Congratulations on graduating high school! Many graduates receive money from their parents or relatives before heading off to college. Have you made plans for the money yet? If you’re not quite sure what to spend your graduation money on, here are four ideas that could prove beneficial.
#1: Put the Money Towards College
There’s no doubt college is expensive – and every little bit helps. If you’re taking out loans to put towards your education, it’s definitely a good idea to put some or all of your graduation money towards your tuition. The less you have to borrow, the better. You’ll have to pay it all back eventually with interest, and spending the money now can help you save quite a bit in the long run. You should only be borrowing what you absolutely need.
#2: Buy Some College Supplies
You can also choose to put the money towards necessary school items like books, art supplies, things for your dorm from bedsheets to posters, and other general supplies including notebooks, pens, and a backpack.
#3: Put It In a Savings Account
If your tuition is paid for or you’re not quite sure what to do with the graduation money, another great option is to put it into a savings account. You can always choose what you want to spend it on at a later date or it could come in seriously handy during an emergency. You may find you need that cash for car repairs, for example. And meanwhile, your money will be collecting interest!
#4: Purchase a Computer
Want to buy something a bit more “fun” that will also help you in college? A computer is an excellent idea. It’s not a necessity in college – most schools have computer labs on campus – but having one of your own seriously comes in handy. You won’t have to wait in potential lines at the lab and you can work from anywhere on campus if you opt for a laptop. Many students even bring their laptops to class with them.
If you already have a laptop, a portable case can also come in handy. These can easily be carried from class to class for entertainment and work. A printer is another great idea – you definitely don’t want to run into computer lab printing problems!
#5: Reward Yourself a Little
Whether you received a lot for graduation or a little, it’s okay to reward yourself. How you do that is up to you! You probably don’t want to spend all of the cash on a video game console or a vacation, but a video game, book, or trip to your favorite restaurant probably won’t hurt. After all, you graduated high school! You should absolutely give yourself a pat on the back for your achievements.
5 Great Things to Do With Your Graduation Money
What you spend your high school graduation money on is entirely up to you. However, it will pay off to be more responsible with your money. Whether that’s putting it towards tuition or a computer, your future self will thank you. But don’t forget to reward yourself from time to time for your hard work either.
| Lender | Rates (APR) | Eligibility | |
|---|---|---|---|
 |
5.50%-16.12%* Variable
3.99%-15.61%* Fixed
|
Undergraduate and Graduate
|
VISIT CITIZENS |
 |
5.54% - 15.70% Variable
3.99% - 15.49% Fixed
|
Undergraduate and Graduate
|
VISIT SALLIE MAE |
 |
4.63% - 17.99% Variable
3.49% - 17.99% Fixed
|
Undergraduate and Graduate
|
VISIT CREDIBLE |
 |
6.00% - 13.75% Variable
3.99% - 13.75% Fixed
|
Undergraduate and Graduate
|
VISIT LENDKEY |
 |
5.66% - 14.72% Variable
3.69% - 14.56% Fixed
|
Undergraduate and Graduate
|
VISIT ASCENT |
 |
3.70% - 8.75% Fixed
|
Undergraduate and Graduate
|
VISIT ISL |
 |
5.62% - 16.85% Variable
3.69% - 16.49% Fixed
|
Undergraduate and Graduate
|
VISIT EARNEST |
|
|
5.00% - 14.22% Variable
3.69% - 14.22% Fixed
|
Undergraduate and Graduate
|
VISIT ELFI |
