The end of the school year is getting closer and closer. There are two big gifting opportunities associated with the end of the school year: gifts for high school and college graduates and thank you gifts for teachers.

I have one piece of advice for selecting gifts for these occasions: the ideal gift is cash or a cash equivalent (basically, a gift card).

Let's start with teachers. They don't need more stuff. No teacher needs another candle or mug or "World's Greatest Teacher" plaque. And it's not appropriate to send your 8 year-old to school with a fifth of vodka (though it would be appreciated). If you can't afford a gift, that's fine. Do write a letter of thanks giving specific examples of how the teacher helped your child. If you do want to give a gift, you can't go wrong with a gift card to a bookstore or an office supply or craft store or to a local restaurant. If possible, collaborate with other families to buy and present a single gift card — because the point is to say thank you, not get credit for your generosity!

Now, turning to graduates: graduate gifts have a tendency to violate the basic rule of gift-giving. They try to "fix" the recipient. How many people give graduates things like books about career development or financial management or workshops on how to network or dress for success. What most graduates need, however, is money. They are either heading off to college (which comes with myriad unforeseen expenses) or starting a career (often underemployed and underpaid) while facing a mountain of student debt. Straight cash is a good gift. The graduate can use it to pay for books or to pay to stock the pantry in a new apartment. If you hate the idea of giving cash, gift cards are your friend. For the college-bound student, gift cards to a bookstore, coffee shop, or fast casual food are good choices. For someone bound to the work world, a gift card to a big box store can help to pay for all those things you need when starting out (like toilet paper and dish soap). Other options are cards for grocery stores, Amazon, or even movie theaters. These cards can cover necessary or discretionary expenses, allowing every spare cent to go to loan payments or savings.

Remember the cardinal rule of gift-giving: it's about the the recipient, not you!