This Mothers Day, weave away from the typical gifts for Mother’s Day and show her you put in that extra dedication to get her a gift that will impact her life days and years past mother’s day. Aim to get your mother a gift that will have positive impact on her finances.
“Give a woman a dollar, and she can put it to good use.
Teach her about how money really works, and she can change the world,”
— Linda Davis Taylor
1. Mama’s sinking fund
If your mother had dreams that maybe she had to hold off on for other priority commitments and now she has time to take them up. Contribute to this cause or start a sinking fund for this as the financial goal an contribute to it. Commit to consistently contribute to the “mama fund” and gift her that trip or experience she so desired but was not able to fulfill then.
2. Boost her Financial Literacy
Sign your mother up for personal finance course, create bonding sessions by taking time to listen to podcasts, webinars on finances and discussing thereafter together, improve her financial library by gifting her books or audio books that will improve her financial knowledge.
3. Set up a mutual fund
It is most likely that your mother is headed towards retirement. Setting up a mutual fund for her will help save for her retirement and also ease any future financial burden post-retirement. The mutual fund can be contributed into by all family members, even her and serves as her savings for future financial obligations post-retirement.
4. Get her Tech-savvy
Help your mother through technology challenges by downloading simple user-friendly apps that she can easily use to manage her money: set her up on mobile and/or internet banking, mobile shopping and bill payment apps to ensure she is up to date with her financial commitments at her comfort and not incur penalties die to missed payments.
5. Financial Check-up
Everybody needs to have financial check-up once in a while. Gift your mother session(s) with a professional financial and/or investment coach who can help her understand investment options available and how best to structure her finances and plan for her financial future.
These gifts also open up channels of communication about money and through open conversations on money, you will be able to extract key lessons from your mother’s experience with money. Your gifts to your mother also birth priceless gift for you. Try It!
