Father’s Day is celebrated on 18 June, today. Every year, Father’s Day is observed on the third Sunday in the month of June. Father’s Day is an event that honors the bond between father and children. It is the day when child shower all his or her affection and love towards his father or dad. Some go with traditional gifts such as greeting cards, electronic gadgets, etc. while some also consider providing financial gifts to have a meaningful influence in their dads’ lives.
Let us look at some financial options to gift your Dad or Father so that they can enjoy a secure life:
Lovely facts about traveling to Palakkad
1) Opt for a budget-friendly health insurance plan:
This is the most-needed financial gift that you can think about giving your dad this Father’s Day. Nowadays, health is wealth. People generally ignore their health in their younger days because they are much busy with their daily chores and meeting life goals. However, when health starts declining, men are more likely to suffer from non-communicable diseases. You can suggest your dad enroll for good health insurance coverage that will at least get him reimbursed with the immediate hospitalization expenses whenever they occur. Some preventive health covers also include access to regular health check-ups, consultations with doctors, and preventive screenings, thus reducing the financial cost.
Tips to travel with the elderly and children on flights
2) Set up an emergency fund:
An emergency or highly important fund is a separate savings account that is kept to meet any unexpected expenses that may arise in the course of life. It can be expenses to meet during layoffs or any medical emergency in the family or repairs or renovation work at home. This emergency fund acts as a financial safety net and can act as a security for your dad. It also prevents breaking from any long-term investments like PPF or FDs, etc. A minimum of Rs 5 lakh in the savings account can be sufficient for the emergency fund. You can start a SIP in your father’s name in an ultra short-term fund or liquid fund in the initial stage if you cannot afford to save in lakhs.
3) Pay off your dad’s debt:
Your father may have taken a loan of any form from financial institutions or personal relatives to meet some expenses. It is time for you to take that responsibility in helping him pay off that debt. Getting rid of an outstanding loan can be an effective Father’s Day gift. It will help him sleep in peace and also look at his finances in a renewed manner. If not fully, you can at least pay some amount of his whole debt amount.
4) Initiate a SIP for your dad:
You might be aware of how investments can increase your wealth over a period of time. By giving him a high-dividend stock or creating a systematic investment plan – SIP in mutual funds, you will help him grow his wealth over a period of time. It will also help him understand that someone is there now to handle the responsibilities that he has been carrying all these years alone on his shoulders.
5) Invest in bonds:
If your father doesn’t like to take risks, then consider giving him government bonds, corporate bonds, or bond funds. You can help him get a secured return on the investment by even investing in Senior Citizen Saving Scheme – SCSS if he is a senior citizen. Or you can open a fixed deposit in his name in a bank account that you both hold jointly.
