think about your work, lifestyle and money.

These major life events may also cause you to reflect on your giving. Just as you set goals for your life, you can also strategically plan your philanthropy before each stage or event in your life. 

Preparation for these events can start early. If you are in your 20s, major life events typically include graduating college and beginning your career. This would be the time to look at your giving from a practical standpoint. If you aren’t in a position to donate financially, consider volunteering your time at a nonprofit. This way you learn about organizations and then support them financially when you are able to. You can also give smaller financial donations on a monthly basis so you won’t break your budget. You might be surprised that these small donations can add up to a healthy total at year end. Check with your employer to see if they will match your contributions—it’s a way to increase the impact you make for the causes you care about. 

In your 30s, you may want to start thinking about giving more strategically as your career gains momentum. If and when you get married and choose to itemize, you can combine your charitable contributions, possibly saving you on taxes. Since there is a limit to the charitable donations that can be deducted annually, having a spouse can increase that limit. Another major life event happens when children enter the picture. Once you start having children, your income could be stretched and you may have little time on your hands so you may want to consider having a smaller monthly donation automatically deducted so you can continue giving without having to remember. 

In your 40s and 50s, major life events might include advancing in your career and your children graduating from college, which means your earning potential could be increasing. This is a good time to think about giving more and establishing a Donor Advised Fund (DAF), which provides you with an immediate tax deduction and allows you to have a hands-on role in your charitable giving. You can make contributions to the fund, which are then invested, and can recommend grants from the fund to support your favorite nonprofits. This is also a great time to start working on an estate plan. Working with a professional advisor and the Community Foundation of Anne Arundel County (CFAAC), you can begin strategizing how you would like to incorporate your giving into your plans. 

Reaching your 60s and beyond is when most start to think about retirement. At this point, consider how your philanthropic efforts can continue beyond your lifetime. Read more.