RakshaBandhan holds a deep and meaningful value for us and signifies a precious bond between a brother and sister. This year, you can take a step further and ensure her bright future by investing in a Financial Gift. These gifts will ensure that your sister, who is raised like a queen, stays a queen.
1. Set Up a Savings Account
In addition to serving as a sister's protection, a brother is also expected to help the sister find happiness in life. Helping her open savings accounts with a deposit is one way you, as a brother, can do it. By encouraging her to begin saving, you instill the habit of timely saving, enabling her to realize all of her goals.
Recurring Deposits can also be done for some specific short term goal to buy something or by making a regular deposit, slowly a decent amount can be accrued and she can get interest income, thereby multiplying her pool of wealth for her future esp if she is not financially independent.
Systematic Investment Plans (SIPs), which are simple to set up and operate, are a means to invest in mutual funds. You may handle payments for your sister's SIP with ease because the amount and tenure can be adjusted. Your sister can reap the rewards of your investment and live life to the fullest with SIPs. If she is independent & earning; start SIP pay a lump sum or first instalment and then she can continue SIP.
3. Get a Medical Insurance Policy in Her Name
It is essential for a person to have health insurance that covers the cost of healthcare given the growth in medical costs and the threat to one's health during the pandemic. It will be advantageous for your sister to purchase health insurance so that she has coverage in case of an emergency.
A health insurance plan will enable your sister to receive high-quality, on-time medical care without any hassles or concern over medical expenditures, especially given today's way of life and the prevalence of health problems. If she doesn't currently have health insurance, you can purchase one for her or, if she does, you can renew her current policy.
4. Gold Jewellery
In India, gold jewellery has traditionally been regarded as a very valuable and distinguished gift. Although it is valuable, it is also widely held that gold prices remain consistently constant and increase gradually, and making charges is additional cost; But still it is a precious gift. Your sister may benefit from wearing gold jewellery if she ever wishes to get married or runs into any financial difficulties.
5. Invest in Her Financial Knowledge
Make your sister financially secure so that she can deal with any future worries, it will benefit her in the long run. You should think about helping her gain more financial literacy. While a person has financial literacy, they are able to organize their finances independently and even act as a family's financial guardian when making important life decisions. One must be financially educated and possess a sufficient level of financial understanding to comprehend money management and the complexities of financial planning. You may easily give her a financial gift that enhances her financial literacy by enrolling her in an online course that teaches her the practical skills of money management.
So, what are you waiting for...? Raksha Bandhan is around, start planning for a special gift for your dear sister.