posted by | on College Tips | Comments Off on Make Your Graduation Money Count

As graduation approaches, the taste of summer and freedom is probably almost more than you can stand. The excitement of closing the door to high school and opening the door to college is overwhelming. You will have graduation parties celebrating your achievement. You might even get some graduation gifts.

However, the one thing I hear from so many high school graduates is that they wish they had saved their graduation money. One student told me that they had gotten over $1,000 and didn’t even remember what they had blown it on…

So, as you have graduation parties and receive checks in the mail, here are 3 tips to help you spend your money wisely.

1. Save it. The first piece of advice is to save the money. If you are headed to college in the fall, you will have many additional expenses, such as buying furniture, a microwave, or room decor. Having some extra cash saved will help you be prepared for those purchases.

2. Wait and make a large purchase. Maybe you would like to buy a new computer or iPad for college. If you initially save the money from graduation, you can shop around to find a great deal on a computer before school starts.  If you are buying a computer or other electronic device, check to see if the company offers student discounts. Student discounts will help you spread your money out even further!

3. Budget the money. If your money is burning a hole in your pocket, make a budget  before you spend the money. If you want to buy new clothes, set aside a specific percentage of the money. You can enjoy the generosity of your friends and family while being intentional about how you are spending the money. Decide on your top 3-5 categories and designate a certain amount of money per category.

Most importantly, whenever you receive graduation money, think about how you are going to spend it. Send a thank you note to show your appreciation. And if you are careful, your dollars can stretch further than you think!

Question: How are you going to spend your graduation money? Make sure to leave your answer in the comments below. 

To your college success!

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