Household Covenant Week 1

I'm aiming to go through each of the seven topics in the Household Covenenat over the seven weeks of Lent. The first topic is 'Savings and Investment'. I decided to list out the ways that we save and invest and decide if they are making a positive contribution to a fairer and more sustainable world.

We keep most of our savings in an online bank account. I did a quick check and the bank does do some donations to environmental and children's health causes. Children's health is a pretty safe issue. The causes are located in Australia. Given how many kids die of preventable diseases overseas, that doesn't seem like a priority. Still, if my daughter got sick; I'd certainly feel different about the anmount of care available locally. It's nice to support causes my closest neighbours would identify with as well.

We do have a small amount of money in the 'Kiva' microcredit scheme. The scheme operates out of the US and matches lenders in the developed world to borrowers in the developing world. Borrowers may only borrow a few hundred dollars. Typically there are a good number of lenders, so the loan is spread out across a few lenders. Our money is currently with a woman in India, who has used it to buy a sewing machine. She has successfully paid off most of the loan already. We get a small return on investment, so it's worth doing another loan through the scheme and maybe extending our committment.

We have an online trading account for share market investing and I'm learning about the sharemarket through the ASX public help. I'm aware that there are managed funds for pretty much every investment flavour. I'd be interested to find out if we could go further than a local ethical investment fund (of which there are a number of good ones) and find a fund that helps address a critical need overseas; such as health and education. It's hard to know what needs will be suitable for private investment; especially as we'll need a relatively low risk investment.

After a recent adventure running my own business, we're setting our sights on home ownership. That's a big investment! I'd like to find out more about buying a smaller, more energy efficient, dwelling - maybe renovating a small house over a few years will be better than a large place in the outer suburbs.

So, that's our review in a nutshell. We have a couple of little things we could committ to, otherwise we'll need to do more research before we can turn these wishes into a definite savings and investment plan.