Taking a gap year is a fantastic opportunity to explore the world and discover fascinating countries and cultures. While you can have fun deciding where you go and what you do, unfortunately you also have to do the less exciting task of working out how you’re going to afford it! Budgeting for your gap year properly can help you make the most of your trip. There’s nothing worse than running out of cash halfway through your gap year and having to make an embarrassing phone call home to your friends and family!
Below our some good tips on how to budget for a gap year abroad that will save you from stressing about cash flow:
Work out how much you’ll need
Sounds obvious, but if you already know some of the costs involved then you can add them up and work out a rough budget for your gap year. Start with the biggest expenses (usually flights) and work your way through everything else until you have an idea of what you’ll be spending day-to-day. Research the average cost of accommodation in each destination as well as rough prices for local food and attractions, including any ‘must-see’ activities – you won’t enjoy your gap year travel half as much if you miss out on all the best experiences! Of course, you can’t account for everything and there are certain to be unexpected costs, but at least if you have a target budget then you’ve got something to work to. If you’re halfway into your budget within the first week of your gap year then you know you’re going to have to start cutting back!
Spend wisely before you go
No one travels half way around the world without first buying some travel essentials. The trick is to limit yourself to exactly that: essentials. This will include visas and vaccinations, as well as travel insurance, which in itself can save you huge amounts of money if you get into trouble. Most other things are optional so make sure that if you buy something you’re going to use it and it will last further than the first bus journey! Buying a good quality backpack is a good start, but don’t go overboard buying travel kit. Spending too much before you go could blow your budget and anyway, it’s always best to travel light!
Get saving!
Once you’ve worked out roughly how much money you’ll need it’s time to start saving! Most people save their cash by working a part or full-time job, but there are many other ingenious ways you could raise money – perhaps by doing a sponsored run or washing cars in your local area, (though you would need to wash a serious amount of cars to afford a whole gap year!) Saving money can be difficult so it’s important to be disciplined in your spending – if you need any motivation just think of the amazing gap year that waits at the end! It might be possible to cut corners on your budget, but don’t rely on overdrafts and credit cards to see you through. These will need to be paid off eventually and your debts might make you even more depressed when you get back!
Managing your cash while away
Ok, so you’ve managed to set aside a horde of money and set off on your gap year…but what are the best ways to manage your money while you’re away? First and foremost, you need to be careful with your cash! Money belts can be useful, but they’re not the only way to keep your money safe. Keep your cash split between different wallets, bags and pockets, safely zipped up or out of sight and you should be fine. It’s a good idea to carry your money in different forms too – perhaps as cash and on both debit and credit cards, so if you lose one you aren’t caught short, or even worse, have to cut your trip short. Above all else, keep an eye on your bank balance and budget so that you know where you’ll have to penny-pinch and where you can live in luxury!
Whether you spend your gap year travelling, working or volunteering abroad, the advice above can help you budget effectively so you can really make the most of your time out.