Father is a hero figure and a role model to his children. All that a parent does for their children unconditionally is immeasurable and cannot be repaid. We were guided to choose the right path with encouragement and support. We are what we are because of the upbringing of our parents. Today, on Father’s Day, let us reverse roles and be the guide in their financial planning. Here are some tips that can help you to decide what to give your father.

• Financial Assessment – First figure out the financial status of your father, investments that are made, income, expenses and any debt that has to be repaid. This will give you a fair idea of how to go about planning and making any changes required. If there are investments that are not yielding or giving low returns, you can review it and divert the funds to a better investment scheme.  If your father has certain goals, ensure they are relevant according to his life stage and that the investments are aligned to meet them. Regularly review the financial plan to ensure that it aligns with his goals.                                                                                          
•  Emergency Fund – If there isn’t already an emergency fund, help him create one. Contribute to it and ensure that this is only for an emergency, medical being the most important. The funds should be easily accessible and can be parked in liquid funds or short term funds.

• Health care – As you grow older, ailments become a common companion. Ensure that your parents have a health cover to meet any unexpected expenses. This pandemic has made us realise that life throws unpredictable googlies at us and we have no other choice but to be prepared for it. By buying an affordable health cover for your parents, you can reduce the burden of your father and at the same time provide quality medical treatment.

• Debts – Discuss about any loans that are still running and how much longer for them to be closed. If he has not considered these in his financial planning, then it can wreck his retirement. Help him to clear the loans, especially the ones with high interest rates. This will ease his worries and help add additional funds to his retirement fund.

• Start on Estate Planning – It is imperative that your father writes a Will and registers it. Absence of a Will has led to many disputes and havocs in many families. This way he can be assured that his assets are distributed as per his wishes and there will not be any unpleasant incidents later on. 

• Organise paperwork – Help arrange all the documents and store it in a safe and accessible place. You can even teach your father to store the documents digitally if he is tech savvy, for example on Digilocker by the Government which is secure and easily accessible.

I am certain that these tips will enable your Father to have a happy Father’s Day indeed!