Money Smarts Blog
GRADUATION EXPENSES
Apr 15, 2020 || Amy Rockwell, Remote Delivery Director
All across the country, the fate of commencement ceremonies is up in the air. Even as school closures grow and social distancing becomes a way of life, educational institutions remain cautiously optimistic that graduating seniors will be able to walk across the stage to receive their diplomas — even if it’s later this summer. No matter when it takes place, you’ll need to prepare for the expenses.
From a parent’s perspective, the months leading up to graduation day are filled with various costs here and there — the yearbook, the class ring, the graduation cap and gown, not to mention the graduation parties to either host or attend. So, how do you make it through graduation season while keeping the cost manageable?
1. Parties
Getting an education is hard work, and your new grad deserves a little celebration for their accomplishments. But just because you’re throwing a party in their honor doesn’t mean it has to break the bank. Instead of sending fancy hand lettered invitations, consider a digital alternative to save on printing costs and postage. If your home is big enough for a casual get-together, host an afternoon picnic where guests can come and go as they please. Better yet, host a joint graduation party with some of your senior’s close friends so you can share the cost of food and decorations among several parents.
If large social gatherings are permitted by the time your senior officially graduates, be a responsible party host. If a favorite local eatery was affected by recent closures, recruit them to cater the event. Or, consider giving a small bottle of hand sanitizer to all guests as “favors.”
2. Photos
Many seniors look forward to capturing their important milestone during a professional photography session. The price of senior portraits can vary widely based on how many prints and features are chosen, like the number of poses, locations and outfit changes. Depending on your budget, you could try to search for budding photographers or creative college students who are willing to take inexpensive photos. Or, you can spring for the professional package, but choose the digital file option so you can print your own photos for a fraction of the cost.
3. Gifts
All grads could use some extra cash, but just how much are you supposed to give? There are a number of factors to consider, such as your relationship to the graduate. Close friends and family typically give more ($50 seems to be the average), while it’s appropriate for distant relatives or acquaintances to give smaller amounts — think $25 or less. Your personal financial situation can also dictate the amount you give. If you’re strapped for cash, opt for a smaller gift; likewise, give a bit more generously if you have more to share.
PRO TIP: Put your Target runs to work! Save up the “free” $5-10 gift cards earned from purchases to use in graduation cards. It doesn’t set you back anything and is sure to be appreciated when the new grad gets ready to stock their college dorm.
Your grad has likely received some cash gifts, too. While it’s certainly their money to use as they choose, encourage them to stash a portion in their IHMVCU savings or checking account. Whether they’re planning to go to college or enter the workforce, they’ll be ahead of the class financially.
