Father’s Day 2024: The day to honour the person who has always stood like a pillar to support us and the whole family throughout his life is here. Our fathers, grandfathers, and all those who have been father figures for us deserve massive applause for sacrificing their comfort and happiness for their children and families. While celebration of fatherhood is not limited to a single day, Father’s Day 2024 serves as an opportunity for people to express their love for their parents. Here are five financial gifts people can give to their fathers.
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Father’s Day 2024: Five financial gifts for your dad
Systematic Investment Plan (SIP)
If your father is not very much into mutual fund investment, then you can initiate a Systematic Investment Plan (SIP) for your father. An SIP can be a great way to begin investing in mutual funds. With the help of an SIP, one can start investing a fixed amount of money at regular intervals, usually monthly or quarterly, into a selected mutual fund scheme.
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An SIP also helps a person commit to investing a fixed amount of money regularly, whether monthly, quarterly, or at any other predetermined interval.
Clear unpaid debts
Unpaid debt is the biggest burden on a person’s mind. Utilise the available money to clear your father’s unpaid debt as soon as possible. If it is not possible to clear the debt now, Father’s Day 2024 is the right occasion to formulate a plan to clear the debt in the future and start saving accordingly. Clearing unpaid debts improves a person’s financial stability and helps them start fresh.
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Add-on Credit Card
People can also gift an add-on credit card to their father so that they can purchase whatever they want. A Credit card provides the person with the flexibility to spend money at his discretion. Owning such a thing would help fathers, especially those who have crossed their retirement age and are dependent on their children, feel financially independent.
Health Insurance
If your father does not have an active health insurance plan, then it is the right occasion for you to gift one to him. Before taking a health insurance plan, it is better to check whether it covers age-related ailments and hospitalisation. It is better to opt for a family floater plan, which helps cover both parents’ expenses.
Open an emergency fund
An emergency fund, also known as a contingency fund, is extremely helpful in dealing with unprecedented situations, be it health issues, accidents, joblessness, or any other sudden requirement. While it is evident that our parents must have saved money for emergencies, creating an additional contingency fund would provide that extra cushion needed in the event of unforeseen circumstances.
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Published: 14 Jun 2024, 04:00 PM IST