Aai. Friend. Ama. Mom. May
However you choose to address her, mothers are a constant source of comfort, selfless love, better advice, and satiating food for the soul. And while she deserves a celebration every day for all she does, the world has chosen May 8 to show you your appreciation.
And if you don’t know what to get her, or if you just missed it, it’s not too late. But just move on to jamming and assembling the standard gift set of a bouquet, jewelry, a day and cakes.
Get inspired by gifts from popular content creator Anushka Rathod, who recently helped her mom figure out all the assets, liabilities, and policies she has to her name.
“Although my mother deals with the management of household expenses and budgets, she is absolutely oblivious to other vital financial matters. And for this reason, I helped my mother to understand all things related to finances in her everything from explaining how financial instruments work to cashing in assets in case of emergency,” she says.
Indeed, what better gift than something that empowers her and inspires her confidence, especially when it comes to money? Even something as small as teaching them how to use online banking features can go a long way.
And like Anushka’s mother, if you’ve also seen your mother being passive in aspects such as investments, insurance coverages and more, it’s time to change that, starting today.
Invest in it, invest with it
Take a closer look at your mother’s finances. Does she have enough money set aside for contingencies? Does she have a separate fund that belongs only to her? Whether she wants to take a solo trip or enroll in acting classes, setting aside that money would give her the independence she deserves to pursue what she loves without embarrassment.
The best way to start in this direction is to start a SIP (systematic investment plan) for it. A small amount invested each month with dedication could eventually become the fuel for your mother’s dreams.
Archit Gupta, Founder and CEO of Clear, a fintech company, says Archit Gupta: “Whether it’s capitalization power, rupee cost averaging cancellation, or convenience, SIPs, when invested over a significant period of time, generate very good returns. These returns can help your mom reach her financial goals and live a life she loves.
Additionally, you can also consider buying her inventory of products she uses, just like content creator Shreyaa Kapoor did.
“Instead of buying his favorite things, why not buy shares of these companies instead? They will not only increase in value over time, but also spark an interest in the art of investing. Add to this a discussion about the importance of investing and you’ll give yourself the greatest Mother’s Day gift,” she says.
Additionally, you can also open a senior savings account in your mother’s name.
“It’s a great investment option if she’s over 60. The scheme offers a good rate of return (currently 7.4%), which remains fixed for a period of five years after the money has interest is received from the scheme every three months, with the upper limit for each person being Rs 15 lakh,” says Gupta.
And if you’re still looking for options, you can always give her the gift of financial education. Nema Buch, personal finance strategist and founder of Wishing Tree, a financial advisory firm, says, “When it comes to investing in asset classes like stocks, our mothers are woefully oblivious. But by seeking the required financial knowledge from authoritative sources and changing your mindset, it can improve.
His health is also your priority
Every child wants his mother to be immortal. Well, you can definitely make sure she stays in the pink of health. And nothing, not even exhausting medical expenses, should stand in the way.
First, take her for that long-awaited complete checkup. Then you can start by renewing his health insurance. If she doesn’t have one in her name, get one immediately. A good health insurance plan will help cover all the costs of future hospital visits and treatment. Also take the time to understand and explain to him the finer details of his insurance add-ons such as critical illness coverage, OPD care, waiver of room rent and more.
And all young and future mothers should also pay attention to their health.
Nema Buch has some tips. “Motherhood is amazing, but the changes in life and lifestyle can be overwhelming. If the homework is done on the financial planning side, young mothers can focus entirely on the baby and on herself for at least less than a year and don’t have to be stressed by all the associated expenses, including postpartum personal care.
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