How to Budget For Your Gap Year

Going on a gap year is a fantastic way to take a breather, broaden your horizons, gain new skills and experience other cultures, whether you’re about to take the final leap into the world of work or feeling like you might have made that leap a little too soon. For those who don’t happen to own the bank of England, taking a gap year is also the ultimate test of budgeting and fundraising skills.

Raising the necessary cash for gap year flights, visas and the all-important spending fund can seem a little daunting for both students and career breakers. Saving for your gap year, however, can be an interesting challenge rather than an impossible struggle if you spend some time planning your budget, as well as how many spare pairs of flip-flops you can jam into your rucksack. To find out more about what the slappas thongs can do for you take a look at slappasthongs.com.au

There are plenty of ways to fill up the piggy bank and make your hard earned cash last longer while you travel , the most important thing to do first is decide what it is you’re saving for…

More than just a pin in the map

Before you even set off in search of a calculator, you need to have a relatively clear idea of where you’re going and what you’re going to do there. This doesn’t mean that you have to buy every travel guide and meticulously plan every inch of your journey before you go, but a good way to make sure you have enough money is to know where you want to go, which things you want to do while you’re there, and how long you’ll be there for.

Factors like accommodation, seasonal costs, internal travel or food and drink will vary from country to country and doing your research can save you a fair bob or two. A week’s allowance for exploring the Australian gold coast could last you a month in Thailand, knowing how much you will need will be a good indicator of how long you’ll need to save for and whether you can reach your goal amount.

Time to start loving the taxman

If you’re saving towards your gap year, it’s likely that you may only work part of a tax year, however, you will be taxed as if you were working for a whole tax year. This is actually good news, if you’ve only worked for up to 6 months of the tax year, then there’s a good chance that the tax man may owe you money and it’s your right to claim it back! By simply filling out a P50 form, you could be in line for a rebate of over £500, not a bad contribution to your gap year fund!

Students who have already enrolled could also be in for an unexpected bankroll; if you work only in the summer holidays and earn less than your tax-free personal allowance you can ask your employer about completing a P38 form and get your tax back too! To find out more about what the taxman can do for you take a look at taxback.com.

Are you worthy?

If your gap year travels involve helping out on a volunteer project, you could help to fund your trip with a little sponsorship. This doesn’t just mean asking your nearest and dearest for a financial contribution, if you really want to raise some serious funds then you’ll need to get everyone you know involved and be prepared to get a face full of custard pies!

You could take part in a local charity event such as a bring and buy sale, fun run, sponsored walk, dance, marathon, bike ride or even a parachute jump, the possibilities are endless! You can also organise your own fundraising event at work or within the local community, whether it’s putting your baking or car washing skills to good use, you will find that people are very generous when it’s for a good cause.