Personal Finance

Financially Responsible Father's Day Gifts Your Dad Will Appreciate

Looking for a present for a financially savvy dad? Consider these gifts that will save him time and money.

Finding the right gift for Father's Day can be difficult, especially when your dad would disapprove of anything that he would consider unnecessary or lavish. To help out, we've identified several options even the most frugal dads will enjoy.

Reduce Time & Hassle with a Smart Vacuum

Buying your dad a smart appliance can be a generous way to help him save time on chores. For example, a smart vacuum cleaner can help older fathers easily keep their home clean without the burden of lugging a heavy vacuum around his home. Additionally, because smart vacuums clean autonomously, your dad won't even have to be home when the machine is doing its work. With this in mind, buying a smart vacuum effectively buys your dad extra time.

It is true that smart vacuums are usually about S$500 more expensive than regular ones. However, the payback period (in terms of time) is just 1 year if you assume a conservative estimate of the value of one's time (S$10 per hour).

Help Him Cut the Cord on Cable TV

Thanks to streaming services such as Netflix, Amazon Prime Video and HBO go, households around the world are ditching traditional cable television for online streaming alternatives. For many parents, a gift such as a Google Chromecast or an Apple TV is a great way to enjoy their favorite entertainment at a cheaper cost. For example, we estimate that switching from cable to streaming television can save consumers as much as S$75 per month. To make the gift even more thoughtful, it may be helpful to help your dad set up the streaming service and show him how to use all of its features.

Cost of Streaming Services in Singapore

Encourage a Spa Day

While not all dads are frequent spa visitors, research indicates that going to the spa can actually be quite beneficial for men. For example, grooming habits impact how individuals' partners view them and well groomed men actually earn more than their poorly groomed peers. Furthermore, the average spa treatment in Singapore costs less than you might think at approximately S$130 per hour.

When attractiveness remains constant, well-groomed men earn higher salaries than average or poorly-groomed men

To make this gift even more affordable, it is possible to book through websites like Vaniday, which connect potential customers with spas, typically at discounted rates. Furthermore, several credit card providers offer discounts on Vaniday, such as UOB and Maybank. Finally, other cards offer additional amenities at luxury spas, including Banyan Hotels and the Ritz Carlton.

Replace Old Light Bulbs

This might not seem like a very glitzy or personal gift; however, replacing old light bulbs with efficient ones will be a huge hit with thrifty dads. This is because efficient LED light bulbs are incredibly cost-effective compared to CFLs and incandescent lights. As displayed in the table below, over the course of 15,000 hours of use (approximately 5 years) LED lighting costs approximately S$134 less than incandescent lighting. Additionally, if your father is older, you can help by replacing the lights yourself.

Light Bulb Cost Comparison

To make sure you dad saves even more on his electric bill, make sure he has compared pricing among the cheapest electricity plans now available on the Open Electricity Market (OEM). Our research has found that households can save as much as S$50 a year by choosing the cheapest plans on the market, compared to the average-priced plan.

Thoughtful & Cost-Effective

Regardless of one's budget, there are plenty of easy gifts that dads will approve of. By taking time to consider your father's preferences it is possible to find a thoughtful gift that will also save him time or money. With that said, we'd love to know: what was the best father's day gift you've ever given or received?

William Hofmann

William is a Senior Research Analyst at ValueChampion Singapore, focusing on banking and SMEs. He previously was an Economic Consultant at Industrial Economics Inc.

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