Graduate with a Diploma, Not a Credit Card Bill

Money-Saving Tips and Ideas for High School Graduation Expenses

PHOENIX, Ariz. (April 27, 2005)…Graduating from high school represents a major accomplishment that should be significantly recognized and rewarded as such. However, expenses incurred in preparation for this special day can be extremely costly, and may include graduation attire, announcements, congratulatory gifts and much more. Spending can easily get out of hand and families with more than one child or grandchild graduating from high school or college may be faced with even greater cost!

“Plan early, create a realistic budget and adhere to it,” says Mike Sullivan, director of education for Take Charge America. “Graduating seniors should receive their diplomas upon graduation and avoid unnecessary credit card bills for the graduate’s family. During this time of the year, many families are busy planning for end-of-the-school year celebrations and graduation parties. Yet in the midst of all the excitement, parents should remember that this is a great opportunity to teach their teenagers valuable lessons in budgeting and money management.”

Sullivan says that graduation plans will differ with each family. Therefore, he offers the following tips and ideas for saving money on graduation expenses.

Photos
While your student’s cap and gown may be mandatory, professional graduation photos are not. Digital photos can be taken by friends or family members and developed at discount stores for a great price. Photos can also be uploaded at no charge to a personal website or an online photo album for display, which can be viewed by those who were not able to attend the event.

Graduation Party
Graduation parties are held to celebrate a student’s accomplishments and to express gratitude and appreciation toward friends and family members who have been supportive and influential over the years.

• Consider co-hosting the party with close relatives or another family. Expenses such as decorations, food and entertainment can be shared to reduce costs.
• Do not serve alcohol. Open bars can be extremely costly, and the majority of attendees will be high school graduates and other students.
• Rent a community gym or church hall instead of a banquet room at a hotel. Publicly-owned sites can easily be decorated with school colors and themes.
• Create personalized invitations on your home computer and have them printed at a copy shop. Leftover wallet-sized senior portraits can be included in the invitations. Or, consider scanning a photo into the invitation in black and white.
• Hold the party on the same night as the graduation to decrease additional traveling expenses for out-of-town friends and family members who will be attending the graduation ceremony. Also consider having the party on a weeknight for reduced rental rates.

"Lock-in" Celebration
Many graduates attend lock-ins – class-organized celebrations that usually start after the graduation ceremony and end the next morning. The night’s activities vary depending on the school, and may include anything from bowling or dancing to interactive performances with well-renowned hypnotists. In most cases, transportation is included, reducing the risk of drinking and driving and party-hopping. Lock-ins are extremely popular, and often take the place of family-held graduation parties. Check to see if a lock-in is planned for your graduate and sign up!

Gifts
Even if your teenager isn’t graduating from high school this year, chances are, you know someone who is. Buying gifts for each soon-to-be graduate can be costly and will quickly add up. Rather than slipping a $20 bill in each card, consider the following creative gifts that will be remembered and used.

• Books – Financial self-help books, such as Pay It Down! by Jean Chatzky, can teach your graduate simple ways of saving money on a daily basis. Informing students about the importance of budgeting and money management will help them in the near future.
• Prepaid credit cards – Similar to a debit card, prepaid credit cards are safer than cash and are convenient and reliable. Parents can put money on their teenager’s card at their discretion and can also monitor their spending habits. Family members can also be authorized to add money to an account, which is a safer option than mailing a check or cash. Graduates will love this gift because they will gain the independence that they want.
• Prepaid gift cards – Purchase gift cards from stores such as WalMart or Target. Graduates who are on their way to college will find these a huge help when furnishing their new dorm rooms or apartments. Costco also offers Costco cash cards, which can be used by students who are not currently Costco club card holders.
• Photo albums and frames – Most graduates like to display and store their graduation photos. Students bound for college will want to bring photos with them to share with their new friends and to decorate their rooms.
• Emergency kits – Create a small emergency kit and include aspirin, band-aids, needle and thread, a thermometer, q-tips, a package of tissues and vitamins for the graduate. Include products that may come in handy, especially during flu season or midterms.

About Take Charge America
Founded in 1987, Take Charge America, Inc. (TCA) is a non-profit 501(c)(3) charitable organization headquartered in Phoenix, AZ. TCA is committed to helping consumers gain control of their finances and offers a variety of services including education, budget and financial counseling, and when necessary, debt management.

TCA also serves as an effective resource for the business community. We help financially distressed consumers re-organize their finances and return hundreds of millions of dollars annually to financial institutions, professional service providers, and businesses of all sizes and descriptions that may otherwise have been lost to the economy in bankruptcy. TCA’s diversified programs are utilized by tens of thousands of families and single men and women throughout the United States each year.