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How to finance your gap year
However nice it would be, a gap year isn't free. Which means you need to do some financial planning before packing your bags. QS Top Universities has some tips on how you can fill you gap year piggy bank up before you depart.
Bank Accounts
You�re going to need a bank account that you can access throughout your Gap year, so why not start it early and make that your savings fund. Any money that goes into this account in the lead up to you year abroad doesn�t get touched until you�ve set off. Try and set up an account that doesn�t incur fees and it may also pay to give your parents access to it if need be. At least give them the account number so they can make any extra deposits throughout the year.
Part time jobs
These are good to have to ensure there�s a steady income being deposited into your bank account. You may already have one or are thinking of getting one, but a Gap year is a good incentive to start saving. You may want a retail or hospitality job you can do on the weekends. Remember any hour that you�re working and earning money, is an hour you�re not spending money, so more can go into your account. Look out for odd jobs as well like gardening, helping out at events, stock taking at stores, offer your services around the neighbourhood or pick up a few extra babysitting shifts. Every little bit helps.
Birthday and Christmas presents
Plan this one in advance. Make it known to your aunts and uncles that you�re planning to go on a Gap year so presents (like money) will help this. Some people prefer not to give money for presents though so write a list of things you need and pass that around the family. They�ll be more than happy to buy you a pack; some guide books; a first aid kit; clothing or travel accessories. And they�re a lot more useful during your year away then yet another cookbook or some embroidered handkerchiefs.
Second hand items
Look around for second hand items in charity shops or on the Internet that may be useful during your year away. In particular, log on to Amazon and purchase any guide books through there. Second hand books are often of good quality, and that way you won�t mind leaving them behind once you�ve finished with them.
Sponsorship
Search for organizations that support young people going abroad and apply to them for sponsorship. International groups like Rotary encourage young people to step out of their comfort zone and explore different opportunities so do your research and spend time preparing your application. Money from these organizations may be easier to come by if you are planning on doing some charity work while you�re abroad. You don�t have to be working for charity for your entire time away. Even six weeks will be enough, so approach these groups and ask for sponsorship to support you helping a good cause.
Fundraising events
Organise fundraising events to help boost your Gap year savings account. You may have a 10km run that you can collect sponsorship for or team up with some others also embarking on their Gap year and hold fundraising events together. You could do some of the traditional ones such as car washes and cake stalls or think of something different like auctioning off some of your possessions on e-bay. You�re not going to use the in the next year and if you haven�t used them in the past 12 months then they�re probably better off as a money making accessory instead.
Think before you spend
In the lead up to your Gap year pay attention to what you�re spending your money on. Do you need that new pair of shoes? After all you�re not going to be wearing them in the next 12 months. Before you buy that morning cup of coffee do a quick exchange rate calculation in your head: how much could you buy in Africa, Asia or Latin America for the same amount of money? You�ll be surprised how far a few coins can go in other countries.
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