28 Mar Financially Smart Graduation Presents
As the school year comes to a close, senior year students are looking more toward what’s ahead than what they have just finished. What’s ahead for many is continuing education or a life on their own. Questions that may be swirling through their minds could be:
“How will I afford tuition?”
“How will I pay for my vehicle?”
“How much is housing going to cost me?”
Notice a theme here? This is the point in every student’s life when they wonder whether the resources they have will be enough. Will a graduation-themed knick-knack help to answer those questions? It’s a nice thought, but not very helpful. Consider one of the following to really help your grad put his/her mind at ease.
It’s never wrong to give the easiest gift available, as long as it comes with guidance on how it should be used. Don’t feel comfortable just handing over a check? Go ahead and make it cute. There are plenty of fun ways to give cash, from “money trees” to puzzles and brain teasers. Check Pinterest for ideas if needed.
Perhaps the second part of the previous recommendation – guidance about using a cash gift – is where you struggle. Your grad probably is confused too. If you were to pay for an appointment with a financial advisor as a gift, your grad will get a lesson in something he/she probably wouldn’t in college. He/She might feel awkward, but it would definitely be worth it for them in the long run.
In 2018, college students graduated with an average debt of $29,800. Even students who receive Pell Grants will likely graduate with at least $30,000 of debt. Regardless of where your grad decides to further their studies—traditional college or university or a trade school—there will be costs involved. Helping them cover those costs, whether in big chunks or small increments, can take a lot of pressure off later.
If your grad is heading straight out into the world, he may be lacking needed funds for such expenses as a career wardrobe, headshots, or an appointment with a career counselor. Paying for such experiences or goods for him will be one less bill he will need to contend with as he prepares for a new job.
Whether he is just starting his adult life, or he is starting a new career, graduation marks a turning point in the way his money will be allocated. Learn more about how to handle a new financial situation by visiting the The Hopman Group. We’ll help get your beloved graduate started down the road to financial freedom.