For students, graduation marks a personal achievement, a move into a new phase of life, and an excuse for a big party. For friends and family members, it can be both exciting and a little nerve-racking wondering if your loved one is ready for all the changes that come with starting or finishing college.

You only do so much to make sure the people you care about make all the right decisions in life, but you certainly can try to nudge them in the right direction. Graduation gifts are an opportunity to help students along in their transition and give them that nudge towards better habits.

While sentimental graduation gifts have their value, many graduation gift ideas that serve a practical function can help students save money at a time in their life when pennies are being pinched. Both high school and college students can benefit from graduation gifts chosen to provide a little extra financial help.

5 Frugal High School Graduation Gifts

1. Luggage

Luggage is one of those things everyone needs at some point, but most people don't like to spend money on. When a student's about to head off to college, a good set of luggage will make the trip easier and may come in handy on trips and vacations in the years to come. Bonus: When luggage isn't in use, it makes for a great storage solution in tiny spaces, like dorm rooms.

2. Cooking utensils

Meal plans are expensive. Students with the means to cook for themselves can come out of college with less debt. Learning to cook in college also equips students with a skill that will save them money long term. Regular home-cooked meals can save tons of money in comparison to eating out all the time. (We also suggest pairing utensils with the next one for the ultimate grad gift)

3. Cookbooks or cooking classes

Of course, students who don't already have some experience cooking will need some help. Lots of cookbooks have a focus on frugal recipes that are also easy to make. Here are a few written specifically with college students in mind. Or, if you want to be remembered as the greatest gift giver of all time, consider gifting your grad with cooking classes. Focus on classes that teach the basics or how to make quick dinners as opposed to 7-course meals.

4. Grooming essentials

Most students have depended on their parents for all the grooming basics their whole life. It will be a new expense for them in their college years. You can save them some money starting out by helping them stock up on a few key essentials, like toiletries, paper towels, and laundry detergent.

5. Financial advice books

Stuff is nice, but knowledge is the better long-term gift. A good book packed with the kinds of financial tips too few students know can go a long way toward helping students make good financial habits while they're still young. Dave Ramsey's has a book and DVD set specifically for helping out new college students.

Other titles include:

• Broke Millennial: Stop Scraping By and Get Your Financial Life Together by Erin Lowry

• 'Confessions of a Credit Junkie' by Beverly Harzog

• Your Money Life: Your 20s by Peter Dunn

• '31 Days to Drastically Reduce Your Expenses: Less Stress. More Savings' by Kalyn Brooke

5 Frugal College Graduation Gifts

1. A coffee maker

A routine trip to a coffee shop each morning might seem like a good, energizing way to start your post-college days, but it's terrible for your wallet (and can be bad for the waistline if you’re not careful). Making coffee at home is much cheaper and still comes with the energy boost a student will appreciate whether starting a new job or plunging into the job search process.

2. Gardening starter kit

Many recent college graduates won't end up living somewhere with a yard, but that's no problem. Get together some pots, soil, and edible plants that can grow well in containers and help the student get set up for cheap herbs and veggies long term. 

3. Eco-friendly gift basket

Lots of items that are good for the environment are also good for saving money. Collect some reusable shopping bags, rechargeable batteries, and long-lasting light bulbs and your graduate will both save money and avoid the hassle of having to regularly replace these necessary items.

4. Exercise equipment

Gym memberships are expensive and often underused. If post-grads can get set up at home for basic exercise, they won't miss the college gym as much. Exercise equipment doesn't have to be a huge investment. You can go for something small but useful like a yoga mat or some workout videos.

5. Start a certificate of deposit

While maybe not a fit for the neighbor's kid who just graduated, when your own kids or grandkids reach the big day a certificate of deposit is a smart financial gift that will benefit the student well into their future. You'll be giving them a lesson in smart saving, which is more valuable than any object.