Graduation season is almost upon us, so you better start saving up for all those gifts you have to give!

If you don't want to be considered the "cheap" friend or family member at the graduation parties, get ready to spend between $50 - $250 on each graduate this year!

The National Retail Federation says that 57 percent of people plan to give cash to grads this year, and that the average amount given is $52. The survey also found that:

  • 38 percent will give a card with something inside
  • 31 percent will give a gift card
  • 12 percent will give clothes
  • 9 percent will give an electronic item

If you're thinking $52 per grad isn't too bad, don't get too excited yet. A recent survey done by RetailMeNot.com found that the average gift amount for high school grads was $111 and $243 for college graduates! Apparently, the people they surveyed are saving so much money on their site that they can afford to be extravagant.

I say, just give what you can and base the amount given on how close your relationship is with the graduate. Maybe that's not the right way to do it, but it has always worked for me!

One thing I do know for certain about giving gifts is: It's a whole lot easier to give extravagantly if you've got free money to burn! How about winning a bunch from Q98.5?

Yeah, I thought you'd like that. Better get signed up now!