It’s that time of year when young people are graduating and going out into the world. Instead of giving them cash, here are some unique gift ideas that can help them manage their finances and thrive.
Give a gift with a financial twist.
- Buy them stock in a company they like (Apple, Netflix, American Eagle, etc.).
- Giving them a new electronic device? Give it to them with easy-to-use financial apps such as Mint Budgeting App or PocketGuard already loaded and ready to go.
- Pay for a year of easy-to-use budgeting software or a simple budget ledger book to record transactions.
- Buy them an app like Acorns that rounds up the user’s everyday purchases to the next dollar, and sets aside the spare change in a savings account.
Help with debt reduction – pay some of the graduate’s bills!
It may sound like a boring gift, but some help with initial student loan payments, insurance costs or new living expenses is always appreciated. The website giftofcollege.com sells gift cards specifically designed to pay off student loans (and redeems unused gift cards as well.)
Encourage saving for the future by helping to open accounts focused on a specific goal.
An IRA can get your graduate started on saving money for retirement! Saving for a house or other large purchase? A CD can yield good, safe returns with options to add more money at any interval or any amount.
Share your best practices on managing money.
If the new grad is out on his/her own, how about some quick tips on cooking (eating out is expensive), home repairs, and grocery shopping? Buy a tool kit full of starter tools, sewing kit, and kitchen items to encourage cooking at home and repairing items instead of buying new.
Give them a session with a personal finance planner.
Many financial firms, banks and credit unions are happy to sit with a prospective client to set up budgets, planning and offer advice. This can help start the graduate up with a plan to follow and ensure good habits to monitor spending.
The new graduates are off on a big adventure – LIFE. You can help them navigate the tricky world of managing finances. They will thank you for such practical and helpful gifts.