Bhai Dooj symbolizes love and affection between brothers and sisters. During this festival, sister prays for the wellness and growth of their brothers. Brothers also vow to protect their sisters forever. Sisters receive different types of gifts from their brothers. With the change in time, brothers want to give the best gifts to their sisters who can cherish them forever. So, what have you planned to gift your sister during this Bhai Dooj?

Don’t worry because we will give you some exciting ideas about the best financial gifts that will be invaluable for your sister. Let’s find out what those financial gifts are!

Get her a suitable credit card

A credit card is not just a spending tool; it can teach your sister about financial discipline and help them start building their credit history. Using a credit card, they can make hassle-free payments and benefit from several offers and discounts. If your sister has not yet started working, you may gift her an add-on credit card so that you can watch over her transactions and settle the bill before the due date. Using a credit card for the long term can help your sister build a high credit score that can help her get an easy loan to accomplish her financial goals.

Also Read: 5 smart ways to avoid overspending this festive season

Adhil Shetty, CEO, Bankbazaar.com, explains, “On the festival of Bhai Dooj, brothers can give financial gifts to their beloved sisters. These gifts will not only grow her money but open up more opportunities for her to diversify her income in the long run. Such gifts are more meaningful as their values appreciate over time and can be liquidated whenever required.”

Support her in starting investment journey

Starting investment at an early age can help a person build a huge wealth for retirement. You can also help your sister start her investment journey by opening a SIP in the appropriate mutual fund scheme. The early she starts the investment journey, the easier it’ll be for her to achieve her financial goals and build a big corpus for her retirement. Investment can help your sister focus on saving money and learn about various asset classes to maximize her wealth.

Secure the health of your sister

Buying health insurance for your sister can add more power to her financial independence. In the long term, she’ll be able to bear her medical expenses without depending on anyone else. Buying insurance at an early age can help your sister to accumulate no claim bonus and thus increase the size of the health insurance coverage.

Guide your sister in setting her financial goals

Life can be directionless in the absence of financial goals. Whether your sister is younger or older than you, it can be beneficial for her if you sit with her and explain the importance of financial goals. Handholding your sister to identify her financial goals can set essential milestones in her future life. It will motivate her to make a suitable financial plan to achieve her goals.

Help her learn about using financial tools

Financial instruments have witnessed remarkable evolution in the last few decades. It’s highly crucial that everyone knows about available financial tools and takes benefit of them. You can help your sister to learn about the various financial tools which can be essential for her growth in life.

For example, you can teach her about using the digital payment system, ensuring security while using the digital payment platform, opening a bank account, making various investments and how they can use the online platform to invest. Give some idea of various types of loans. Also help her learn about the importance of insurance. Try to train her to such an extent that if she has a requirement to purchase car insurance or take a personal loan, she should be able to make the right decision and do it herself.

You may have given your sister traditional gifts like gold, clothes, cash, etc. Giving her financial gifts this year can make your sister feel unique for her lifetime.