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Maximize Your Graduation Money

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Your high school graduation is an occasion to reflect on past accomplishments and prepare for a new adventure in college. It can also be a veritable gold mine.

As college becomes increasingly expensive, many of your family and friends may opt to give you a gift of cash to help you offset your costs. While it might be tempting to use that newfound cash to upgrade your phone or gaming system, you could use that money in ways that will better help you prepare for college. Here are some ideas to make the most of monetary gifts you receive.

If you have: You could:
$50-$100
  • Get a haircut.
  • Have the oil changed in your car.
  • Buy a few dorm or personal care items.
  • Pick up an interview outfit.
  • Buy paper, pens and other supplies.
$100–$500
  • Rent some of your required books.
  • Pay for a campus parking permit.
  • Buy a bike to get around campus.
  • Pay program fees or club dues.
$500–$1,000
  • Get a computer or other electronics you need.
  • Put money toward your tuition bill.
  • Buy plane tickets to come home at the semester break.
  • Save for a rental deposit if you plan to live off campus next year.
  • Pay major- or activity-specific fees.
$1,000–$5,000
  • Save to use toward future tuition and fees.
  • Buy textbooks and supplies for one year.
  • Pay a summer's rent for an off-campus house or apartment.
  • Cover fraternity or sorority dues and other expenses.
  • Cover insurance deductibles for a car or medical emergency.

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