Gift your mother financial independence this Mother's day!

Mothers are our first teachers. They encourage us to save for a rainy day and also to set some money aside to achieve their financial goals. So how about this Mother’s Day, we give them the gift of financial independence. Anil Pinapala, CEO and founder of Vivifi India Finance, explains how to make this Mother's Day financially special for your mums.

Pineapple lists 7 gifts that would make Mothers’ Day special for your mothers:

1. Health insurance:

The gift of sustained good health provided by health insurance benefits and the security it provides with regard to meeting health bills removes the worry from your shoulders, while she can travel anyplace without anxiety as well.

2. Mutual funds:

Opening a mutual funds account in her name with a lump sum of money or through SIPs can give her the option of growing her money faster during her retirement years and having enough resources to be financially comfortable.

3. Fund a micro business for your mother:

If your mother has intended to start her own business after retirement, such as teaching cooking classes, running a nursery, owning a craft and art shop, etc., encourage her and assist her in making the required arrangements.

4. Senior Citizen’s Saving Scheme:

Assist her in investing in a safe scheme that delivers 7.4 per cent guaranteed returns over five years. If your mother is beyond the age of 60, she will be eligible for the same and will receive returns every three months.

5. Plan a day’s outing, activities, and gifts for her:

Spend the day at the spa with your mother. Make a reservation at her favourite restaurant for a romantic meal. Take her shopping for an item she has been eyeing but would not buy for herself. For some entertainment, go to the movies before calling it a day. If your mother enjoys travelling, consider a small trip or retreat for her.

6. Help her support a cause of her choice:

Throughout our lives, we all work for a cause and perform acts of charity on occasion. In addition to teaching us to conserve money, our mothers urged us to assist those in need. Help her raise money for a cause or organisation near and dear to her heart. This act will not only be heartfelt and rewarding but also thoughtful, causing her eyes to light up with happiness.

7. Home is where the heart is. Fill it with warmth for your mother

The majority of mothers are the actual homemakers who maintain family unity. As they age, no place can rival the cosiness of their home. As a gift, book a home improvement project or invest in home decor to create spaces where she can relax and spend quality time.

While Pinapala recognises that spending money to organise the perfect day is vital, having access to an emergency line of credit can help you make all of the necessary arrangements while allowing you to pay back the money in reasonable instalments without the strain of a loan.

He suggests exposing your mother to BNPL emergency money management programmes such as FlexPay to help her become tech-savvy and financially independent in the digital age.