Raksha Bandhan is one of the cutest festivals in the world, as it celebrates the bond between a brother and a sister. The occasion is marked by the sister tying her brother a Rakhi and giving him a sumptuous treat, while the brother gifts his sister something that expresses his love.
This Raksha Bandhan, you may give your sister some financial gifts to help her journey to financial freedom. While these should not replace anything else, she would love it if it would be a thoughtful gift.
Health Insurance: If your sister is young and does not have personal health insurance, this is one wonderful gift you can give her. You can protect your sister from the evils of illness for a small premium, just as a good brother should do. It will inculcate the habit of insuring herself from any health emergency.
SIPs: This one is an ongoing gift and would be a great option to get your sister started on her journey to financial freedom. Says Suhas Harshe, financial planner at MoniYogi Suhas Harshe, a financial planning firm: "On the occasion of Raksha Bandhan, a brother has the opportunity to present his sister with a Systematic Investment Plan (SIP) in her name. This thoughtful gesture requires a minimum contribution of Rs 500 and can be easily set in motion. By initiating the SIP under the sister's name, it serves as a stepping stone towards prolonged financial autonomy."
This act marks the commencement of a journey towards lasting freedom, allowing the sister the flexibility to augment the investment amount in the future. "This gift commences as a modest offering and is then sustained by the sister herself," says Harshe.
Digital Gold: While diamond is a woman's best friend, gold is not far behind. Digital gold makes an excellent gift for your sister, as gold as an investment can stand the test of time. You can also choose a gold exchange-traded fund (ETF) that mirrors the price of gold. It is easier to buy and manage than physical gold and can lay the foundations of a solid financial future.
Subscriptions And Books: This is not a financial gift per se, but the gift of knowledge is powerful. You may gift your sister subscriptions to any financial newspaper so that she develops a reading habit and learns valuable financial lessons. All newspapers have various subscription plans that can be accessed from the phone and the laptop. You can also gift your sister a host of personal finance books, either a physical copy or for her to read on a Kindle or any other device. There are some wonderful books out there that are good to read and teach us solid financial wisdom.
Any of these gifts will show that you care for your sister and are there for her always.
