Five ways your savings can have a lasting impact
August 2024
Five ways your savings can have a lasting impact
Five ways your savings can have a lasting impact
August 2024
Investing in your child’s future
One way you can save for their future is with a Junior ISA (JISA), which allows you to make regular contributions in a tax-efficient way and with interest that will grow savings over time. You can invest up to £9,000 in the 2024/25 tax year for your child. A JISA will automatically turn into an adult Cash ISA at the age of 18, at which point your child will gain control of the account and can decide to either keep saving or put the funds towards whatever they like.
Beyond saving for their future, you could also help your children to build a healthy savings habit by setting up a savings account for them. According to 2024 UK Personal Savings statistics, one in six adults across the UK has no savings at all1. With a JISA, your kids can take control of the account when they’re 16, but without the option to withdraw money until they turn 18, giving them an opportunity to start saving themselves. Alternatively, our Young Saver Account is designed specifically to help those aged between 7 and 17 learn how to manage their money, while investing in their future.
Invest in yourself
When life’s busy, self-care often falls to the bottom of the priority list, but making time for things that you enjoy can be a great way to boost your wellbeing. A study by Harvard found that people with hobbies enjoy better health and greater happiness, for example2.
Whether it’s learning a musical instrument, taking cooking classes or exploring new crafts, developing a regular savings habit means you'll find it much easier to fund your passions.
You might also want to invest in your professional development by learning a new skill or signing up for a training course. This can have lots of great benefits, from growing your confidence to helping you progress in your chosen career – something that could boost your future earnings.
Helping you build memories
Do you ever dream about a holiday to a far-flung destination or attending a once-in-a-lifetime music event? You’re not alone. Our recent Sunny Days report found that 83% of the people we surveyed told us that shared experiences makes them truly happy.
The thrill of buying items can fade quickly but putting money aside for enriching experiences such as holidays, sporting events and live entertainment can create lifelong joy and memories for both you and your family or friends.
Making your own positive impact on the environment
Investing in energy efficient improvements can result in lower energy bills and cut your carbon emissions. It can also have a big impact on the value of your home, helping to increase its desirability and saleability3.
Gifting to a great cause
Giving money to a charitable cause that’s close to your heart can be a powerful way to make a positive change. Even if you can only afford to put aside a small amount every month, the beauty of compound interest means that this will grow into a more substantial savings pot over time. Donating to charity also allows you to claim tax relief on your contributions through Gift Aid, so you can be sure that what you give can have an even bigger impact.
If you have children, showing them the importance of donating to charity can set a positive example for the future too. You could involve them by asking them to nominate a different charity every year.
Whether you’re building a fund for your children, gifting to charity or putting your savings towards reducing your carbon footprint, there are lots of different ways to make sure your savings have a lasting impact.
At Coventry Building Society, we share this commitment to positive change. You can rest assured that your savings are invested in a responsible and community-focused organisation that cares about making a difference.
Find out more about our range of savings options and how you can start to build your own savings account to make a positive difference here.
1. Source - Finder -Savings statistics: Average savings by age in the UK
2. Source - Harvard Health Publishing - Mind and Mood article
3. Source - Rightmove property news
Information correct as at August 2024.
Related articles:
The psychology of saving and starting a positive savings habit
Have you ever wondered why you save the way you do?
Investing in your child’s future
From helping with university fees to a deposit for their first home or wedding, there are lots of ways you can save money for your children to make a real difference.
One way you can save for their future is with a Junior ISA (JISA), which allows you to make regular contributions in a tax-efficient way and with interest that will grow savings over time. You can invest up to £9,000 in the 2024/25 tax year for your child. A JISA will automatically turn into an adult Cash ISA at the age of 18, at which point your child will gain control of the account and can decide to either keep saving or put the funds towards whatever they like.
Beyond saving for their future, you could also help your children to build a healthy savings habit by setting up a savings account for them. According to 2024 UK Personal Savings statistics, one in six adults across the UK has no savings at all1. With a JISA, your kids can take control of the account when they’re 16, but without the option to withdraw money until they turn 18, giving them an opportunity to start saving themselves. Alternatively, our Young Saver Account is designed specifically to help those aged between 7 and 17 learn how to manage their money, while investing in their future.
Invest in yourself
When life’s busy, self-care often falls to the bottom of the priority list, but making time for things that you enjoy can be a great way to boost your wellbeing. A study by Harvard found that people with hobbies enjoy better health and greater happiness, for example2.
Whether it’s learning a musical instrument, taking cooking classes or exploring new crafts, developing a regular savings habit means you'll find it much easier to fund your passions.
You might also want to invest in your professional development by learning a new skill or signing up for a training course. This can have lots of great benefits, from growing your confidence to helping you progress in your chosen career – something that could boost your future earnings.
Helping you build memories
Do you ever dream about a holiday to a far-flung destination or attending a once-in-a-lifetime music event? You’re not alone. Our recent Sunny Days report found that 83% of the people we surveyed told us that shared experiences makes them truly happy.
The thrill of buying items can fade quickly but putting money aside for enriching experiences such as holidays, sporting events and live entertainment can create lifelong joy and memories for both you and your family or friends.
Making your own positive impact on the environment
The need to address climate change is growing and we can all play a part by reducing our own carbon emissions. Making energy efficient improvements to your home is another way you can use your hard-earned savings to have a lasting impact. There’s no denying that installing solar panels or a ground source heat pump can be costly though, so creating a savings pot to build the funds you need will make a big difference.
Investing in energy efficient improvements can result in lower energy bills and cut your carbon emissions. It can also have a big impact on the value of your home, helping to increase its desirability and saleability3.
Gifting to a great cause
Giving money to a charitable cause that’s close to your heart can be a powerful way to make a positive change. Even if you can only afford to put aside a small amount every month, the beauty of compound interest means that this will grow into a more substantial savings pot over time. Donating to charity also allows you to claim tax relief on your contributions through Gift Aid, so you can be sure that what you give can have an even bigger impact.
If you have children, showing them the importance of donating to charity can set a positive example for the future too. You could involve them by asking them to nominate a different charity every year.
Whether you’re building a fund for your children, gifting to charity or putting your savings towards reducing your carbon footprint, there are lots of different ways to make sure your savings have a lasting impact.
At Coventry Building Society, we share this commitment to positive change. You can rest assured that your savings are invested in a responsible and community-focused organisation that cares about making a difference.
Find out more about our range of savings options and how you can start to build your own savings account to make a positive difference here.
1. Source - Finder -Savings statistics: Average savings by age in the UK
2. Source - Harvard Health Publishing - Mind and Mood article
3. Source - Rightmove property news
Information correct as at August 2024.
Related articles:
Planning ahead for a lower interest rate environment
What do you need to think about when interest rates start to drop?
Related articles:
The psychology of saving and starting a positive savings habit
Have you ever wondered why you save the way you do?
