During Diwali, most people enjoy giving sweets, gold coins, jewels and crackers to their families. But, this time, make it different. Surprise your family with some unusual gifts this festive season.
When you were a child, your parents have taken care of your needs. This time, it’s your turn to fulfill your responsibility towards your parents.
Surprise them with an investment option which offers a certain amount of monthly income for them. You can invest in mutual funds, FDs on your parents’ names. They can enjoy their lives a little extra with this additional flow of regular income.
Giving medi-claim policy to your parents is a must as a small amount set aside will take care of unexpected medical expenses especially at a later stage. In case you have not done it for your family and parents, don’t wait for an occasion. Just do it.
What better for your spouse than a gift that assures a decent lifestyle forever? Life and regular income are uncertain. Best is to be prepared for any untoward events in life by ensuring you have life insurance and retirement plans intact.
The power of compounding can be taught to kids at a later stage but the important thing remains to get started as early as possible. It would be encouraging to give kids a piggy bank when they are small. You could be a little creative and find them a piggy bank of their favourite cartoon character or toy or get something in a shape and size that excites them. The market is full of such piggy banks and thanks to the invasion of toys from China they are available at a reasonable cost. Savings bank account, child education saving schemes and insurance policies are the other logical extensions to make as investments for your children. You can use this festive season as an excuse to give long lasting gifts to your children. Announcing targets and bonus may motivate kids to improve their saving skills and spend only where needed.
A savings account for your children is needed not just to gradually help them build a huge corpus but whenever they get cash gifts during festivals or birthdays, you deposit the money in their account. Once these savings reach a few thousands, you can invest the money in a FD or mutual funds in the child’s name.
A Child insurance policy for your kid will take care of unforeseen circumstances and ensure that basic health and education needs are taken care of, provided you have planned it properly and allocated an optimum amount.
Besides the serious finance gifts, you could also gift your child games like monopoly, ‘Business/Trade’ and other games which bring out some entrepreneurial skills in them. Such games will be helpful for kids to know the value of savings, spending less, owning assets and investment. If your kids are net savvy or have mobiles, you could download apps which help them to track their expenses.
Such gifts motivate children to save more and they will surely understand the importance of money. Lay a strong foundation on personal finance management this Diwali for your family.
And at times like this, it is worth sparing a thought for your domestic help. Gift them a term insurance policy which comes at a relatively lower cost but serves the purpose in case of any emergency. The other option is to enroll them for some group insurance policies which have accidental insurance where the premiums are a miniscule amount.
Make this Diwali special for your loved ones!
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