Tis the season of giving, and what better way to show your loved ones you care than with a thoughtful gift that can make a real difference in their financial well-being? This Christmas, instead of the usual trinkets and gadgets, consider surprising your Secret Santa recipient with a financial gift that can help them achieve their goals, build wealth, or simply ease their financial burdens.
So, if you’re looking to spread some holiday cheer and empower your loved ones on their financial journey, check out these best Secret Santa financial gifts this Christmas.
Mutual fund investments: Investing in mutual funds is a fantastic way to gift your loved ones a head start in their financial journey. It not only introduces them to the world of investing but also cultivates a habit of saving and building wealth over time. Choose a mutual fund scheme that aligns with their financial goals and risk appetite and watch their money grow.Priti Rathi Gupta, Founder of LXME says, “If you’re away from retirement and have a long-term horizon, then you can look at allocating a major chunk into equity by way of mutual funds as it aims at providing inflation-beating returns and as you move closer to retirement, you can allocate more money to debt mutual funds.”
Fixed deposit account: A fixed deposit is a safe and secure investment option that offers guaranteed returns. By opening a fixed deposit account in your loved one’s name, you give them the gift of financial stability. They can enjoy the benefits of higher interest rates and ensure a steady income stream.
Life insurance policy: Life is unpredictable, but we can safeguard our loved ones from financial uncertainty by gifting them a life insurance policy. A life insurance policy not only provides financial protection in case of unfortunate events but also offers peace of mind. Choose a policy that suits their needs, whether it’s term insurance for a specific period or a whole life insurance plan that provides coverage for a lifetime.Shilpa Arora, COO and Co-Founder, Insurance Samadhan says, “Life insurance is not just a policy; it is essential protection against the financial uncertainties that come with life’s unexpected twists and turns. It’s about being prepared whether we are blessed with longevity or encounter unforeseen challenges. It is a versatile tool for planning life’s significant milestones. Whether it is about building provisions for children’s education, contributing to their dream weddings, or supporting other important family goals, one can tailor a policy to meet these needs.”
Education savings account: Education is the key to a successful future, and by setting up an education savings account for your loved ones, you are investing in their long-term development. These accounts are specifically designed to save for a child’s education and often come with tax benefits. They can use the funds for school fees, college tuition, or even professional courses.
Retirement plan: Retirement may seem distant, but planning for it early is crucial. Help your loved ones secure their retirement years by gifting them a retirement plan. It could be a pension scheme or a retirement savings plan that allows them to contribute regularly towards their future financial well-being. Your gift will ensure that they enjoy their golden years without financial worries.“You can look at investing in the National Pension Scheme (NPS), a pension cum investment scheme launched by the Government of India for the purpose of building a retirement fund. The key is to understand the retirement needs, and corpus required and then diversify across asset classes to manage the risks and optimise the returns,” Gupta added.
In conclusion, while traditional gifts bring instant joy, financial gifts have a lasting impact on the recipients’ lives. By giving the gift of financial security, you are empowering your loved ones to achieve their dreams and providing them with the tools to build a prosperous future. This Christmas, let your gift be a source of long-term financial stability and growth.
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