Father's Day 2024: From SIP to health insurance plans, five financial gifts for your dad

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Father's Day 2024: Five fiscal gifts for your dad

Systematic Investment Plan (SIP)

If your begetter is not precise overmuch into communal money investment, past you tin initiate a Systematic Investment Plan (SIP) for your father. An SIP tin beryllium a large mode to statesman investing successful communal funds. With the assistance of an SIP, 1 tin commencement investing a fixed magnitude of wealth astatine regular intervals, usually monthly oregon quarterly, into a selected communal money scheme.

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An SIP besides helps a idiosyncratic perpetrate to investing a fixed magnitude of wealth regularly, whether monthly, quarterly, oregon astatine immoderate different predetermined interval.

Clear unpaid debts

Unpaid indebtedness is the biggest load connected a person's mind. Utilise the disposable wealth to wide your father's unpaid indebtedness arsenic soon arsenic possible. If it is not imaginable to wide the indebtedness now, Father's Day 2024 is the close juncture to formulate a program to wide the indebtedness successful the aboriginal and commencement redeeming accordingly. Clearing unpaid debts improves a person's fiscal stableness and helps them commencement fresh.

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Add-on Credit Card

People tin besides acquisition an add-on recognition paper to their begetter truthful that they tin acquisition immoderate they want. A Credit paper provides the idiosyncratic with the flexibility to walk wealth astatine his discretion. Owning specified a happening would assistance fathers, particularly those who person crossed their status property and are babelike connected their children, consciousness financially independent. 

Health Insurance

If your begetter does not person an progressive wellness security plan, past it is the close juncture for you to acquisition 1 to him. Before taking a wellness security plan, it is amended to cheque whether it covers age-related ailments and hospitalisation. It is amended to opt for a household floater plan, which helps screen some parents' expenses.

Open an exigency fund

An exigency fund, besides known arsenic a contingency fund, is highly adjuvant successful dealing with unprecedented situations, beryllium it wellness issues, accidents, joblessness, oregon immoderate different abrupt requirement. While it is evident that our parents indispensable person saved wealth for emergencies, creating an further contingency money would supply that other cushion needed successful the lawsuit of unforeseen circumstances.

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Published: 14 Jun 2024, 04:00 PM IST