When it comes to getting a gift for the college graduate in your life, our CPA says consider any number of financial gifts to get them started on the next phase of their life.
“I tell you a really unique gift for a college graduate getting out of school would be to give them a meeting with a financial planner to get them set up to start planning a budget and start saving for the future, whether it be for a home purchase or whether it be for retirement, but it starts them off on the right foot for financial success,” said CPA Scott Adair.
Adair said if the cost of a meeting with a financial planner is too steep, consider a financial planning book or magazine subscription.
Investments can also make a good gift. “You certainly could purchase them a stock as well to make them aware of what it is to be an owner of a company as well as being able to learn a little bit more about the stock market and the way that works,” Adair said. “Another good options would be setting up a savings account by putting in some seed money to get them started and focused in the right direction regarding savings on a weekly or bi-weekly basis.”
It’s never too early to start thinking about retirement, even as a gift for college grads. “Opening up an IRA to get them started and thinking about the fact that saving a little bit today is a big nest egg when you get to the end of the day or into retirement can be very helpful,” said Adair.
Some additional money-saving ideas for the college grad – a cook book to help save on the expense of eating out or a gift card to offset the cost of furnishing a new apartment or home. And Adair said, with any left over money, consider a movie or restaurant gift certificate so the college grad can have some well earned fun as well!
For more “Smart Money” advice, visit the New York State Society of CPAs website, nysscpa.org/getmoneysmart.