Bhai Dooj 2022: Check out the best financial gifts for your sister

Bhai Dooj is being celebrated with great zeal and fervour throughout the country. This festival, also known as Bhai Dwitiya, Bhathru Diwthiya, Bhatra Diwtiya, Bhau Beej, and Bhaiya Dooj, represents the love and affection shared by brothers and sisters. Brothers give different types of gifts to their sisters and with time the definition of gifts has changed. Brothers now want to give something more meaningful and something that can help her in the long run.

Check out some of the financial gifts you can give to your sister:

Investment support

Starting to invest at a young age can help a person accumulate a large amount of wealth for retirement. You can also assist your sister in beginning her investment journey by establishing a SIP in the appropriate mutual fund scheme. The sooner she begins her investment journey, the easier it will be for her to meet her financial objectives and build a large corpus for her retirement. Investment can assist your sister in focusing on saving money and learning about different asset classes in order to maximise her wealth.

Suitable credit card

A credit card is more than just a spending tool; it can teach your sister about financial discipline and assist her in beginning to build her credit history. They can make easy payments and take advantage of various offers and discounts by using a credit card. If your sister has not yet begun working, you could give her an add-on credit card so you can keep track of her transactions and pay the bill before the due date. Long-term credit card use can help your sister build a high credit score, which can help her get an easy loan to meet her financial goals.

Health insurance

Purchasing health insurance for your sister can increase her financial independence. In the long run, she'll be able to pay her medical bills without relying on others. Buying insurance at a young age can help your sister accumulate no-claim bonuses, increasing the size of her health insurance coverage.

Be a guide in achieving financial goals

Whether your sister is younger or older than you, sitting with her and explaining the importance of financial goals can be beneficial to her. Helping your sister identify her financial goals can set important milestones in her life. It will encourage her to create a suitable financial plan in order to achieve her objectives.

Financial tools

Financial instruments have evolved dramatically over the last few decades. It is critical that everyone is aware of available financial tools and makes use of them. You can assist your sister in learning about the various financial tools that can be beneficial to her personal development.

Also Read: Diwali 2022: Planning to gift your loved ones? Check out some best financial gift options here