During the upcoming Valentine’s Day, while choosing gifts for your loved one, apart from giving roses and chocolates, you may consider something that would prove valuable in the long run. One of such options may be financial gifts, which may not give instant gratification, but would prove immensely valuable in the years to come.
“For good times and bad, that’s what partnership is all about. This Valentine’s Day, do away with gifts that do not last, instead opt for something your partner is not going to be just happy about but also pleasantly surprised. Surprise her. Surprise him. And of course, go for that dinner date,” said Anil Pinapala, CEO & Founder of Vivifi India Finance.
But other than that – as suggested by Pinapala – here’s what you could gift your partner:
1. Financial Education
Couples that teach each other stay together. Let’s just say that, considering how important it is to educate and be educated on finance, especially in today’s world where financial setup has moved to the digital space. Be it banking, budgeting, saving, investing,loans, credit or debt, understanding and knowledge of products available that form the basis of most of the financial decisions is essential.
2. Deposits/investment
The aim of a financial gift is to make your partner feel empowered, financially. Investments make for a great financial gift and what better a day than Valentine’s Day to do the honours! Open a mutual fund SIP, a fixed deposit or a recurring, a PPF or buy shares of your partner’s favourite company. A word of advice of course – since the financial market is subject to risks, make sure to choose a plan after thorough research.
3. Insurance
Gift your partner insurances – health insurance, life insurance, term plans – you could choose any. The aim is to provide your partner the necessary financial security in the unfortunate event of a health crisis and mounting bills.
4. A line of credit for emergency
For everything your partner needs, you probably cannot always be there. But you can always give them a personal line of credit with FlexPay, which they can use for short-term, smaller, urgent needs, whenever, however, as FlexPay is also available on-demand without requiring you to apply for a loan every time you want to use credit to finance your then needs.
5. Gold
Gold is more than just a precious metal, especially in India. It has a rather emotional value in the hearts of millions of Indians. Well, talking about touching hearts, gifting gold to your partner in the form of Sovereign Gold Bond, Gold ETFs and/or a Gold saving fund will certainly fulfil that goal.
“It’s the month of February and Valentine’s Day is just around the corner. There are better ways to express your love than by gifting flowers, chocolates, jewellery, or an expensive phone,” said Nitin Mathur, CEO, Tavaga Advisory Services.
“You could invest in your partner’s future financial needs and take your relationship to another level!” he added.
According to Mathur, here are some of the gift ideas that can make this Valentine’s Day extra special for them:
1. Direct equities
You can give your partner the gift of stocks by buying shares of reputed and financially sound companies for the long term.
2. Invest in their future
Your partner might want to start a new business or study but lack of resources may be holding them back. You could give a cash gift and invest in your loved one’s future.
3. SIP in Mutual Funds or Exchange Traded Funds
You could do a systematic investment in your partner’s name in funds of your preference. These financial instruments can be easily bought and sold in the secondary market.
4. Insurance Policy
Insurance policy has become extremely essential in these uncertain times. You could buy a life or health insurance policy in your name with your partner as the beneficiary. This would provide them with much-needed financial support in case of any illness or death.
5. Gifting a subscription of Registered Investment Advisor (RIA)
Buying financial products involves risk which is best understood by market experts and professionals. Gifting the service of a registered SEBI RIA will help them in planning for their finances in a prudent manner.
“Consider the needs of your loved one, and give them the most appropriate financial gift of lasting value,” said Mathur.
