6 things you can do with your graduation money

Graduating from high school is an exciting time. Not only does it signify the start of a new chapter, but it often comes with many exciting adventures. Plus, if you’re lucky enough to receive graduation money as a gift, you might feel like the world is your oyster. But have you really thought about what you’re going to do with that graduation money? Whether it’s a little or a lot, a graduation money gift is a great opportunity to make some financial decisions on your own. Here are some ideas to inspire you.

1. Save for the future

We know what you’re thinking — saving your graduation money sounds boring. But, saving is a really smart way to use your graduation money. And, you don't have to just put it in your savings account and forget about it. If you use Greenlight, you can set up a Savings Goal to create your own dream fund for a trip, start a business, or stash money away for a big purchase. You can also try micro-investing to turn even small amounts into something with the potential to compound and grow. Saving is especially good if you’re not sure what to do with your graduation money when you get it. 

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2. Invest in yourself 

The best investment is one that you make in yourself. You can use your graduation money to take a course to learn a new skill like coding or graphic design. You can also use the cash to get certified in something that will boost your resume, like a career-specific professional certification or CPR/first aid if it applies to your future goals. Or, you can use the money to buy supplies to start an Etsy shop. One more idea for investing in yourself: Use your graduation money to hire a career coach or a resume expert who can help you position yourself for a new job and get you up and running on LinkedIn.

3. Turn your money into more money

What if there was a way you could make your graduation money multiply? Consider starting a flipping or resale business. You can buy and resell clothes, collectibles, or even old furniture that you spruce up to grow your cash. If you're into collecting, try buying and holding onto sports cards, Pokemon cards, sneakers, or vintage items that may appreciate in value. It may be something you enjoy doing that has the potential to produce income that trickles in over time.

4. Get ahead on expenses

As a high school graduate, there are so many things you may be preparing for in the coming years. Now that you have a little extra cash, it's a great time to make your future financial life easier. You can pre-pay for your favorite subscriptions like video streaming apps, Spotify, or even a gym membership, so you don't have to worry about it for a little while. Do you have a car, or are you planning to buy one? Start a car maintenance fund so you don't have to worry about repairs. And if you're moving after graduation, set aside money for a security deposit, new furniture, and other moving expenses (these costs always seem to grow once you start the planning process!).

5. Go for a memorable experience

Graduation is such an important milestone, so why not celebrate it in a way you'll never forget? Use your graduation money to plan a trip with your friends, get tickets to a Broadway show or a big sporting event, or try something exciting like skydiving, scuba diving, or zip-lining. If you prefer something a little more low-key, you could book a cozy cabin retreat, take a cooking or pottery class, or go on a foodie tour in a city you’ve always wanted to visit. Experiences like these create memories that will last forever, which makes this a great way to spend your graduation money.

6. Spend it (responsibly) 

Of course, one of the most popular things to do with graduation money is to spend it! But instead of making a big one-off purchase that you might regret later, here are some other ideas you might want to consider. You can set yourself up to work or study from anywhere by buying a laptop, noise-canceling headphones, and a good bag. What about buying a bike or scooter? This can be a practical and cost-effective way to get around a college campus or your neighborhood without buying a car or relying on public transportation. Or make a big but lasting purchase like a piece of art, a nice watch, or a high-quality item of clothing. Buying something practical that you need, or timeless so you'll appreciate it forever, helps you spend your graduation money in a more meaningful way.

Whether you save, invest in yourself, or spend it on something fun, enjoy your graduation money; you’ve earned it! Just don’t forget it’s also an excellent opportunity to practice making financial decisions because pretty soon, you’ll be managing your own budget, paying bills, and making even bigger money choices.

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