* Your financial situation: What can you comfortably afford to give without impacting your own financial stability? A gift should never put you in a difficult position.
* Your son's plans: Is he going to college, trade school, taking a gap year, or entering the workforce? If he's going to college, the gift might be considered a contribution towards expenses. If he's starting work, it might be a more celebratory gift.
* Your family's tradition: Do you typically give larger gifts for significant milestones? What have you given siblings or other family members in similar situations?
* Your son's personality: Is he practical and would appreciate money towards specific needs, or would he prefer a gift card to something he enjoys?
* The size of any other gifts he’s receiving: Consider the overall amount he will receive from family and friends.
Instead of focusing on a specific dollar amount, consider these options:
* A meaningful contribution: If he's going to college, contributing to tuition, books, or living expenses might be more helpful than a lump sum.
* A celebratory gift: A moderate amount ($100-$500, or more depending on your means) to celebrate his accomplishment is common.
* A combination gift: Perhaps a smaller amount of cash plus a gift card to a store he likes or an experience he'll enjoy (concert tickets, etc.).
Ultimately, the most important thing is that the gift reflects your pride in your son's achievement and your love for him. A heartfelt card expressing your support might mean as much or more than a large sum of money. Open communication with your son about your financial situation and his plans can also help you decide what's most appropriate.