How to Use Graduation Money Wisely

When you have graduation money in the bank, it may be tempting to head on a shopping spree. And while every graduate deserves something special for completing such an important goal, we encourage you to think ahead! From college savings to dorm decor, you can put yourself in a great position for the future if you use that graduation money wisely.

Savings

Dropping your graduation money into a savings account may not be the most exciting option in the present, but this smart decision can be a major asset for the future. Consider stashing a portion of your grad cash into a savings account as a small nest egg for the future. You can use that money to cushion the blow if you run into financial mishaps, like unexpected car expenses or tuition hikes. Even a small rainy day fund can prevent major headaches in the future!

School Supplies

If you're college-bound, consider diverting some of that graduation money into your freshman year school supply fund. Get a head start on the crowd by looking for your books early. Used copies sell out fast, and you can save a lot of money by securing your reading list early. You might also think about upgrading your computer before you head out to college. Look for fast, dependable, and portable models over the latest fads. You'll spend countless hours behind that computer screen, so be sure to get one that you can count on.

Dorm Decor

Are you heading into the dorms for your freshman year? Then you might want to pick up some new supplies to make the place a little cozier. Think about supplies like towels, shower caddies, plates, mugs, and other everyday essentials. Don't forget to do a little research to determine what size bed sheets you'll need and what items are allowed in your particular dorm. Many colleges limit items like candles and appliances, so be sure to double check before you shop.

Splurges

Now that we've gotten through the sensible stuff, new graduates deserve to save a little bit of that graduation money for a splurge! Whether you want to buy new clothes to commemorate your achievements or go on a road trip with your best friends, do something special to celebrate. Just be sure to spend money on things you'll really and truly enjoy, not just the next big thing you see on the shelves. Your future self will thank you!