Preparations are in full swing for Karwa Chauth 2023, a special occasion dedicated to married women who traditionally fast from sunrise to moonrise, praying for the well-being and longevity of their husbands. During this fast, they abstain from consuming food or water and break it by offering Arghaya to the Moon. Husbands can make their wives feel cherished by offering the gift of financial security this Karwa Chauth. Here are some financial gift ideas to make your wife feel special:
- Mutual Funds: Consider gifting mutual funds, as they can make this Karwa Chauth even more memorable. Systematic Investment Plans (SIPs) have gained popularity among retail investors due to their ability to mitigate market volatility. You can invest small amounts in your wife’s name, starting as low as Rs. 500. These funds come in various forms tailored to specific financial goals, ranging from equity funds for long-term wealth creation to debt funds for stability, as suggested by Amit Gupta, MD of SAG Infotech.
- Real Estate: Real estate is a tangible asset that not only offers a safe haven but also the potential for long-term growth. Suren Goyal, partner at RPS Group, recommends considering the gift of financial security through real estate or property investment.
- Gold: Gold is considered auspicious and a safe investment. You can gift various forms of gold, including physical gold, digital gold, gold ETFs, or Sovereign gold bonds. Hardik Mangla, Founder of Demi Luxe, suggests a Gold and Diamond Savings Plan or a Customized Jewelry Certificate for gifting purposes.
- Stocks: While mutual fund SIPs are well-known, you can also consider making SIP investments in individual stocks. This approach allows you to buy a fixed number of shares or invest a fixed amount in a specific stock on regular intervals, such as weekly, monthly, or annually. Amit Khare, Associate Vice President at Ganganagar Commodity Limited (GCL) Broking, recommends setting up a stock SIP in your wife’s name as it encourages regular savings, offers tax efficiency, and eliminates the need for market timing.
- Term Insurance: Secure your family’s future with term insurance, which provides financial protection in the event of the untimely demise of the family’s primary breadwinner. It can cover essential expenses such as a child’s education, marriage, and existing loans.
- Health Insurance: In the wake of the pandemic, there is a growing awareness of the importance of investing in health and healthcare. A robust health insurance policy can offer coverage for substantial and unexpected medical expenses, providing peace of mind during health crises.
