Embarking on an exciting gap year is on many people’s bucket lists, and this can be an important step in life. However, a gap year involves a lot of planning and consideration and most importantly, money. This article will provide some handy tips to help you save money for your gap year to ensure you have the adventure of a lifetime you will never forget.
The importance of planning
Making sure you have put careful consideration into planning your gap year is absolutely crucial. There’s so much you need to think about and take care of ahead of your departure. You’ll need to have a clear picture of your finances and how much you are willing and able to spend on your trip. This includes any costs associated with travel, how much you are going to be able to spend on accommodation for extended periods of time and other things like food and money for excursions.
Depending on where you are choosing to travel to for your gap year, you may also need to consider the cost of things like visas, so make sure you have done your research ahead of booking your trip to make sure you have everything covered.
Bank accounts
A good way to keep on top of your finances when you are abroad and also save money in one easy location ahead of your trip is through the use of a separate bank account. You can invest money each month that is specially set aside for your gap year. This will also allow you to have a better understanding of how much you have been able to save instead of just having the money in your current account which you could accidentally dip into if you aren’t careful.
Saving before you go
As previously mentioned, it’s really important that before you head out on your exciting gap year adventure you have plenty of time to save. You could consider setting up a direct debit that goes straight from your bank account every time you get paid and into a savings account.
There are also many services available that can help you achieve your financial goals ahead of your gap year to make sure you are as well prepared financially as possible. You could also look to open a bank account where you can earn interest and make your savings go even further.
Travel costs
Many people choose to do a lot of travelling when they are away on a gap year, so you need to think carefully about your options and what is going to be the most suitable form of transport for you. Planning ahead and making arrangements will allow you to save money as you won’t get stung by any last-minute costs for travel on the day.
Choosing to travel by public transport such as buses and coaches would be the most cost-effective choice, but if you are planning on travelling long distances you may want to consider hiring a car which will give you the freedom to travel in comfort and at your own leisure. You can seek out advice from travel experts ahead of your trip to work out which option would be best suited to your plans and book any transport ahead of embarking on your exciting gap year adventure.