Valentine's Day – From fixed deposits to SIPs, financial gifts for your partner

Valentine’s Day is around the corner and people are scrambling to find the perfect gifts for their partners. While electronics, clothes, and expensive perfumes can make for decent gifts, you could also gift better financial health to yourself and your partner. After two years of the COVID-19 pandemic, many have begun to recognise the importance of financial health and financial gifts have slowly become more popular.

One of the most important gifts that you can give your partner is financial education. With money issues being one of the most common causes of discord between couples, it is important to be on the same page financially. Understanding one’s assets, liabilities and future financial goals is the key. Additional financial education can help people understand the fundamentals behind financial products like loans and credit cards and understand financial investment better.

If you’re looking to give a financial gift that lasts a long time, then the long-term investment is the best. Long-term financial gifts include units of mutual funds, credit bonds, fixed deposits, and other products. These products can even be used to finance future goals like wedding expenses or pregnancy.

While slightly morbid, gifting your partner a life insurance policy where they are the nominee is a great way to show that you want them to be financially secure even after death. The loss of a partner can not only provide an emotional and psychological shock but often put the surviving partner in immense debt as they have to deal with expenses with reduced household income.

Another great financial gift for your partner is setting up a SIP for them. SIPs can help your partner build an investment corpus for the future while also inculcating habits of saving and financial discipline in their lives. With many individuals finding the process of starting a SIP the biggest hurdle to start investing, taking care of the paperwork and formalities can help your partner start investing sooner.