Christmas is a time for family reunions, love, and celebrations. So what better way to show love and appreciation towards your old parents and other senior family members than volunteering for financial support for some of their expenses to celebrate the occasion? The token of support as a financial gift will show that you care for them, who helped you when you were growing up.

Although you can help them with many other things on a much bigger scale financially, a few support here and there can make a huge difference in their golden years. Here are five ways to gift your old parents or other senior family members financially as a token of appreciation for their contributions to your life and for helping you become what you are.

Health Insurance: Health is a depreciating asset. In old age, healthcare expenses can burn a hole in their pockets. You can buy them a comprehensive health insurance policy to cover their medical bills. If they haven’t purchased one yet, buy them one now, as the chances of getting one can be limited after a certain age or due to their deteriorating health. Moreover, fewer insurers may provide health insurance at an advanced age, limiting your options for a good deal.

Also Read: Can A Rs 5 Lakh Health Coverage Take Care Of Senior Citizens’ Needs?

Pay-Off Debt: Senior citizens retiring with debt may need help to make ends meet with limited cash flows. Sometimes, home and children’s education loans continue after retirement. They may also have a personal or credit card loan. You can repay their debt if you can. Many seniors do not ask for help from children as long as they have an income or pension. You should still help them. It will remove a big burden from their shoulders, leading to better health and long life.

Clear Utility Bills: You can volunteer to pay their monthly utility bills, like electricity, landline and mobile phone, cooking gas, domestic help, TV and OTT subscriptions, newspapers, books and periodicals, etc. Although these are small expenses, your contributions can go a long way in ensuring their financial well-being. This support will help them save for the rainy days when expenses suddenly rise. For example, house repair, car maintenance, and even property tax.

Sponsor Travel: Your parents have spent their prime helping you become successful. Now is the time to return their love, even though nothing can compensate for their sacrifices for you. To break the monotony in their life, you can occasionally sponsor a vacation for them abroad or in the country as a financial gift. You can even join them with your family for memories. Many travel companies offer senior-friendly trips with allied amenities. So, next time, ask them where they want to go.

Support Hobbies: Many senior citizens take up hobbies to pass the time, but sometimes, they become an income source. If they are into gardening, painting, or writing, buy them the tools, implements, kits, a typewriter, ink, etc., or something else they want. Encourage them to continue their hobbies because an active mind will likely stimulate positive thinking and help them deal with problems. An inactive mind could gravitate towards unwanted thoughts and it also became one of the financial gift.

Also Read: Looking For A Retirement Home? Here Are 5 Living Options For Senior Citizens

Help In Any Way:

Besides financial support, you can help them in many other ways. For instance, if they are animal lovers, gift them their favorite pet animal, like a dog or a cat, which can be a great companion in their golden years, although pets can be more diverse nowadays. You may also buy books, reading glasses, a hearing aid, a phone, a walking stick, a motorized wheelchair, or a fitness club membership for them, or take them out on their birthdays and anniversaries.

Above all, you must give time to your older parents and other senior family members or relatives. If you are not often available, you could also ask your son or daughter to give time for them or, if they live elsewhere, to meet them regularly so they don’t feel lonely or neglected.