On Mother’s Day, cakes, flowers and cards are classics, but there are more ways to show care and express gratitude. This year, rather than going the traditional route you can be creative, thoughtful, and financially generous.
This Mother’s Day share a gift of financial independence and empowerment. Here are unique financial gifts ideas you can consider for your mother.
Apart from investments like fixed deposits, RDs and PPFs, mutual funds are a great and secure investment option. Research and pick a mutual fund that has shown good performance in the last five years and invest in that for your mother if she is not an existing investor. Choose a fund with a balance of equity and debt and make sure the fund is open-ended with no lock-in period, so that your mom can redeem funds as per her needs.
You fund your mother’s passion and dreams by starting an SIP (Systematic Investment Plan). Choose a mutual fund and set up an SIP to fund your mom’s future. You can start an SIP for a business that your mom plans to start, or for home renovation, or for her dream vacation. Once you reach the amount you need to fund her goal, redeem the funds and help your mom fulfill her dreams.
Most mothers love gold. However, the hassle of purity and liquidity that comes with it is not appreciated. Therefore, it may be time for you to introduce your mother to paper gold. You can invest in a Sovereign Gold Bond or get her to invest in a gold fund. They are linked to the price of gold and the value will change accordingly without the hassles of ensuring purity, paying making charges or worrying about safe storage. You can also buy gold ETFs, but for that your mother will need a Demat and trading account. Gold mutual funds are also an option. These investments will generate a fixed interest income and can be a superb starting point to get your mother interested in investing and money management.
Health is wealth and you can ensure to keep your mother healthy in the times of need by buying a health insurance plan for her with critical illness cover to support her in old age. Also, ensure that she has regular medical check-ups and keeps herself healthy. If there is an option, you can get her name included as a beneficiary in the group health cover provided by your employer as well.
A Senior Citizens’ Savings Scheme account is a great and safe investment option if your mom is above 60. Start an investment in the ultra-safe Senior Citizen’s Saving Scheme, that offers 7.4 percent assured returns and has a tenure of five years. The interest rate is subject to change every three months but after the investment is made, the rate remains fixed for the full five-year tenure. The scheme is secure as it is managed by the government that pays interest every three months. The upper limit on investment is Rs15 lakh per individual.
