Why Graduation Money Is Always a Good Idea

Simplify all your graduation money needs, from collecting graduation cash gifts to organizing a group gift for a big-ticket purchase, with Pool.

Turning the tassel is a major milestone, and graduates aren’t the only ones celebrating years of hard work and dedication. Family and friends want to celebrate, too.

After the ceremony and celebrations, many graduates are focused on what’s next: college tuition, graduate school, moving to a new city, starting a new job, paying off student loans, or simply getting settled into adulthood. That’s why graduation money has become one of the most appreciated gifts a graduate can receive.

Whether you’re hoping to collect graduation cash gifts, pool money for a meaningful group gift, or contribute to a graduate’s future plans, Pool makes it simple.

In this guide, you’ll learn:

• Why graduation money is one of the most useful gifts you can give
• How to ask for graduation money politely
• How Pool works
• Fun ways to give graduation money
• How much graduation money people typically give
• How to collect contributions for a 529 plan with Pool

Why graduation money is always a good idea

Ask any graduate what the best graduation gift is, and they'll say "Money!" Post-grad life comes with new financial obligations, and that can be stressful. No matter how much graduation money you get (or give), it offsets a wide range of expenses like:

• College tuition
• Graduate school tuition
• Fees for bar exams, board certifications, etc.
• Gap year expenses, like airfare, lodging, etc.
• Unpaid internships
• Moving expenses
• Big-ticket items, like home goods and appliances

How do people ask for money as a graduation gift?

Money is the #1 graduation gift. So, if you send out graduation announcements and people plan to give a gift, there's a good chance they'll give money. But asking for money in the wrong way can feel tacky and rude.

Whatever you do, don't ask for money in the graduation announcements — it makes people less eager to give a gift. That doesn't mean you have to cross your fingers and hope for the best, though. You can still encourage people to give money instead. Here's how.

1. Share your story

One way to encourage people to give money is to share the graduate's story in the graduation announcement. For example:

• After graduating from high school, what's next? A degree? A big move? How do they plan to use their gifts, talents, and skills?
• After earning a bachelor's, master's, or doctoral degree, what's next? Share the focus of your studies and how you plan to use them moving forward. Are you pursuing a higher degree? Are you moving to another city?

Let people feel your pride. Make your excitement tangible. When people feel like they're involved in this important milestone, they'll feel proud — and may feel inspired to give graduation money, too.

2. Welcome both traditional gifts and money

Are you planning a graduation party? The invitation might be the best place to share the kind of gifts that guests can bring. Tell people that their attendance at the party is already a wonderful gift. Then, let them know that if they'd like to bring a gift, both traditional gifts and money are warmly appreciated.

Whatever the approach, guests should always feel like they are choosing to give in a way that feels correct and comfortable to them.

3. Make it easy for people to give graduation money with Pool

Sign up at Poolmoney.com and create a Pool for graduation gifts. Once your Pool is set up, simply invite family and friends by email so they can contribute money and celebrate the graduate's next chapter.

After everyone has contributed, the funds can be spent directly from the Pool using the free Pool debit card that comes with it.

4. Pool money for big-ticket gifts

Graduates sometimes need specific gifts, like a new laptop or house furniture. But these gifts can cost too much for one person's budget — including the graduate's:

• Laptop or iPad
• Chic luggage
• Luxury watch
• Business attire
• Airfare tickets for gap year trips
• A personalized laptop bag or backpack
• Home goods
• Furniture
• Cookery sets

With Pool, you can take them off the wishlist and make them gifts. The graduate gets to purchase exactly what they need without breaking the bank. And everyone who pitches in gets to contribute to the graduate's life in a meaningful way.

Ready to simplify graduation gifting? Create a free Pool at Poolmoney.com to collect graduation money, organize group gifts, and give friends and family an easy way to contribute in minutes.

What is Pool?

Pool is a shared wallet

Pool is a dedicated place where people can collect, manage, and spend graduation money. Graduates can collect money, and family and friends can pool money together for a group gift or a larger purchase.

Your Pool can be exactly what you want

Every Pool can be customized and shared with friends and family so they can contribute. The Pool doesn't have to look like a bunch of gobbledygook — you get to decide what it says. For example, it can include the graduate's name, nickname, or anything else that people easily remember.

It's easy for people to add graduation money to the Pool

Giving graduation money is a thoughtful way to celebrate a graduate. With Pool, it's easy and convenient for people to give whatever they can. Simply invite everyone with their email address. Then, they add money. They don't have to pay any fees, and signing up is simple.

Spend graduation money directly from the Pool

Whether you're collecting graduation money, pooling funds for a group gift, or saving for a big-ticket purchase, it's easy to spend money from your Pool.

Every Pool comes with a free debit card that allows you to spend Pool funds everywhere Visa is accepted. You can also request a physical debit card if you prefer that.

With Pool, you can make payments or purchases for everything on the graduate checklist, like:

• Big-ticket group gift
• College books and supplies
• Dorm furnishings
• Loan payments
• Moving expenses
• Fees for licensing, board certifications, bar exams, etc.

In addition to spending Pool funds with the Pool card, you can also transfer Pool funds to a bank account at any time.

3 fun ways to give money as a gift

Giving cash can feel cold and impersonal. Here are three ways Pool makes money cool and light.

1. Send money to the graduate's Pool

If someone is turning the tassel soon, invite them to a dedicated Pool so family and friends can contribute money to celebrate their achievement.

Pool is great because:

• It's 100% free for everyone involved
• End-to-end encryption keeps personal data private and secure
• Money collects in this dedicated wallet until the graduate chooses to spend it
• Graduates can use the Pool debit card to spend directly out of their Pool

2. Give a group gift with Pool

No one wants to feel like they can't give enough to celebrate someone's graduation. By pooling money with family and friends, everyone can contribute what they're comfortable with while creating a more meaningful gift together.

Start a Pool and invite others by email so they can contribute. Once everyone has added their contribution, you can use the Pool to give a group gift in the two following ways:

• Invite the recipient. Once they sign up at Poolmoney.com, they can either spend money directly from the Pool with the Pool debit card or transfer funds to their bank account.
• Collect everyone's gift money in one Pool and then transfer it to a new Pool just for the graduate. Personalize the new Pool with a photo and a short description so the graduate feels extra special.

3. Pool money for big-ticket items

Whether you're graduating or know someone who is, there's a good chance you need to collect funds to help offset an expensive purchase.

Setting up a Pool is a great way to collect funds for anything on the graduate's wish list. Once everyone has pitched in, share the Pool with the graduate and give them much-appreciated financial support.

How much money should I give for graduation?

Money is a great graduation gift, but how much do people usually give? It depends on the relationship with the graduate and whether they're graduating from high school or college.

How much money should you give a high school graduate as a gift? On average, gifts range from $50 to $200 depending on your relationship. What about other graduates? Most agree that giving at least $50 is appropriate for college graduates. Depending on the relationship, you can give up to $500. Whatever amount you choose, it's important to give what you comfortably can — no matter the amount, graduates always appreciate cash.

How to gather contributions for a 529 plan with Pool

Money is the most popular graduation gift for obvious reasons: education is expensive. 529 plans can help. A 529 plan is an investment account that is designed to grow funds for education. Funds can be withdrawn tax-free and used to offset specific expenses, like tuition and fees, student loans, off-campus housing, and more.

Usually, parents open a 529 plan for their children and make regular contributions to it. But Pool makes it possible for anyone to pitch into the 529.

Is putting money in a 529 considered a gift?

Yes! Friends and family are usually happy to contribute to a 529 plan because their gift grows over time and supports your child's academic future.

What is the best way to contribute to a 529 plan?

Handing over cash can feel impersonal. So, instead of turning parties into an opportunity to exchange money, family and friends can contribute to the Pool.

Once everyone adds money to the Pool, you can deposit it into the 529. This way, everyone can socialize and have a good time without focusing on money. This also allows you to collect funds without mixing them up in your bank account.

Asking for money can feel awkward, but people usually want to support the graduate and celebrate this important milestone. With Pool, it's easy to give and receive money as a gift. It's also the ideal tool when you want to pool money for big-ticket items or contribute to a 529 plan.

Celebrate your graduation with your free Pool at Poolmoney.com!

Pool does not provide tax or financial advice. The information in this article is for educational purposes only. Consult a qualified tax advisor regarding 529 plans and gift tax implications.