Years of pouring over books is paying off for Sophia Halbrook.
"It's just a really great time in my life and I worked really hard to get here," Halbrook, a graduating senior at Texas Tech, said.
Family and friends, excited to watch her walk across the stage with her Texas Tech diploma in hand. "My mom is coming up as well as some of our close friends, and so they're going to attend my graduation," Halbrook said.
Like many in her shoes Halbrook is celebrating the milestone with a vacation. She's also receiving monetary gifts.
"There are a lot of things I need to pay for, and so definitely what I receive for graduation is going to help. I want to get level first before I go spend my money or blow it on stuff I don't need," she said.
Financial experts say that's a smart decision, and to knock out any debt first. "Usually debt is more expensive. If you have credit card debt then pay the credit card off. If you have a bank loan, usually that's about 6 to 8 percent. You're not going to find a yield better than that," James Arnold with Lubbock National Bank, said.
Even small amounts of extra cash is enough to build a nest egg.
"It's never too early to start, and even 500 dollars is not too little. Just start with something," Arnold said.
How to put your money to work depends on your timeline. For short term needs, Arnold recommends a certificate of deposit or money market account. But if you're looking for a higher return, he says the stock market may be a better option.
"When I talk to young people, especially college graduates, there's a chart you can show folks that really gives a lot of importance to investing early," Arnold said.
Halbrook plans on taking that advice and stretching her dollars as far as they will go. "I'll probably put it towards something practical. I recently got a speeding ticket so I'll probably pay that off and try to put some away for the future," she said.
