As college graduates look to their work and financial futures, here is detailed advice from money experts about whether they should spend their graduation gift money — and if so, how — or save it.
Millions of American young adults are graduating from college this season and beginning the next chapters of their lives. The ceremonial celebrations of graduations often come with receiving gifts of congratulations from family and friends. Many gifts are money.
This can be items like a desk, a comfortable chair or a monitor to use for your WFH days, allowing you to use your money to make working more comfortable." It might be worth investing in dual-purpose supplies, such as headphones that can be used for both work and personal use, he said. Having a professional wardrobe such as versatile suits or dresses can boost your confidence and convey positive first impressions during interviews and in the workplace, said Davis.
Be on the lookout for sales or outlet stores that can give you the best value for your money depending on your budget," Davis suggested. Your personal growth is one of the best investments you can make, as it opens doors to better career opportunities, said Jennifer Seitz, a certified financial education instructor and director of education at Greenlight in Atlanta, Georgia.
It's a good bet depending on your financial goals. "Anyone can open a CD account and you can benefit by increasing your gift money in a reliable and secure way," said Davis. For instance, he said Capital One 360 CDs offer a fixed rate and guaranteed returns that aren’t subject to market changes. Start saving for your retirement early.
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