Having trouble figuring out what to give your child when they graduate from college? Following are a few awesome ideas that will offer valuable support as your child starts their new life and career:
A Short-Term Bill Allowance
Help your child get off on the right foot in their new grown up life by paying some of their bills for the first two to three months after graduation. Surprise them with a refillable debit card that you can fund once a month, then they can use the debit card to pay their power, phone, or insurance bill.
Alternatively, you can pay one or more of their bills directly so you can be sure of where your money is going and your child doesn't have to even think about it. This will help free up some of their personal cash flow so they can afford to furnish their new place and get by until they're secure in their new career.
A Specialty Gift Certificate
You can support your child's in their new career by offering them a specialty gift card to a store or supplier where they can get things they need to excel in their job. Whether it's a special kind of clothing, new supplies for the office, or safety gear for outdoor work, a gift certificate will help ensure that they don't have to do without anything important for work that they may not be able to afford until they've been working for awhile. To understand what they need most, casually ask how work prep is going and whether they plan to buy anything special before they start their new career. Chances are that they'll tell you about the things they can and can't afford themselves.
Financial Planning Services
Gifting your child with financial planning services when they graduate from college is an excellent way to provide them with overall support as they start their new life. Not only will a financial planner help your child put a solid wealth building plan, but they will help them set short and long term goals that will keep them on track and ensure that their money isn't wasted. Once they start working with a financial planner, your child can expect to take advantage of a variety of services such as:
Your college grad will get regular reports that tells them how well they're staying on track and what changes can be made to improve results as time goes on. To learn more about how to help your grad with financial planning, contact resources such as Family Financial Partners.
Share1 May 2018
I have worked hard to teach my kids the true value of a dollar. My kids know very well that financial security only comes with a lot of careful planning and good decision making. At what age do you begin teaching kids about financial planning? Is there anything that you can do to ensure that your kids know and understand the importance of learning about the true value of a dollar? Our family's blog will help you gain a good understanding about teaching kids about money and how to prepare for their future lives as adults raising a family of their own.
