10 Great Ideas to Help you Budget for Your Gap Year

Your gap year will be one of the most memorable and special experiences of your life, but the experience of a lifetime comes at a cost.

The average gap year will set you back around £3,000-£4,000 — so how do you go about raising that kind of capital and getting the most from it?

Here are 10 ideas that will get you on your way.

Save Up

Obviously, but how?

  • Get a job: full-time, part-time, even mowing next door’s grass will help.
  • Look at your spending and cut back: get a budgeting app to help you out.
  • Put any money you have to one side. Make birthdays and Christmas about generating travel funds.
  • Sell stuff. Xbox gathering dust? Sell it to bolster your bank account.

The Bank of Mum & Dad

Things are a lot easier if you don’t have to go it alone, and there’s no shame in asking your family for help. If they can afford to, chances are your parents will happily help you out with your dream trip.

Whether it’s a contribution or just a loan, your nearest and dearest aren’t likely to be charging you any interest.

Go to the Bank

If family funding isn’t an option and you have some form of income (perhaps you’re looking to take a year out from your full-time job), you can always consider help from professional lenders.

However, you must be extremely careful when considering this and make sure you think about what works best for you.

Go on the Campaign Trail 

Crowdfunding is a major part of fundraising these days, and there are specific sites tailored for you to raise money towards your travels.

Come up with a campaign idea and give people a reason to donate to your cause.

Gap Year Funding

Believe it or not, there are ways to acquire funds from grants, trusts or working with charities.

Definitely worth a try.

Do Your Own Thing or Get Some Help?

You can book your gap year through a formal program or do it yourself.

The costs will differ significantly, and it will mean money going out at different times.

If you want your adventures pre-planned and the hassle removed, go with a program. If you’re looking to save money and take on the challenge, go it alone.

Choose the Right Places

Picking the right places to accommodate your budget and what you want to see and do is key to nailing your finances.

Pick budget friendly countries, know the costs of living and keep track of exchange rates.

Plan Ahead

Knowing what you want in advance and buying at the right time will save you a considerable amount.

Book your travel as early (or late if you dare) as possible to get the best rates and take care of vaccination and documentation (visas, passports) fees as soon as you can.

Work Abroad

If you’ve not raised all the funds you need beforehand, what about working whilst you’re out there?

This can be anything from picking fruit to teaching English, so have a look into how to work overseas.

Be Flexible

A gap year doesn’t mean you need to be away for the full 365 days.

Be flexible around the time you’re out there and be prepared to come home once you’ve done what you want to do or if your money has run out.

There’s no doubt it’s going to be tough, but once you’ve raised the money you need there’s no looking back as you set off on making memories for life.

Nb. Collaborative post.