A gap year is something that many people consider, no matter how old you are and what your financial position is. Just taking a year out after working so hard can feel like a well-deserved break, and sometimes it seems like all you do is work, which can really take its toll.
However, when you have so many financial commitments, it can be hard to just pack up your bags and jet off, and it is clear why some people hesitate when it comes to getting out there and seeing the world. We’ve put together a guide, for those looking to fund a gap year!
Stick to essentials
If you want to have enough money to make your travelling dreams a reality, then you need to cut out some spending on those more luxury items. Going out for meals and taking trips to interesting places is an important part of life, but sometimes, you need to cut this out so that you can save up the cash that you need.
Look into recipes that you can cook at home, instead of eating out, and check out the free days out that you could go on, too. There are plenty of cheaper alternatives out there, but sometimes you just need to look a little harder if you want to find them!
Sort out your commitments
Sometimes, what is holding you back is the fact that you have a home, or other commitments, that you’re not sure you can just leave behind. Of course, there are many things that tie you down, but there are definitely ways around this if you want to get out there, and you’re looking to earn some cash along the way.
If you’re a homeowner, look into renting your home out, which could be a great way to fund your trip. If you’re not too sure about this, see an estate lawyer and see what the deal is. If you’re renting, just cutting off your contract can be a lot easier (and more cost effective) so see whether you can do this, too.
Work whilst you travel
Another great way to save up some cash for travelling is to work whilst you travel, and there are many ways that you can go about this. Whether you do something like freelance writing, which you could do anywhere with an internet connection, or you work in local bars and restaurants as you move around, there are plenty of options that also depend upon your skills and passions.
This is a great way to ensure that you have a constant income, and there is no pressure on you to save up a lot of cash before you travel, either. Make sure that you have a bit of money saved up, and go job hunting!
Save Money to travel more…
The first step that anyone should take towards managing their finances effectively is creating a budget. A budget is essentially a tool that you can use to determine how much money you have coming into your bank account on a monthly basis and how much you can accordingly afford to spend in different areas in your life.
When calculating your income for a starter figure, you need to make sure to immediately deduct any legally imposed payments. These can include things like tax and national insurance contributions. Once you have deducted these, you will be left with a figure to work with. Now, cutting back on non-essential spending is easy.
Luxury
You just treat anything that isn’t absolutely necessary as a luxury and cut back in these areas if you aren’t bringing in sufficient cash to justify paying for them. Luxuries can include clothes, gadgets, entertainment, and other things that you don’t absolutely need, but rather simply want. However, there’s no need to stop here when it comes to saving and living to as low cost a budget as possible.
You can minimise your spending on the essentials too. Here are just a few areas that you may not be able to completely cut out, but that you can save money on!
Energy Bills
We all require energy to fuel our properties. We need electric and gas to at least:
- Run Our Appliances – we need the food in our refrigerators and freezers chilled and frozen, we need to be able to cook hot meals, and we need to be able to wash our clothes at least.
- Heat Our Properties – we need energy to heat our homes during the colder months of the year.
- Light Our Properties – we need to be able to light our properties at night when the sun sets.
So, chances are you can’t really get out of paying for these bills. However, you can save significant sums of money by reassessing who you choose to provide you with your energy. There are plenty of suppliers out there and competition is fierce – many will cut their prices in order to undercut their competition and guarantee your custom. So, browse around.
You can use different price comparison services to see which provider in your area can offer you the best deal. If you don’t want the hassle of switching provider, you can still scout out the best deal and ask your current supplier whether they’ll match it – chances are that they will in order to encourage you to stay with them.
So, if you want to fund your gap year but you’re not really sure how to go about it, try out these simple tips. Enjoy your travels, whilst you also enjoy having the cash that you need to make them perfect!
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