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4 March 2023
Dad, Papa, Padre, Baba, Pére: there are hundreds of words we call one of the most influential people in our lives. Fatherhood and paternal bonds are honored on the third Sunday of every June. This year, we will celebrate Father’s day on the 20th of June.
Parents are the pillars used for development in our live. For most children, fathers set the bar for relationships with other people, and we all look up to our Dads. Their influence on our lives and in society is astronomical. A father’s first and foremost priority is to provide the best they can for their offspring, no matter how challenging the circumstances are. They work hard to shape and mold the future for their children. Be it emotional, mental, or financial support; they give it their all to take care of us. Words aren’t enough to describe their importance in our lives. There are truly #NoneLikeDad.
Fathers keep pushing themselves to provide the best life for their children. Their hard work deserves rewards as well. As children, we all want to pay back our parents for the life they have provided us. Our dads have always been our heroes, so what can we do to make our heroes’ lives comfortable?
This Father’s Day, it is time to become our fathers’ financial heroes, as well. After all, they deserve nothing but the best for being such awesome dads!
For the timeless bond you share and cherish with your father, here are some financial contributions you could give to show your love and support!
1.Get Health Insurance and Check-ups
Every child wants their father to be fit, healthy, and live a long and fulfilling life. However, health issues are unavoidable. Therefore, one of the most thoughtful decisions is to purchase health/medical insurance policies for your dad to meet rising healthcare costs.
Precaution is better than cure. Numerous factors could cause illnesses, so it is crucial to undergo preventive health checkups, especially for people above 35. You can consider taking your dad for regular and timely healthcare checkups; after all, health is wealth.
2. Take a Holiday package
To bond with your dad and unwind with your family on Father’s day: there’s nothing better than a relaxing holiday. If you plan it well in advance, you are sure to get some good deals. You could select and plan a holiday that suits your budget, and Fibe offers you attractive loans to help you make this grand gesture a roaring success. The loan won’t affect your finances or investments assigned to other goals. You will also get a two months moratorium period to repay the loan. Fibe offers loans and low-cost travel EMI‘s on MakeMyTrip and Yatra.
3. Give an Add-on credit card
An add-on credit card is a good choice as a gift option for your father. It enables your family members to enjoy all the benefits you get from your primary credit card. This credit card will have a set limit, just like any other credit card. However, it can be a handy investment on your end so that he can shop to his heart’s content and even be helpful in emergencies.
4. Get him a ME fund or fixed deposit
You can get your dad a ME fund. In this fund, he could save and use it however he wants. The ME fund lets him decide what to do with the money. If you take a mutual fund SIP for him, he doesn’t get to make the decisions. But he’ll be liberated from your choices with a ME fund, as every deserving father should be.
Fixed deposit is also an ideal option if you wish to not invest in market-linked avenues. Since it’s the safest investment, you could easily open a fixed deposit account for your father, offering him the crucial financial freedom to show that you care about his needs.
5. Make Investments on his behalf
While you are investing in various avenues, doing the same on your father’s behalf can be extremely rewarding. Be it mutual funds, stocks, bonds, corporate deposits, or investment trusts, multiple options are available that can eventually help in building a financial safety net whenever the need arises.
6. Buy Shares/ stocks for him
If you have a Demat account, this could be a possible contribution for your father. Quality shares or stocks can give him good returns. This can also help extend your relationship from simple emotional support to crucial financial support as time passes.
7. Buy him Gold bonds
Buying gold is considered an auspicious affair, but we know most men aren’t fans of flashy jewelry. So instead, you can give your dad gold bonds which are just as valuable, sans the glitz and glamour. Sovereign gold bonds are an excellent option for gold investments.
8. Set up Emergency funds
You should always be prepared for unforeseen events; it is an integral part of financial planning. Setting up a contingency fund ensures that you and your family are backed by financial stability. But, of course, this contribution can be kept as a secret.
If your dad doesn’t already work with a financial professional, you could always introduce him to one. They might be hesitant at first, but sitting down and having an elaborate and calm discussion often does the trick. This is because you share an unbreakable bond of trust with your father, and deep down, there is an understanding that everything you suggest is for his well-being. The financial advisor will help your father manage his financial portfolio and help him with his retirement goals.
Gift your father books related to finance since financial literacy is a relatively new and underrated topic. There are tonnes of books available to make him a financial expert. You could also play board games of the stock market with him to educate him on the topic and help him start his investment journey to make him more financially independent for the future. Gifting him a wallet with a picture of you two is a great, emotional, and touching gift as well. The possibilities are endless- you just need to pick what works best for you.
We hope that by assisting your father through these means that you become his Financial Hero. You can also introduce him to EarlySalary for tips on financial management, investments and help him build a secure financial future effortlessly!
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