Come February and it's that time of the year again where conversations revolve around the theme of love with an ever- increasing buzz for Valentine's Day. Irrespective of your age, gender, marital status and between all the exotic flowers, chocolates, dinner or movie dates, a common denominator defining V-Day is love and joy.
The joy of gifting your valentine a 'priceless' memory should not necessarily be limited to just the social splurges. This V-Day stress on the financial well being of your spouse and say it with a financial gift that lingers the joy of pleasant memories for years to come.
1. Buy a Term Insurance Plan
Life may not be permanent but some measures can ensure your love remains eternal. This V-Day opt for a term insurance plan for yourself. No, it's not selfish to buy a policy for yourself instead of your spouse. Make your spouse the nominee for the term plan safeguarding his or her future. Show that you care not just in words but with financial planning even for the era when you may no longer be around.
2. Discuss financial health as a couple and meet a financial planner
V-Day may be the day reserved for mushy candle light dinners or spending quality time together. Use such outings as an opportunity to openly converse your financial health, aspirations and goals. Be equal partners in financial management as a couple doing away with gender stereotypes of male being solely responsible for financial affairs.
Discuss your assets and liabilities, be open about future goals together and plan out an investment strategy. If you find it hard to chalk out a plan, V-Day is a good day to seek an appointment with a certified financial planner and channelize your money affairs.
3. 'Share' the love
Why buy or gift your spouse a piece of cake when you can purchase a part of the bakery itself? Share the love this V-Day by buying shares of companies or brands loved by your spouse. For example. consider purchasing some shares of a leading food brand over ordering a pizza or a fashion brand over some exotic party wear or even some automobile stocks instead of spending on a new car. Such gifts can be an exciting way to start your investment journey together as a couple while being part of your favorite brand's success story. If completely novice to investment, you may also consider gifting your spouse an investment handbook introducing him or her to the stock markets.
4. Gift your spouse a long-term bond
This V-Day underline your long-term commitment by gifting a long-term bond or a secured treasury bond. For example, you may like to consider gifting your spouse the recently-launched Bharat Bond ETF offering a fixed maturity term for 10 years. Just as the fund invests in AAA-rated bonds issued by Public Sector Undertaking (PSUs) eliminating credit risk, your gift can highlight the long-term commitment towards each other.
5. Open a children saving account for the kids
V-Day is not only about couples and lovers but is about love and joy. Since most couples find more satisfaction and joy in the well being of their children, this V-Day introduce your child to the financial world. Most banks offer flexible savings accounts for children with debit card facility that can be used under parent's supervision. Open a children saving account this V-Day and help your children take first steps to be financially aware while inculcating the benefits of savings and investments.
Make this V-Day about the joy of financial union and gift your spouse a financial gift that ushers in a pleasant memory for a long term.
(By Nisary M, Founder, Hermoneytalks.com, and Partner, Hubwords Media)