Valentine's Day 2024: 5 Financial Gifts That Can Help Secure Your Partner's Future

Valentine's Day is just around the corner. It is the most romantic day people around the world celebrate every year,

While its natural for us to bring beautiful flowers, favourite chocolates or some other memorable gift for our partner, why not take this year's 'day of love' as an opportunity to go beyond all this and make an effort to secure our partner's future?

So here are five valentine's day gift ideas that can help secure your partner's financial future.

Valentine's Day: 5 Gifts To Secure Your Partner¡¯s Financial Future

valentine's day gift/herzindagi

1.Make Emergency Fund Your Partner¡¯s Financial Bestfriend

If the past four pandemic-hit years, recession fears and mass layoffs weren't enough, what bigger wake up call are you waiting for to create and maintain an emergency fund?

So this Valentine¡¯s day, in case your partner do not have an emergency fund yet and is unaware of the concept, it would be a wonderful financial gift to make him/her understand and start maintaining a rainy day fund.

Generally speaking, it is a good idea to have an emergency fund that is at least six months' worth of your regular monthly expenses. You must include your rent, utility bills, loan EMIs, monthly contributions to investments (like SIPs), insurance premiums, children's schooling costs, and other mandatory recurring monthly expenses in your emergency fund.

2.Ensure That Your Partner Has Life & Health Insurance

Life and health insurance are absolutely essential, particularly in light of the growing cost of healthcare and uncertainty of life. That is why you need to make sure to assist your partner in realizing the value of both life and health insurance this Valentine's Day. Remind your partner that having life insurance and health insurance policy cover your loved one's financial future and lowers the risk associated with growing medical expenses respectively.

insurance valentines day/adobestock

Also Read: How Japan Solved V-Day Disasters Through Valentine's Insurance!

3.Help Your Partner Learn Financial Jargons

A smart financial habit that is no less than a gift for your partner¡¯s short as well as long term future, is learning the financial jargons, instead of running away from them. At worst, this results in poor decision-making that negatively impacts your partner¡¯s financial health in multiple ways.

So, try to help and encourage your partner to learn the meanings of financial jargons like mutual funds, risk appetite, stock market crash, insurance, and income tax. In the digital age we live in today, there are countless ways to learn about finance.

Over time, this not only fosters a desire and awareness to delve deeper into learning, but it also gives us millennials the confidence to make sound financial decisions when they're needed. In this manner, you will also avoid being taken in by the numerous commercials and sales pitches that try to convince you to part with your hard-earned money. Financial advisors can also help you with this, but you should make sure you understand the fundamentals of personal finance at the very least.

4.Encourage Your Partner To Invest In Mutual Fund SIPs

One of the best financial gifts you can give to your partner is of encouraging him or her to start investing in mutual funds through SIP route. It's time to move over sub-optimal investment options such as bank FDs, PPF, RDs etc, especially for long-term wealth creation. So why not encourage your partner to start a SIP with whatever amount he or she can, even if it's Rs 500 or Rs 1000 a month, to begin with?

SIPs will build a habit to keep investing in equities and fetch good returns without putting a lot of strain on your finances or timing the market. Click here to understand SIP benefits.

valentine's day financial gift/istock

Also Read: This Valentines Day, Here's How Young Couples Can Start Building A Strong Financial Life Together

5.Ditch The Typical Gold Jewelry Gifts For Your Partner

Whether it's an earring, bracelet, or ring, giving gold jewelry to your partner is a common gesture, right> But aside from the traditional use of gold as jewelry, have you ever tried to know about the "not-so-known" methods of buying or investing in gold for your partner? So this Valentine's Day, understand that there are several ways to gift the precious yellow metal. You can check out options like digital gold, gold mutual funds, gold ETFs, and sovereign gold bonds (SGB).

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