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4 Best Financial Gifts for Your Loved Ones this New Year

They say, gifting is an art. It truly is! As the year ends, you may be in a dilemma wondering what will make the best New Year gift for your loved ones. There are numerous options that you can pick from, but nothing is more thoughtful than endowing them with a financial present. While sweets and toys are great, financial funds make for a very special gift. Not only do they stand out, but securing the financial future of loved one thoroughly exhibits how much you care.

Here are the 4 best gifting options that will keep growing to bring more value over the years.

Savings account – A savings account is one of the simplest financial gifting options. All you have to do is open one and add some funds. It helps in imbibing the habit of regularly saving money. You must note though that savings account do not earn a very high rate of interest. It usually ranges anywhere from 4% to 6% in most banking institutions. However, it is a safe gift and does not require maintenance from the user’s end.

Insurance coverage – While an insurance cover may seem like an inappropriate gift, it is actually a very practical one. There are several types of insurance plans that you can pick form and these include term insurance, health insurance, life insurance and more. The options are endless and you must arrive at the right one depending on your recipient. You can pay the first premium and then ask your loved one to continue paying for the rest. Ensure that you help them with all the information, including the terms and conditions and payback.

Mutual fundsMutual funds are great way to encourage your dear ones to start investing. The investment plans can begin once an account is set up with the company offering the same. Once this is done, you can purchase the funds and have it transferred online in the account of the recipient. This gift will bring growth over the long-term and is especially fitting for younger adults. However, it can involve a tedious process of documentation.

The above listed financial gifts are truly a good way to express your gratitude and love towards your dear ones. This form of gifting may be a concept that is new today but it is bound to bring great value in the years to come. They are thoughtful and sure to make your recipients gleam in happiness. What are you waiting for? Getting gifting.

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