It’s graduation season! Many college graduations have already taken place, high schools are finalizing the details of their commencement ceremonies and I’m getting ready to get on a plane to go celebrate my youngest son’s college graduation. It’s a very exciting time!
What will I give my son? I’ll probably take him shopping for a few things for his new apartment or clothes for his new job. I may give him a little cash so he can go out and celebrate with his friends. Nothing formal — just some help getting him started on this next chapter in his life. A few family members will probably send him a check. That’s quick, easy and always appreciated.
When you’re starting out on your own, money is probably the biggest thing you’re worried about. A gift that helps alleviate those worries is likely to be both needed and appreciated the most. But if you’re afraid that cash will be spent on frivolous things instead of things they truly need, here are some alternative ideas that will surely be appreciated:
Take advantage of this important milestone event to impart some advice on smart, responsible financial habits and the need to make saving a priority. As parents, if financially able, it’s nice to ease your children into adulthood by encouraging them to pay for as many things as possible. Taking on everything all at once — rent, car payment, car insurance, food, gas, clothing, health insurance, cell phone, cable, etc. — may be too much for some new graduates and their paychecks. Sit with them and discuss what’s realistic. (I’m planning to pay for my son’s car insurance and cell phone bill for a few months to ease his transition away from parental support!)
Whatever you decide to give, know that it will be greatly appreciated!
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