Graduation gift

06 May

5 Creative Ways to Financially Support Your New Graduate

Obviously every graduate loves getting money. But, sometimes it can be tempting to spend all of that money on day one, whether it’s on a vacation, new tech, or paying for a car’s down payment. So, whether your graduate is leaving high school or college we’ve come up with a list of 5 creative ways to financially support them, without just giving them cash on graduation day.

  1. Give them a gift subscription to a budgeting app like YNAB or EveryDollar. These apps can help guide them as they begin setting up their own budget, create financial goals and build debt pay-off plans.
  2. Each month for a year send them an encouraging card with a $10-$25 gift card to a restaurant, gas station or grocery store. That little bit extra will give them a little sigh of relief as they better learn how to budget for expenses monthly.
  3. If they’ll be getting their first apartment, then pay for a year of a meal kit delivery service like Hello Fresh or Blue Apron. You’ll know they’re eating healthy at least a few times a week, plus they’ll be learning how to cook in the process!
  4. Pay a bill. Any bill. It could be their phone bill, 6 months of car insurance, electricity bill, etc. Just pick a month and ask them how much they need for that bill.
  5. Want to invest in their long-term future? Then purchase a savings bond in their name. They won’t be able to touch it for a while, but then you’re helping them invest in a future home, car, wedding, etc. They may not fully understand the benefit of it now, but years later it will be that little boost they need to reach their financial goals.

Every graduate needs to know they’re not alone in the large task of figuring out money and life. With gifts like these, they’ll feel the love but it will also serve as a little buffer for them as they learn how to manage money on their own.

**Signet Federal Credit Union is in no way affiliated with or responsible for the third-party companies listed above.