What to Do with Your Graduation Money
July 23, 2008
photo credit: luismi1985
So you’ve just finished up four tumultuous years of college and chances are you’re broke. If you’re lucky enough to have a family that wants to celebrate your huge accomplishment then you’re going to have a party. Don’t feel guilty about the gifts you receive. Chances are some of your relatives will give you more money that you could have imagined. Be gracious and thank them properly. Your older relatives are recognizing your accomplishments and know that you probably have little to no money left after four years in school and not working. Besides putting the bulk of the money in your savings account, here are a few more ideas for you graduation money:
- Take a trip. Think about it: when will you have a chance to go anywhere in the world with nothing holding you back. If you don’t have a job that you’re starting right away then this is the perfect time to go away for a week or two. When you start working you’re going to have precious few vacation days at your disposal so take advantage of this opportunity. If you still have your student identification card then you can probably cash in on some deals that are offered only to students.
- Treat your parents to a nice dinner. You always hear about parents taking their kids out to a nice dinner after graduation ceremonies, turn the tables and take them out. They’ll resist you paying but let them know it’s not going to be a common occurrence and they’ll gladly go.
- Buy a suit. You’re going to need a suit for your job interviews and it’s worth it to a buy a nice one instead of the one you’ve had for years that you only wear to weddings and funerals. Consider it an investment in your future. Remember you can only a make a first impression once.
- Get the work done on your car that it needs. Wherever you start working you’re going to need reliable wheels. While you have a little dough it’s time to take care of your car instead of waiting until you’re making a meager salary. You’ll be happy you took care of it early on.
- Upgrade your wardrobe. This is the best time to go on a guilt-free shopping spree. Feel free to go to the mall with carte blanche. Buy clothes for all seasons while you have the chance to spend freely.
This post was contributed by Heather Johnson, who is an industry critic on online college reviews. She invites your feedback at heatherjohnson2323 at gmail dot com.
Tags: funds, graduation money, invest, savings