A few tips on how to fund a Gap Year
So you want to take a gap year, but aren’t sure how to fund it. No worries! IEP – the Gap Year Experts – have you covered. The first step is the easiest; create a savings plan for your gap year. We definitely don’t recommend cutting out all the fun in your life (your unlikely to stick to it then), but rather to make small sacrifices. Unfortunately the second step and more difficult step is sticking too your plan, but just remember it’s for the greater good; your gap year!
Here’s a tips on how you can fund your gap year.
Cut out expensive habits
I know, we’ve all heard it… cutting out those unnecessary habits like your daily coffee, bottled water, tobacco (you should quit anyway), or dare I say it; your Netflix account. Making these sacrifices now will allow you to afford that gap year you’ve always dreamed of! Also, you will need to be able to budget when you are travelling so learn why not start now!
Gap year gifts
Birthday and Christmas presents can be a great source for some gap year funding! Family are likely to help you out with some cash or even travel accessories you may need!
Shop Second Hand
A great way to save some money is second hand clothing! Skip the mall and hit the local op shop; it can be an adventure in itself. You never know what you may find and the savings are even better!
Run a fundraising event to raise some cash for your gap year! Sausage sizzle, car wash, pub quizzes, run a marathon and ask for sponsorship… there’s a million things you can do. Online sites like Kickstarter or GoFundMe allow you to setup campaigns easily. Get a job Do we sound like your parents? It is pretty obvious; get a job and save! If you are in school, take a part-time job after school or on weekends. Having some work experience before you take a gap year will make it easier to find work abroad as well. So win, win situation!
Liquidate your possessions
You’re not taking all your possessions travelling, so why not sell some of them before you go. Leaving a car to sit in the driveway is not good to anyone – especially your mum and dad who have to keep moving it. What would you rather have; some material possession or a life changing gap year!?
Review your bills
Have you ever taken a look at your bank account fees or reviewed your phone plan? It could be time to pick up the phone and speak with them to see if you can get a better deal. If you don’t ask, you will never receive.
Become a social recluse
Ok… let’s not get excessive, but not going out both days on the weekend can save you a lot of money for that gap year. Just remember that you are sacrificing for the greater good; travel! You can skip heading to the movies and watching something at home… you can catch that movie on the plane when you are heading off on your gap year.
Remember when you were younger and mum and dad gave you a weekly allowance? Well, it’s time to write down your expenses and set yourself an allowance for just what you need. The key to an allowance is to stick to it. It can also make it easier if you take out a set amount of cash at the start of the week – it’s easier to track your spending than just swiping your eftpos card!
Cook at home
Eating out cost a lot of money! It is possible to pay for a week’s food in one sitting at a restaurant. By cooking at home you will save a tonne of money for your gap year! You’ll be cooking for yourself when on your gap year, so start to refine those culinary skills now.
Quit the gym
Gyms memberships are expensive (and let’s be honest, often rarely used), put that money towards that dream gap year! All the classes and fancy machines offer the same results as running outdoors or doing push-ups in the park. YouTube has a tonne of fitness videos for free too!
These are just a few ways to help you fund your gap year. You can pick and choose what works for you. Be sure to treat yourself for your hard work and savings every once in a while – you will have earned it. If you ever start to get tired of budgeting and saving – just think of all the travelling you will you do on your gap year and it will re-motivate you towards completing your goal, especially when everyone is still in Australia and you are living it up overseas!!
About IEP Australia
IEP Australia are Gap Year Experts! With over 20 years experience sending Kiwis and Aussies on amazing gap years to Canada, USA, Summer Camp USA, UK and Japan it is no wonder we are the top choice for many young travelers. If you have any questions about Gap Year Costs, what program is right for you, visa eligibility or just to get some advice please contact us here, come to a free Gap Year Information Evening or call 1300 97 702