Share this article on...
Contact Us
- Report errors or inaccuracies topmba@qsnetwork.com
- Contribute articles contribute@qsnetwork.com
- Advertise advertise@qsnetwork.com
Gap year budget: how to stick to a budget while travelling
A few words of advice: money doesn't grow on trees, and when you're away from home on your gap year, your money could run out fast. QS Top Universities has a few simple tips on how to stick to a gap year budget.
One of the first things to bear in mind is that what you choose to do in your gap year will largely determine the cost, as well as any income you may be able to acquire. Whenever you�re away from home, whether it's studying, travelling or working, you will need to budget, and our guide will help you to do just that.
QS Top Universities looks at how to budget on a gap year of travelling, how much you'll need, and where you can save.
Plan ahead
There will be different visa restrictions in each of the countries you go to and more often than not you won't be able to spend more than three months in one place. Therefore, it may pay to divide your gap year savings up into different sections. Allocate a certain amount each month, each week or even for each region of the world that you're travelling in, and where possible try to stick to this budget. You'll visit some places where the money you have will go a lot further than others. For example, eating out in Thailand is likely to be cheaper than eating out in France! So do some research into the costs of the different places you�re going and allocate your budget accordingly.
Visas
www.workpermit.com
www.worldtravelguide.net
Living costs
www.economist.com/markets/bigmac/index.cfm
www.economist.com/daily/chartgallery/displaystory.cfm
Costs upfront
With many of the big costs for your gap year being paid up front, air ticket, insurance, possessions (camera, backpack, clothing) whatever savings you have left will essentially be your living costs for the next 12 months. If you've chosen to embark on a gap year of travelling it's unlikely you'll have the luxury of getting paid along the way. Therefore it's essential that you have enough savings to last the year abroad, and if you're lucky, a few surplus funds to treat yourself along the way. If you need a quick fix to find some extra pennies before you set off, why not sell something on eBay, or talk to your parents nicely!
Book in advance
Where possible, book your main accommodation and travel in advance. This usually ensures lower prices then booking at the last minute or even on the day. You may be embarking on a gap year activity where your accommodation is paid for, but it's still likely that you will need to combine this with your own travel, which means it�s inevitable that you'll have some basic living costs to account for.
Accommodation is a big cost and you also don't want to find yourself arriving somewhere with nowhere to stay. By booking in advance you're not only sure to secure a bed for the night; you will also have your pick of rooms and prices, which will be a bonus if you're staying somewhere for a lengthy period of time. However, do check what's available because this may differ between continents. Booking in advance is certainly recommended in the US and Europe, but you may find better deals off the street when walking around South East Asia for example.
Look around for the best deal
This doesn't mean spending your entire gap year looking around for bargains, but don't always go for the first thing that you see. Prices vary, so try and do a little bit of research to find out what company offers the best deals and when exploring the localities, there's always likely to be a local around who's happy to offer you some advice. Talk to fellow travellers about their experiences with different companies and guides and how much they have paid for them. Most people are more than happy to recommend good tours and prices and also warn you away from the bad ones.
Student Survival Guide