Mind The Gap Please

Few opportunities rival the adventure of taking a gap year, with the transformative journey enabling adventurers to explore the globe, immerse themselves in new cultures and forge lifelong memories.

Yet amidst the cost-of-living crisis, saving money has become harder than ever due to rising bills – leaving one crucial hurdle for gap year planners to overcome: funding the trip.

As the average price of a gap year sits at £2,500, personal finance expert and founder of the budgeting app, HyperJar, Mat Megens, has provided the seven essential things to consider when planning for a year abroad.

1. Start planning ahead of time
To maximise the success of your gap year, start planning at least six months ahead. By planning what you want to do, where you want to go and what travel documents you need ahead of booking, this will allow you to create a detailed budget to manage your costs effectively. Lay a solid foundation for your journey and exceed your expectations.

2. Figure out your gap year budget
Finding a budget that is tailored to your needs is the best way to figure out your spending. The cost of a gap year can range from £200 to £2000 a month, so it’s important to set up a realistic budget that is tailored to the trip you are planning.

3. Create specific bank accounts
Separate bank accounts are a smart way to save money for travel expenses, preventing cash from being spent elsewhere.

HyperJar offers a solution by allowing you to divide your savings into different Jars, allocating funds for various expenses such as travel, food, and accommodation. Each traveller can agree the amount they'll add to the Jar and can link their payment card to it when the time comes to pay.

4. Use creative ways to save
Having a job, whether it's during the summer or while studying, provides a stable and reliable means to save money for your gap year. Additionally, there are various ways for students to earn money, such as freelancing, selling items like clothes, or signing up for side gigs such as food delivery.

Exploring creative ways to save money, like participating in a no spend month challenge with your friends can also motivate you to save before travelling abroad.

5. Consider a gap year job
Many students decide to take up a job during their gap year. There are a variety of exciting and unique jobs including teaching English abroad, giving you a chance to learn new skills while boosting your bank account during your travels.

6. Have a look into sponsorship opportunities
If you’re planning to do charity work on your gap year, it’s possible to raise money through sponsorships. By volunteering abroad, you can also find groups willing to pay for part of your gap year. Many schools and universities have charitable trusts that may be able to offer you a grant.

7. Talk to family and friends about your gap year
Where better to seek out advice on managing your finances when travelling, than from your family and friends. They can act as a fountain of knowledge when it comes to tried and tested saving techniques and can advise on what mistakes they have made, and what to avoid in the future.

The key gap year expenses to consider when planning your trip abroad:

Flights and transportation (average cost of flights from London to Europe £26, to Asia £113, to Africa £85, to Australia £747 and to America £427)
Cost of special gear like backpacks, shoes and travel essentials (£300-£500)
Cost of day trips and activities (£30-£40 per day or activity)
Extra spending money
Passport/visa (£82.50 for passport and £100 for visa)
Travel insurance (average is 5% of your trip costs)
Vaccinations for specific countries (£60-£85)
A good phone plan (£25 per month for an international plan)
Food budget (£150-£200 per month)

Copy supplied by: www.hyperjar.com