Graduation is one of those truly great milestones for both kids and parents. The graduates, whether in high school or college, are moving on to exciting new life adventures. And the parents are often heaving a sigh of relief at successfully nudging their kids into a new era of independence.

To commemorate this traditionally momentous occasion, the first thing most of us do is pull out our checkbooks. And while that's not a bad idea - everyone appreciates a little extra money - helping kids learn how to handle money might be an even greater gift in the long run.

Of course, you have to have a light touch here. After all, graduation is supposed to be a time of celebration, not another lesson. But there are a few nontraditional ways you can honor graduates that might subtly increase their practical knowledge, enhance their financial education and potentially add to their bank accounts.

- Gift cards for everyday expenses. That check you write may go for the latest CDs or a new video game, and there's nothing wrong with that. But if you want to help graduates deal with some of the practical expenses that may be new to them, consider a gift card. Whether it's for groceries, gas or to help furnish a dorm room or apartment, a gift card that has a practical focus may help the new grad look at the "money" in a different way and make some wiser purchases.

- Contribution toward a savings goal. How well do you know the graduate? Is he or she saving for a personal dream: a special trip, a car, a musical instrument? Make your gift reinforce and support the savings habit. For example, you could earmark cash toward a specific goal as your primary gift. Then, as an added bonus, you could offer to match their savings until the goal is reached. Or you could cover the shortfall to make their dream a reality.

- A subscription to a financial magazine. This might be a good accompaniment to a cash gift, such as funding a savings account or helping to reach a specific goal. It may inspire some ideas on what to do with the money and open the door to greater financial awareness. And if it's a magazine that you also receive, it's a chance to have an ongoing discussion and present ideas with each issue.

- A share of stock. This is a great way to get young people interested and involved in investing. Pick a company that your graduate knows personally - an entertainment, sports or clothing company for instance. Owning a piece of a company can be an inspiration to follow its progress and a motivation to learn more about the market.

Consider obtaining the actual stock certificate and having it framed to make it more tangible. If you want to increase the gift, offer to contribute an additional amount to an investment of their choice and help them open a brokerage account. Remember that the graduate has to be at least 18 to have a solo account; otherwise, there needs to be a custodian.

- A Roth IRA. The last thing new graduates are thinking about is retirement, but it's the best time to start saving. To put them on the right track, make an initial contribution to a Roth IRA and offer to match their savings for a period of time. Or you might consider pooling resources with other family members to make the first year's contribution (up to $5,000). Just remember that the graduate has to have earned income to qualify for a Roth IRA.

- Career help. For college graduates, this could be just the ticket. From career counseling to assistance with writing a resume to buying a business wardrobe, getting out into the real world costs money. Offering to pay for some of these services or picking up the tab on a new suit could help smooth the transition from student to professional.

These are just a few ideas to help you think more creatively about graduation gifts. If you're still having trouble choosing, here's what I use as my personal guideline. When I give a graduation present, I think of it as a reward for a job well done, but it's also a little something to help send the graduate on to new things.

A gift of money is always a welcome reward. A present that helps put the money to good use can be even more valuable. And maybe a gift that does a bit of both is the best way to celebrate present accomplishments as well as future potential.

Congratulations to all this year's graduates and best wishes for continued success!