Mother’s Day 2019 – Gift Your Mother Financial Security – Axis Direct
May 10, 2019 | Source: Hindustan Times
This Mother’s Day, Gift Your Mother Financial Security
One day at a luxurious spa or an expensive dinner? More often than not, such things make it to our list of ideas when Mother’s Day is round the corner. This year, try out some personal finance gifts for your mother:
AN SIP TO CALL IT HER OWN
Mothers who are homemakers mostly divert their funds into household budgeting or gold. Hence if you are earning, gifting your mother a financial product will give her a sense of financial independence. At times mothers may not want to take cash from you. A small systematic investment plan (SIP) will relieve you from the burden of gifting anything that requires a lump sum payment.
GIFT A FINANCIAL PLANNING SESSION
Most parents advocate traditional investment product. It will open her up to a world of investments where she can begin with investments spread out across risk profiles. Gradually, keeping her risk appetite in mind, she can move to equity-oriented instruments.
Enabling your mother to navigate the financial world by herself will go a long way too. In some cases when women have been completely dependent on their husbands for management of finances, a sudden demise can leave them helpless especially when they are bit older. These include small things like assisting her with usage of ATMs, equipping her with bank transactions and likewise.
READ UP ON NEW LAWS
There may be newer regulations making finances easy for senior citizens but your banker may be hesitant to brief you about them. A clear example of this is RBI’s regulation on doorstep banking for senior citizens.