Free FatCat Newsletter
Learn how to manage your money betterSubscribe Now
Here are some tips on how to save for graduation season.
More than three million students are expected to graduate this year from high school, with several million more to graduate from college and graduate school. With the number of graduations, May and June can be a pricey time of year for many of Americans as they are expected to attend graduation celebrations and provide gifts to those entering the next phase in their lives.
Because of the high cost of graduation season in May and June, many people feel like it is a stressful time of year. It can be difficult to manage the number of celebrations to attend, and it can be a drain on the pocketbooks. However, with some advance planning and creativity, graduation season doesn’t have to kill your budget. Here are some tips on how to save for graduation season:
Start early. If you start saving early for graduation season, it will be less stressful. If you have people close to you who are graduating, it’s important that you start saving early to make sure their gift is what you want to give them. Because of this, it might be useful to open up a separate savings account and put $10 or $20 away each week. By saving smaller amounts on a weekly basis, it won’t seem like your wallet is taking a hit when you write the big check or buy a significant gift for your graduate.
Purchase in increments. If you are purchasing gifts for graduates, try to buy them over a period instead of at the same time. If you have some extra cash in April or May before graduation season hits, try to buy a few of the gifts so that you don’t have to spend all of your money at once. Like saving money with a head start, buying gifts over a few weeks will bode well for your wallet.
Be creative with your gifts. Your relationship with the graduate often deems how much you have to save for their graduation present. Sometimes, a well-thought out gift is better than just throwing money at a big-ticket item. For instance, if you need a gift for a high school graduate who is going off to college, consider creating a “dorm survival kit.” This won’t break your bank, and the idea behind it will grab their attention and let them know that you put a lot of thought into it.
Additionally, if you have a crafting hobby, consider integrating that into your gift as well. Do you knit or crochet? Consider making a lap blanket. Are you into scrapbooking? Think about making a scrapbook where they can put their favorite mementos and pictures, or create a bundle of cards that they can send out to friends and family for important events. Using your crafting ability will give you an opportunity to invest less money, but create a more meaningful gift.
Saving for graduation season doesn’t mean that you have to stop living. With planning and extra thought, you can ensure that you are giving the best gifts this graduation season without feeling as if you are breaking the bank.