Financial gifts the most suitable choice for grads
When deciding what to get your family member who just graduated high school or post-secondary, opt for something that can ease student-debt woes
Anew watch might be a good fit for the new college or high school graduate in the family. A trip this summer to Italy would be a great touch now that your grad has earned the degree.
But here is something to consider as you draw up your graduation gift list: Sometimes money and other financial gifts are the most appropriate.
Financial gifts, especially with a dash of creativity, can help a graduate get off to a strong start, create good money management habits and maybe even ease the strain of student-loan debts that will be coming due in a few short months.
Here are some financial gift suggestions that can provide priceless value to the college or high school graduate in your family.
Offer a few hours of time. Since your kids probably roll their eyes every time you offer financial advice, turn to an expert by giving your graduate one or two sessions with a certified financial planner.
The planner can answer any of their questions, from going over ways to create a simple budget to managing credit cards, laying out goals for investing, saving for a new car or starter home, or taking care of student loan payments.
Pay down student loans. Even if the loans amount to much more than your gift, it can still significantly reduce the bottom line and hopefully enable your graduate to pay off the debt much earlier.
Buy a starter wardrobe. Give a dress-for-success boost by paying for a new suit, a dress or other professional-looking clothing that will help your graduate stand out during job interviews or for formal occasions on campus. Another idea: a briefcase or a backpack along with a lock to keep the laptop computer from being stolen.
Hit the bookstore. If your graduate is a reader, there are plenty of options. For a different spin on the world of money, Michael Lewis has written these favourites: Moneyball, Liar’s Poker and The Big Short.
And whatever gift you choose, for good measure toss in a couple of crisp bills or some lottery tickets. You never know, a winning ticket just might get the ball rolling.