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Financial Gift to Your Father: The date of Father’s Day varies every year, as it is celebrated on the third Sunday in June. This year Father’s Day is on June 18. In such a situation, if you want to give some good gift to your father, then apart from clothes, mobiles and other gadgets, you can add financial related things, so that he does not have to face any kind of problems later.
Here are some financial tips that you can gift to your father. Apart from improving your financial condition, it can help you in times of need. Let us take a look at five financial gifts that can fulfill your father’s financial goals.
health insurance for better health
If your father is elderly, you can gift him health insurance. It is not easy for the elderly to get health insurance, but if given as a gift, it will come in handy in times of need and reduce your medical expenses. Many companies provide health insurance to senior citizens after checking their health.
Help build an emergency fund
Can be used for emergency fund, job loss, medical expenses, home repair etc. Experts advise that you can save 1 to 5 lakh rupees. If you do not have this amount, then you can invest in short term equity, mutual funds or other schemes based on your risk appetite. Also, you can invest little by little through SIP.
repay the loan amount
If any loan is in your father’s name, then the best gift would be to repay that loan. This will reduce their financial burden.
Start SIP in your father’s name
According to experts, you can start SIP to strengthen your father financially and create a good fund by investing in the long term, which will be useful for his future.
Make a financial plan based on advice
You can opt for a comprehensive investment plan for your father by consulting your financial advisor. You can become a partner in investing in government schemes, mutual funds, equity and other things.
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