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FINANCIAL GAME PLAN
Graduating into Good Money Management
Five ways to use college graduation gift money to fund your future
Hit pay dirt with generous graduation gifts?
Put that money to good use so you can kick-start smart money management habits and enjoy your post-grad life.
Pay Off Debt
It’s not glamorous, but
it can reduce financial
stress. Putting your
graduation payday
toward high-interest
debt can help you
shake the burden of
debt payments sooner
and save hundreds—
even thousands—in
interest.
Travel
Stuffing your life into a
backpack and hitting
the road will never be
easier than it is right
now, before you have
a demanding career, a
mortgage or a family.
Plus, traveling can be
an investment. Enriching life experiences
give you something
unique to talk about
in job interviews when
you return.
Gear Up
Think about the kind of
job you’re looking for
and what you’ll need
to succeed. Maybe
you need a new laptop
or software, maybe a
wardrobe upgrade or a
car. Spend on “needwants” before you start
thinking about “wantwants.”
Plan Ahead
Just as important as
paying off debt is
building your rainy day
reserves. Set aside your
gift money as a first
installment in your
emergency fund and
keep adding to it until
you have enough to
cover three to six
months of living
expenses.
Invest
The biggest
advantage you have in
saving for retirement
is time. Start investing
early by opening a Roth
IRA, using your graduation money as a first
deposit. From there, set
up automatic transfers
on payday to make
deposits into your
retirement account and
it’s like your money is
saving itself.
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