I, like many other recent graduates, have received cash gifts from relatives and friends. I even wrote a post with ideas of what graduates could use the money for. While I was writing that article however, I started to wonder if there are any “rules” on what monetary gifts should be spent on. Are there ethics involved when you’ve been given money for a specific event, such as a graduation or wedding?
I simply wonder if there’s anything I’m not allowed to spend that money on. Is it OK if I spend it on a road trip with friends? Can I buy an iPod
The lines can get blurred even further when you look at different types of the same product. Case in point: a laptop. These days it’s borderline essential for college students to own a computer. Am I “allowed” to buy a Macbook Pro? It’s a $1,700 computer. Yes, $1,700! Does the answer change if I’m a huge computer nerd and have wanted a laptop from Apple for years? My father would say no. But he’s not a computer guy. You could easily get him to spend 3 times as much on a new lawn mower, but technology isn’t a priority.
Another interesting thing is that even a smart financial decision (according to me), like saving all of it or investing it, could be considered a bad move by friends and relatives. They could easily tell me to live it up and spend money on something fun.
Perhaps I’m forgetting the most obvious expense: tuition and books. Do I have a responsibly to the gift givers to only use their generosity towards my higher education?
It’d be easy for me to say that once they wrote the check, I’m free to do what I want with it. After all, it’s now my money. But that seems cold and not very appreciative. All of these people obviously care about me and I wouldn’t want any of them to feel like I blew it.
For now, I’m 99% sure I’ll be using at least part of the money to purchase a laptop. Which one remains undecided. The 15-inch Macbook Pro is awesome, there’s no doubt about that. But it’s also true that an $800 mid-range model would still allow me to get all my assignments done.
What are your thoughts? What are your “rules” when it comes to gifts? What did you buy when you graduated?
{ 5 comments… read them below or add one }
Macs are overrated and overpriced… you can get a great PC for half the price. And get more than a 15″ screen – you’ll thank me later
I’ve used a Macbook before and I really enjoy OS X, so I wouldn’t say they’re overrated. But there’s no doubt that Macs are pricey! I go back and forth almost daily. I tell myself that I’ve wanted a Mac for a really long time and I can afford to pay a little more. Then I tell myself that I could just spend $800 on a Dell or HP and save the rest or buy some nice accessories. I guess I’ll have to figure out my priorities one of these days!
I’d say a Macbook is a more prudent choice than what I spent my money on: Bill Maher tickets, a spa day (haircut included), and clothes for college. I didn’t even think about textbooks.
Drink the Apple Kool-aid
When I went to college, I got a new Mac and I love it. Technology can be counted as an educational expense. Check out the IRS’s Q and A about it: http://www.irs.gov/newsroom/article/0,,id=211309,00.html.
More than half the people on my campus have a Mac. Once you’ve got it, you can get the Windows OS from the campus tech department or bookstore and run Boot Camp for any compatibility issues (necessary, as Microsoft doesn’t make Access etc. for the Mac OS). Plus, if you don’t want to spend $20 on Windows 7, then you can always hit a computer lab.
Haha, I’m 99% sure I will be. I won’t need to buy a computer until August/September, so I should have plenty of time to save up!
Thanks for the IRS link.