With the New Year, many of us are brimming with motivation to set goals, embrace fresh opportunities, and make meaningful changes in our lives. January is also the perfect time to recalibrate your finances and philanthropic strategies. Taking the time to plan wisely now can ensure your year is not only productive but also impactful. Here are key steps to help you start strong:
1. Review Your Financial Landscape
Start by taking a deep dive into your finances. Reflect on the previous year—what worked well, and where can you improve? Consider these actions:
- Budget Assessment: Review your income, expenses, and savings to identify trends or areas for adjustment. Be mindful of how inflation may have impacted your spending and plan for potential cost increases in the year ahead.
- Investment Review: Reassess your investment portfolio to ensure it aligns with your goals and risk tolerance.
- Plan for Big Events: Anticipate significant life changes like weddings, becoming a new grandparent, or other major milestones, and adjust your budget accordingly.
2. Plan Your Travel with Intention
If travel is on your agenda, January is the best time to map out your trips for the year. This allows you to budget effectively and take advantage of early booking discounts. Whether it’s a family reunion, a work-related conference, or a dream vacation, planning in advance ensures you’ll have the resources and flexibility to make it happen. Coordinate with family, friends, or colleagues early to align schedules and share costs where possible.
3. Craft a Thoughtful Giving Strategy
Philanthropy is more impactful when approached strategically. Instead of making gifts reactively, take time to align your giving with your values and goals. Here’s how to make your generosity count:
- Utilize Donor-Advised Funds: Set up a donor-advised fund to simplify your giving and take advantage of immediate tax benefits.
- Give from an IRA: If you’re 70½ or older, consider making a qualified charitable distribution (QCD) directly from your IRA to support causes you care about.
- Donate Appreciated Assets: Contributing stocks or other appreciated assets can help you avoid capital gains taxes while maximizing the impact of your gift.
- Explore Employer Matching Programs: Check if your employer offers matching donations to double the effect of your contribution.
- Leave a Legacy: Incorporate charitable giving into your estate planning to ensure your generosity continues.
- Volunteer Time and Expertise: Beyond financial contributions, consider lending your skills or time to organizations in need.
4. Incorporate Gratitude and Reflection
Finally, remember that the essence of giving—whether it’s time, money, or love—lies in gratitude. Reflect on the blessings in your life and the positive changes you’ve contributed to others.
By taking these steps, you can approach the year ahead with clarity, confidence, and a deeper sense of purpose. Giving wiser isn’t just about finances—it’s about intentionally creating a life that aligns with your values and uplifts those around you. Make this the year you give wiser.
To make a gift that is meaningful to you and has a lasting impact for the Ballet, contact impact@kcballet.org or by phone at 816.216.5612.
Disclosure: We encourage you to consult your financial advisor or attorney as you consider a gift for Kansas City Ballet. The information provided here is not intended as legal, accounting, or other professional advice.
Header image: Dancers Amelia Meissner, Georgia Fuller and Amanda DeVenuta in Cameron Thomas’ Rather Lively, Rather Rhythmic. Photo by Brett Pruitt & East Market Studios.
