Five ways your savings can have a lasting impact
3 minute read
Five ways your savings can have a lasting impact
Five ways your savings can have a lasting impact
3 minute read
Have you thought about how your savings could contribute to something meaningful? Whether it's saving for your child's future, investing in a new hobby or donating to charity, there are a number of ways your savings could make a difference.
In this blog, we'll explore five ways to make sure your savings can have a lasting impact.
Investing in your child’s future
There are lots of reasons why you might want to save for your kids. From helping with university fees, first home deposits or wedding costs.
One way to save for their future is with a Junior ISA (JISA), like our Junior Cash ISA (2). JISAs allow you to save regularly in a tax-efficient way that will gain interest over time. In the 2026/27 tax year, you’re able to save up to £9,000 in this type of account. A JISA will automatically turn into an adult cash ISA when your child turns 18. At this point, they could decide to keep saving or put the funds towards whatever they like.
Alternatively, our Young Saver Account is designed to help those aged between 7 and 17 learn how to manage their money.
Invest in yourself
When life's busy, self-care often falls to the bottom of the list.
Making time for things that you enjoy can be a great way to boost your wellbeing. You might want to learn a musical instrument, take cooking classes or explore new crafts. Whatever you're dreaming of, building a regular savings habit means you'll find it much easier to fund your passions.
Saving is also great to help you invest in your career too – maybe to learn a new skill or do a training course.
Building long lasting memories
Are you dreaming of an exotic escape or going to a music festival? You're not alone. Did you know, 56% of people aged 50 and above have big sunny day plans1? You've worked hard for your money, so it’s time your money worked hard for you.
The thrill of buying items can fade quickly. But, putting money aside for experiences like holidays, sporting events and live entertainment can create lifelong joy and memories, both for you and your family or friends.
Saving with us gives you peace of mind that your money is not just in safe hands but working hard to help you take it easy. By saving regularly, you can watch your money grow and give your financial wellbeing a boost.
Making a 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 a 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, so creating a savings pot to build the funds you need will make a big difference.
Gifting to a great cause
Giving money to a charity close to your heart can be a powerful way to make a positive change. Even if you 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.
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. With us, you can rest easy, knowing your savings are in safe hands with a 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.
Published August 2024
Updated October 2026
Related articles:
The psychology of saving and starting a positive savings habit
Have you ever wondered why you save the way you do?
Have you thought about how your savings could contribute to something meaningful? Whether it's saving for your child's future, investing in a new hobby or donating to charity, there are a number of ways your savings could make a difference.
In this blog, we'll explore five ways to make sure your savings can have a lasting impact.
Investing in your child’s future
There are lots reasons why you might want save for your kids. From helping with university fees, first home deposits or wedding costs.
One way to save for their future is with a Junior ISA (JISA), like our Junior Cash ISA (2). JISAs allows you save regularly in a tax-efficient way that will gain interest over time. In the 2026/27 tax year, you’re able to save up to £9,000 in this type of account. A JISA will automatically turn into an adult cash ISA when your child turns 18. At this point, they could decide to keep saving or put the funds towards whatever they like.
Savings accounts like JISAs are also great to help your young ones build healthy savings habits. With a JISA, your kids can take control of the account when they're 16, but they won’t be able to take money out until they’re 18. This will give them the chance to save themselves.
Alternatively, our Young Saver Account is designed 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 list.
Making time for things that you enjoy can be a great way to boost your wellbeing. You might want to learn a musical instrument, take cooking classes or explore new crafts. Whatever you're dreaming of, building a regular savings habit means you'll find it much easier to fund your passions.
Saving is also great to help you invest in your career too – maybe to learn a new skill or do a training course.
Building long lasting memories
Are you dreaming of an exotic escape or going to a music festival? You're not alone. Did you know, 56% of people aged 50 and above have big sunny day plans1? You've worked hard for your money, so it’s time your money worked hard for you.
The thrill of buying items can fade quickly. But, putting money aside for experiences like holidays, sporting events and live entertainment can create lifelong joy and memories, both for you and your family or friends.
Saving with us gives you peace of mind that your money is not just in safe hands but working hard to help you take it easy. By saving regularly, you can watch your money grow and give your financial wellbeing a boost.
Making a 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 a 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, so creating a savings pot to build the funds you need will make a big difference.
Gifting to a great cause
Giving money to a charity close to your heart can be a powerful way to make a positive change. Even if you 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.
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. With us, you can rest easy, knowing your savings are in safe hands with a 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.
Related articles:
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Related articles:
The psychology of saving and starting a positive savings habit
Have you ever wondered why you save the way you do?
