Financial Mother’s Day Gift Ideas: 6 Unique Financial Gifts That Can Change Your Mom’s Life

Many people may be trying to buy something special for the most important woman in their life. Ashfaque Ismail rounds up some unique gift ideas that could change your mom’s life.

Book a medical check-up for her

Diseases can be combated effectively if they are detected early. Doctors recommend that even young and healthy people should have a medical check-up at least every 2-3 years. If you are over 50, you should go for a health check more often. Book a full-body medical check-up for your mom for Mother’s Day. A thorough investigation will determine if something is wrong and nip the problem in the bud. In addition, up to Rs. 5,000 spent on check-ups can be claimed as a Section 80D deduction.

Find a trusted financial advisor for them

Just as it is a blessing to have a good doctor, working with a trusted investment advisor can be extremely rewarding. Find a reliable investment advisor who can help your mother with her finances. Your best bet is fee consultants. They charge a flat fee for investment advice and receive no commission on the investment products they recommend. A good financial advisor will evaluate their investments and help optimize returns by eliminating junk. This has the potential to be one of the best gifts your mom has ever received.

Start a SIP on their behalf

Unless her financial portfolio is too large, your mother may not need professional advice. In such cases, a DIY approach works better. If your mom has never invested in mutual funds, this is a good time to start. You need to do her KYC and help her choose a program that fits her profile and aligns with her goals. Get in touch with a trusted mutual fund advisor who can handle the onboarding paperwork and get her started on her investing journey. It becomes easier if she’s an existing investor in mutual funds. Just start a SIP in a suitable scheme.

Open a senior savings account

If your mother is over 60 and averse to market risk, do not force her to invest in market-linked instruments. Instead, start investing in the ultra-secure Senior Savings Scheme, which offers 7.4% guaranteed returns and runs for five years. The interest rate is linked to government bond yields and can change every three months. But once a person invests, the interest rate remains fixed for the full five-year term. The system is administered by the government and pays interest every three months. There is an investment limit of Rs.15 lakh per person.

Invest in PM Vaya Vandana Yojana

Just like the savings program for seniors, the Pradhan Mantri Vaya Vandana Yojana is designed to provide a steady income for retirees. The 10-year program currently offers a guaranteed return of 7.40% on the monthly option. After 10 years, the principal is returned to the policyholder. The PMVVY is managed by the LIC and is a very secure investment opportunity. There is an investment limit of Rs.15 lakh per person.

Introduce her to paper gold

If your mom loves buying gold, it’s time to introduce her to paper gold. Buy her a government gold bond or get her to invest in a gold fund. These are linked to the price of gold and move with the metal without the hassle of ensuring purity, paying fees or worrying about safe storage. It’s also a good idea to buy gold ETFs, but for that your mom needs a demat and trading account. A gold fund from a mutual fund charges a small fee, but there is no need for a demat or trading account.

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