Howard Marks

If you're looking for a gift to boost the financial smarts of your new college graduate, try a little creativity.

Here's one idea to get you thinking: Pick up some file folders. Add a couple of three-ring binders. Buy a glass jar. Put it all in a box, wrap it, and what do you have?

I call it a financial organizing kit.

New college grads always love cold, hard cash or a shiny new laptop, but I think gifts that help them get their financial life organized and off on the right foot have a place, too.

Having spent time cleaning out kids' cars and finding old bank statements, receipts from credit card purchases and other documents stuffed in the glove box or under the...