Been saving up for so long that you've forgotten what it feels like to be young, wild, and care-free?
Well guess what?
We're here to remind you…
1. Set Your Target
The first step is to calculate an estimated budget. This will give you an indication of how much money you need to raise, and within what time frame.
When determining your expected budget, remember to take into account all the different things you need to pay for before you go, and while you are abroad.
These will include:
- Travel kit/ necessities
- Food and drink
- Activities and excursions
- Insurance (Check out gov to find out what travel insurance you should be getting)
If you are travelling with a specific gap year organisation, they will usually give you your own fundraising goal. However, you may want to set a budget for any travel costs you will incur that are not included in the programme.
For example, you may plan on continuing your adventuring, or are planning to meet up with some friends while you are out there. Consequently, you will need to set some money aside to fund this.
Overestimate, Not Underestimate
You are bound to run into unexpected costs along the way. You never know - you may decide you want to sky-dive or learn how to surf!
So, it is better to over-estimate the cost of your gap year than to under-estimate, to avoid feeling limited or financially restricted.
Whatever it may be for, it is essential that you are financially prepared.
Sometimes simply saving up and being vigilant with your money isn't enough.
No matter how hard you work, it can seem like you are barely saving up enough for tomorrow night's dinner!
But it is important to remain positive…
There are several other ways to save money, including fundraising.
Examples of this can include:
- Creating a fundraising page and sharing it on various social media platforms
- Selling unwanted items
- Coordinating a sponsored event, such as a 'sponsored run'
- Opening up a cake and bake stall
Are you in need of a little financial boost when it comes to your gap year funding?
There are so many options out there for you, all you need to do is look!
Gap Year Grants And Bursaries
It is possible that you may be eligible for gap year grants or bursaries and don't even know it!
Each organisation has different requirements and varying reward amounts, so make sure you do your research beforehand to find out which one you are most compatible with.
Examples of such organisations are:
- The Rotary Club
- Ferguson Trust
- Lions Club
- Round Table
- The Peter Kirk Memorial Fund
There's no harm in spending some time browsing these sites to see if you are eligible and sending off a quick application form. You never know – you may just receive a generous reward!
Well it is…
If you have applied through gap year volunteer programs, it is likely that they will have a scholarship fund, designed specifically to reward to a few lucky applicants.
A lot of students miss out on these opportunities that gap year volunteer programs offer, purely because they haven't done enough research.
Therefore, it is crucial that you ask – it could be you receiving a nice sum of money to put towards your gap year fund!
4. Cut Back On Unnecessary Expenditure
We're all human - we can't resist a little splurge here and there!
But if you really want to afford that gap year you've been day-dreaming of, it may be time to start saying 'no'.
Small, subtle life changes could make all the difference!
It's time to skip that £3 coffee at Starbucks every morning, and give up your monthly 'Apple Music' subscription…
Wouldn't you much rather put that money towards memories that will last a lifetime?
And while you may notice these changes in the beginning, you definitely won't be complaining when you wake up in Bali on your gap year, living your best life!
If you need a little help budgeting to support your gap year funding, then use 'The Money Advice's' budget planner to take steps towards becoming more financially responsible.
5. Work Abroad
Don't think you'll manage to save up enough money to fund the entirety of your gap year?
Don't give up just yet…
You can always find a job abroad and earn while you are out there. If you do decide to go down this route, then ensure you have permission to do so by applying for the right visa.
This way, you are basically getting paid to travel!
There you have it – 5 easy ways to afford your gap year!
So, what are you waiting for?
Start your gap year funding now and watch as your plans come to life.
Love thrilling facts? We've got 7 fascinating facts about money for you to share with your friends and family.…Keep reading
From repairs to redecorating, home improvements can be costly, but they don't always have to be. Here are our top 9 tips for home improvements on a budget.…Keep reading
We understand that the recent Covid-19 pandemic has been a stressful time for us all. If you're struggling to manage your money better, here's how to do so.…Keep reading