Give Your Grad the Gift of a Solid Financial Foundation
As graduates enter the workforce, some of the most valuable gifts they'll receive are those that will help pay off student debt, save for the future, and achieve success at this next stage of life.
As college and university graduates begin entering the workforce, some of the most valuable gifts they will receive are those that will help them pay off student debt, save for the future, and achieve success at this next stage of life.
And as much as we don’t like to talk about it, it all comes down to money – how much they have, how much they owe, and how much they aim to make in their career.
The good news is, you can help them get off on the right foot with a graduation gift that helps them think in a whole new way.
1. Finances 101
If you want to help your grad break out of the ”poor student” lifestyle, you may want to start by introducing them to a professional that can guide them when it comes to important financial decisions. A financial expert can help them create a budget as they save towards short-term goals, like a new work wardrobe, or first and last month’s rent for that condo downtown they’ve been eyeing. Once they’ve got a better understanding, encourage them to download a low-cost budgeting app, like YNAB, to stick to the plan.
2. From classroom to boardroom
If they’re on the hunt for a new job, consider a gift card to a clothing store that sells a nice selection of business attire. If they can afford to dress to impress, they’ll be that much closer to getting the job offer of their dreams – you know, first impressions and all that jazz. If you’re feeling extra fancy, you could even make an appointment with a wardrobe consultant to get them started (especially if they’re still in the sweatshirt and ripped jeans phase).
3. Professional guidance
Whether a career counsellor or a life insurance advisor, these types of professionals can help your grad figure out some very important next steps in life. What career path are they going to take? How can they protect their loved ones’ financial future? Do they have a long-term savings plan? At Serenia Life, our advisors use a holistic approach when providing this type of guidance. They’ll consider your grad’s short- and long-term goals, and assess their current job and family situation – all to make sure that at every stage of their life is planned for and protected.
4. Long-term savings
Ideally, you already started to contribute towards your grad’s savings while they were still in school – putting money they may pay you for cell phone bills, car insurance, or credit card debt into a TFSA they’ll have access to when they graduate. At this point, you may also want to consider looking into other investment options, like stocks and cash gifts, or Serenia Life’s All Grown Up Plan (life insurance with an investment component for teens and pre-teens).
Ready to give your grad the gift of financial savviness? Get started by booking a FREE Needs Analysis with an advisor at Serenia Life. Get started today!
