Congrats Grads!

‘Tis the season for celebrations—from pre-school ceremonies to college graduations. Congratulations to all!

‘Tis also a season of expenses and gift checks. You will want to celebrate your graduate’s achievements with a party and your graduate will most likely receive some larger-than-normal money gifts. You can use this time to talk about budgeting, spending wisely and saving strategies.

For example, when planning your festivities, decide on a budget and then talk to your gradate about what types of parties will fit within the family budget. If you are on a tight budget, you could consider hosting a party with another graduating family so you can share the guest list and party expenses. Other ideas are to keep the decorations and food simple and use an on-line invitation services such as www.evite.com to save on stamps.

Before your graduate opens their money-holder graduation cards, discuss with them what to do with their gift money. They can use the same allocation that they use for their allowance but if their checks are on the larger side you can consider:

• Put more into Savings – save for a long-term goal like a car or graduate school.
• Set some aside to use for College – books, computer, dorm room supplies, and/or tuition.
• Go ahead and really Celebrate – spend the money on a “reward” like a trip or even something smaller like a watch or computer.

Whatever you do, remember that the celebration should be about your child’s accomplishment and not necessarily about an expensive party or a big gift check.

Enjoy the moment—they grow up too quickly!