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The Best Gift to Give New Grads: Cash

Emily Co — Wed, 21 Sep 2011 11:50:06 PDT

If you're looking to get a newly graduated pal or family member a gift - maybe her birthday is coming up or maybe you still haven't gotten around to giving her a grad gift - the best present you can give them is cash. My friend was complaining to me about the massive amounts of empty picture frames she received after graduation that are just piled up in the corner. With the pressure of paying off monthly student loans and scrambling to find a job in a tough market that will pay the bills, cash will certainly come in more handy than unused picture frames.

You might want to lay off the gift cards, because that's more limiting and the cards have expiry dates. It's harder to pay off the practical stuff like utility bills and rent with gift cards, and receivers are usually forced to go to a specific store to redeem them. Also, you're more likely to forget about them - SmartMoney reports that last year, $8 billion worth of gift cards went unused. If you're thinking about giving cash as a present, here are two key tips to follow:

Give new and big bills: Since this is still a gift, put a little bit of effort and head toward the bank to request new and shiny bills that aren't crumpled. Depending on the amount, request the biggest bill possible. Give a $20 bill instead of 20 $1 bills.
Dress it up: It's more polite to put the money in an envelope or slide it into a card. If you're looking for alternative ways to dress up your money gift, be sure to check out these options.

6 Financial Milestones For Twentysomethings

Kiplinger — Mon, 20 Jun 2011 14:22:10 PDT

We're thrilled to present this smart Kiplinger story here on Savvy!

Editor's note: Our regular Kip Tips columnist Cameron Huddleston is taking a deserved vacation but has solicited the help of her favorite personal-finance bloggers to guide Kip Tip readers in her absence.

The twenties. At no other point in time in your life will you be better able to set yourself up for financial success than in your twenties. Or, failure for that matter.

But don't stress, you have enough on your plate: school, your first awkward years of a real job, investing, insurance, possibly marriage . . . you see where this is going. Determining what to really focus on can be difficult when so much is thrown at you so quickly.

The following are six milestones that you should aim to hit in your twenties. In most cases, the sooner the better. And for those who already think they are hot stuff, I've highlighted ways that you can show you're a true pro and earn "bonus points" in each area.

1. Graduate and move on

Very few people actually know what they want to do at the point when they start their secondary education. And many dig themselves tens of thousands of dollars into debt trying to figure it out.Student debt recently passed credit card debt for the first time ever - quite a sad statistic. And now that 60 percent of employers are completing a credit check as a reason to weed you out of the jobs you are applying for, it's more important than ever to keep debt under control.

If you don't know what you want to do for the rest of your life at age 22, it's okay. You are normal. I've seen employers hire people from all walks of life for more general occupations. And you can then learn on the job what your strong points are and what you want to do next. If going back to school is necessary at that point, go for it. If not, don't. But jumping from one degree to the next is not going to get you there.

Bonus Points if you pay off your student debt by age 30. It may seem ambitious, but if you can work while in school, apply for and receive scholarships and financial aid, graduate as quickly as possible and move on, it is a strong possibility.

Read on for more tips.

8 Wise Gems of Advice For New Grads

Emily Co — Mon, 20 Jun 2011 00:15:42 PDT

The best advice is from people who have been there and done that, so what better career guidance to get than from readers who have gone through the new grad phase? For those fresh out of college, read on for some great career advice from those who have walked in your shoes.

I'm Asking: What Would You Tell Your New Grad Self?

Emily Co — Wed, 15 Jun 2011 12:15:01 PDT

The latest crop of graduates is now seeking their dream jobs and dealing with scary real-life issues that you and I faced back when we were fresh faced college graduates. Given the soaring rates of school loans and the disappointing number of jobs that are available, it seems that this year's college students might have it tougher than we did during the boom years.

If you could give your college self a heads up - what kind of advice would you give yourself? What did you wish you had known before heading off into the real world?

Yummy Links: From Weird Food Names to Bad Cooking Habits

YumSugar — Wed, 18 May 2011 11:20:43 PDT

The 25 weirdest food names, and what they sound like. - Bon Appétit
Could OpenTable face new competition from Google? - San Francisco Chronicle
Presenting Guilt Taste, Ruth Bourdain's parody of Gilt Taste. - Twitter
Just wondering: would you buy sushi from Walgreens? - Grub Street SF
Beware of exploding watermelons! - Guardian
Border patrol snags 385 pounds of contraband bologna. - Dallas News
Graduation gifts, sorted by college major. - Chow
Are chefs to blame for America's obesity epidemic? - Time
Bad cooking habits you should break. - Huffington Post Food

10 Gifts Any Graduate Will Appreciate

Emily Co — Wed, 18 May 2011 05:00:13 PDT

It's graduation time! This also means a time for buying graduating family members or friends gifts for accomplishing one of the many milestones of life. I asked a few of my graduating friends to see what they would want as presents and it seems that most of the gifts are tailored with job hunting in mind. It's not surprising since finding employment is the most pressing item on any graduate's mind right now! Read on for ideas on what to get graduates.

10 Luxe Gifts For the (Very Lucky) Grad

Hannah Weil — Tue, 17 May 2011 09:20:22 PDT

If you've ever wished for Hermès, yearned for McQueen, or lusted after Chanel - graduation can sometimes be that one occasion where you finally get rewarded. It's the milestone where, in some cases, family and friends come through with lavish, luxe gifts to wish us well as we head out into the real world. With that in mind, we've rounded up 10 of our favorite luxury items that have been on many of our own editors' grad wish list. So whether you're in the market to gift shop, prepping your own wish list, or just care to peruse the goodies - click through for the extravagant gifts that would make a lasting impression on any lucky grad.

7 Personal Finance Basics For New Grads

Kiplinger — Mon, 16 May 2011 00:15:50 PDT

We're thrilled to present this smart Kiplinger story here on Savvy!

My daughter is about to graduate from college. What are the key personal finance issues she needs to consider during her first year on her own?

Congratulations to your daughter! If she tackles these personal finance basics, she’ll be off to a great start:

1. Make the most of new health insurance rules. If your daughter is lucky enough to get a job with health insurance, that’s usually her best bet. But if she doesn’t have a job with benefits, you no longer need to worry about finding new coverage after graduation -- adult children can now stay on their parents’ policies until age 26. If you already have family coverage to cover younger children, then you may not have to pay extra to keep your daughter on your policy. But if you’d have to pay extra to keep her on your policy (or if your daughter lives far away from your policy’s in-network providers), it might be worthwhile to compare the cost of buying her own policy. In most states, a healthy person in her early twenties can buy her own health insurance for less than $100 per month. She can reduce the premiums by raising the deductible, yet still have free preventive coverage. See How to Keep Recent Grads Insured for details. Also see Health Insurance for Adult Children about the rules for keeping her on your policy if she gets offered a job with inferior coverage.

2. Get free money from the boss. If your daughter’s employer offers pretax savings through a 401(k), 403(b), Thrift Savings Plan or another employer-provided retirement account, she should sign up right away. Her contributions will lower her taxable income and grow tax-deferred until retirement. Because retirement plan contributions are made with pretax dollars, they reduce her take-home pay less than the full amount of the contribution. For example, if she’s in the 25% tax bracket and contributes $1,000 to a 401(k), her paycheck shrinks by only $750. And if her employer matches her contributions, it’s one of the rare opportunities to get free money! Say, for example, she earns $50,000 per year and her employer contributes 50 cents for every dollar she contributes up to 6% of pay. If she contributes $3,000 to her 401(k) for the year ,then she’ll get a $1,500 match from her employer. See Retirement Savings Tips for New Grads to learn how to make the most of your 401(k) and how the savings can grow significantly through the years.

Read on for some personal finance tips for new graduates.

5 Survival Tips to Moving Back in With Mom and Dad

Emily Co — Fri, 13 May 2011 05:00:10 PDT

In this tough economic climate and job market, college seniors are experiencing conflicting feelings - the exhilaration of graduating mixed with a mounting dread of unemployment. The lack of job prospects is forcing fresh grads into moving back home to live with mom and dad. In fact, about 85 percent of graduates say they will be packing up to live with the 'rents, according to a survey by Twentysomething Inc., a consulting firm.

Living large with your college roommates in your dorm is worlds apart from the curfew days of the old, so keep these guidelines in mind for a smooth transition:

Share Living Costs: If you're a working adult, you should offer to shill out some money for rent, groceries, and other household costs. Your parents might not expect you to, or even want you to, but you should still offer to help out anyway. It's good to contribute to rent even if you can only afford to put forward a small amount. This is so you'll get a better handle of money and a sense of independence.
Help Out Around the House: If you can't afford to chip in some money because you don't have a job or if you are making too little, try to help out in other ways instead. For example, do chores around the house such as cleaning and cooking, or offer to run errands for your parents. Make sure that your move means that they will have to do less work, not more!

For more tips for a smooth transition, read on.

Did You Jazz Up Your Graduation Cap and Gown?

FabSugar — Thu, 27 May 2010 05:00:07 PDT

Nina Garcia did for FIT's 2010 commencement. I wore a fun brooch and snappy shoes when I graduated from FIT circa '02; aw, memories . . .