10 Financial Gifts for Mother’s Day: Empowering Mom

This Mother's Day, instead of traditional presents, consider giving the gift of financial security and empowerment. This article enumerates 10 thoughtful financial gifts that can help your mother build a stronger financial future. Whether she is a seasoned investor or just starting to learn about money management, there is something suitable on this list for every mom.

By presenting a financial gift this Mother's Day, you are not only expressing your love and gratitude, but you are also helping to empower your mother to take control of her financial destiny. So, skip the traditional gifts this year and give your mother a gift that will truly make a difference in her life.

Here are 10 financial gifts you can consider giving to your mother this Mother's Day:

1. Retirement Fund

Securing a comfortable retirement is crucial yet often overlooked. Hence, one of the most valuable gifts you can give your mother is the gift of a secure retirement. Consider contributing to her retirement fund or setting one up if she doesn't already have one. A Public Provident Fund (PPF), National Pension System (NPS), or Pension Plans offer tax benefits and long-term growth opportunities.

Help her understand the importance of regular contributions and guide her in selecting the right investment options. By prioritising her retirement savings now, you are ensuring her financial independence and peace of mind in her later stages of life. In a country where family support is paramount, this gesture showcases your love and commitment to her well-being, allowing her to enjoy her retirement with dignity and security.

2. Health Insurance

In India, where healthcare costs are rising steadily, having comprehensive health insurance coverage is vital for financial security. Consider gifting your mother a health insurance policy this Mother's Day.

Whether it's an individual senior citizen health insurance policy or a family floater plan, ensure it provides coverage for hospitalisation, critical illnesses, and pre-existing conditions. Help her understand the policy's terms and conditions, including coverage limits, network hospitals, and claim procedures.

With health insurance, your mother can access quality healthcare without worrying about the financial burden of medical emergencies. This gesture not only shows your care for her well-being but also provides her with peace of mind, knowing she is protected against unexpected healthcare expenses.

3. Senior Citizen Saving Scheme

For mothers in their senior years, financial stability becomes even more crucial. You can consider gifting your mother a Senior Citizen Saving Scheme (SCSS) account this Mother's Day. SCSS is a government-backed savings scheme designed specifically for individuals aged 60 and above, offering attractive interest rates and tax benefits.

Help her open an SCSS account at a designated bank or post office and deposit funds for a five-year fixed tenure, which can be extended for another three years. Explain the benefits of SCSS, such as regular interest payouts and capital protection.

By investing in SCSS, your mother can enjoy a steady income stream and secure her financial future during retirement. This thoughtful gift not only provides her with financial stability but also honours her contributions and sacrifices as a mother, ensuring she receives the care and support she deserves in her golden years.

4. SIP (Systematic Investment Plan)

Consider introducing a Systematic Investment Plan (SIP) to your mother this Mother's Day, providing her with a simple and disciplined approach to investing. SIPs allow for regular investments in mutual funds, making it convenient for your mother to build wealth over time. Help her choose suitable mutual funds based on her risk tolerance and investment goals, whether it is equity funds for long-term growth or debt funds for stability. By starting an SIP, your mother can benefit from the power of compounding, as even small, consistent investments can grow significantly over time.

Walk her through the steps of setting up an SIP, including selecting the investment amount and frequency of contributions. Encourage her to stay invested for the long term, emphasising the importance of patience and discipline in achieving financial goals. Additionally, educate her about the potential risks and rewards associated with mutual fund investments, empowering her to make informed decisions.

Starting an SIP for your mother not only demonstrates your commitment to her financial well-being but also instils a habit of regular saving and investing. It is a gift that can help her build a secure financial future while honouring her dedication and love as a mother.

5. Introduce Her to Paper Gold

This Mother's Day, consider introducing your mother to the concept of paper gold as a unique and thoughtful gift. Paper gold, in the form of gold ETFs (Exchange-Traded Funds), Sovereign Gold Bonds (SGBs) or gold mutual funds, offers a convenient way to invest in gold without the hassle of physical storage. Explain to her that paper gold represents ownership of gold bullion held by a financial institution, providing exposure to the price movements of gold.

Help her understand the benefits of investing in paper gold: security, ease of transaction, and lower costs compared to physical gold. Guide her in selecting reputed gold ETFs or mutual funds with a track record of performance and reliability. Additionally, educate her about the tax implications and risks associated with investing in paper gold.

Introducing your mother to paper gold not only diversifies her investment portfolio but also allows her to participate in the potential upside of the gold market. It's a gift that combines the timeless allure of gold with modern investment convenience, offering her an opportunity to preserve and grow her wealth effectively.

6. Invest in Your Mother's Dream

This Mother's Day, consider empowering your mother by funding her small business venture. Whether she dreams of starting a boutique, a catering service, or an online store, providing financial support can turn her aspirations into reality. Discuss her business idea and budget requirements to determine the amount of funding needed. You can offer a lump sum investment or provide ongoing financial support as needed.

By investing in your mother's business, you are not only supporting her entrepreneurial spirit but also helping her achieve financial independence and stability. Additionally, explore ways to support her business growth in the future. This gesture demonstrates your belief in her abilities and strengthens your bond as you embark on this entrepreneurial journey together.

7. Introduce Her to a Financial planner

Consultation on financial planning is another valuable present that can enable your mother to manage her finances better. By arranging for her to meet with a financial advisor, she can gain insights into her financial objectives and receive assistance in developing a strategy to reach them. This offering will not only offer her a clearer understanding and path in her finances but also equip her with the tools to make informed decisions and progress toward a more stable financial future.

8. Estate Planning Services

You can consider gifting your mother the invaluable service of estate planning. Engage the expertise of an estate planning attorney to help her draft crucial documents like wills, trusts, and powers of attorney. These documents safeguard her assets and ensure her desires are honoured, even in unforeseen circumstances.

With professional guidance, your mother can easily navigate the complexities of estate planning, securing her legacy and providing peace of mind for herself and her loved ones. This thoughtful gift can demonstrate your care for her well-being and empower her to take proactive steps towards protecting her estate and ensuring her wishes are fulfilled.

9. Book on Personal Finance

Delight your mother with the present of financial empowerment by gifting her a bestselling book on personal finance. It is advisable to choose a renowned title authored by a reputable financial expert, acclaimed for its practical insights and accessible language. Books like "The Total Money Makeover" by Dave Ramsey, "Rich Dad Poor Dad" by Robert T. Kiyosaki, and "The Little Book of Common Sense Investing" by John C. Bogle are excellent choices.

These books offer valuable lessons on budgeting, investing, and wealth-building strategies, empowering your mother to enhance her financial literacy at her own pace. With clear explanations and actionable advice, these books serve as invaluable resources for anyone seeking to improve their financial well-being.

10. The Gift of Financial Literacy

Women often shy away from financial discussions due to a lack of knowledge and unfamiliarity with financial terms. Financial literacy will arm your mother with the necessary financial understanding, enabling her to confidently navigate her own financial decisions.

Hence, you can consider enrolling her in an e-course, providing comprehensive financial education from the comfort of her home. By equipping her with essential financial planning and money management skills, she can gain independence in managing her finances.

You can consider PersonalFN's "Certified Family Guardian" initiative, a comprehensive program offering in-depth financial management knowledge. With eight modules and 24 extensive videos, it equips you with the tools to become your family's financial guardian.

To conclude:

This Mother's Day, consider gifts that go beyond the ordinary, empowering your mother with the tools and knowledge to secure her financial future. Whether it is through financial literacy courses, estate planning services, or insightful books on personal finance, these gifts reflect your love and dedication to her well-being.

By investing in her financial education and security, you are honouring her contributions and ensuring she can navigate life's financial challenges with confidence and independence. Let this Mother's Day be a celebration of empowerment, showcasing your mother the value of financial literacy and security in building a brighter tomorrow.

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DIVYA GROVER is the co-editor for FundSelect, the flagship research service of PersonalFN. She is also the co-editor of DebtSelect. Divya is an avid reader which helps her in analysing industry trends and producing insightful articles for PersonalFN’s popular newsletter – Daily Wealth letter, read by over 1.5 lakh subscribers.
Divya joined PersonalFN in 2019 and has since then used stringent quantitative and qualitative parameters to analyse funds to provide honest and unbiased research to investors. She endeavours to enable investors to make an informed investment decision and thereby safeguard their wealth.

Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing.
This article is for information purposes only and is not meant to influence your investment decisions. It should not be treated as a mutual fund recommendation or advice to make an investment decision in the above-mentioned schemes.