Getting the money together for your gap year

Obtaining the necessary funds to finance your gap year may seem a bit daunting for some. For that reason we have set out a number of ideas on how you might go about financing your trip...

Planning and preparation

Start preparing early! Decide which programme you would like to do. This will give you a financial target and you can start thinking about how long it will take to get the money together. You also need to think about additional expenses. We don’t include things like flights, travel insurance and meals in some destinations; so do your research and start preparing. We know all about living costs in each country so please get in touch if you want to know how much extra to budget for.

Getting work

For those of you fresh out of school or university, getting a job (that you actually want to do) may turn out to be harder than you anticipated (particularly in this current recession). For that reason you should start applying for jobs as early as possible. Spend time focusing on your CV and then get it out there as soon as possible!

Finances in order

It’s important to take control of your finances and get on top of things. You need to know what’s coming in and what’s going out each month so you know how much you can realistically save towards your gap experience with us.

Download our simple but useful Excel spreadsheet to start budgeting your gap experience

Cutting back a little

Some of your contemporaries may not be taking time out. For them, saving money for an adventure of a lifetime may not be a high priority and it is therefore very easy for you to get sucked in to social events and spend your well-earned cash…which you need to be saving! Start saving as early as possible. Take your lunch into work, cut down on social events, and try to minimise those luxuries like magazines, cigarettes and alcohol which you could do without. These sacrifices need to be made but you will soon forget about the difficult times when you are overseas, diving, socialising on a beach and enjoying great weather...it will be worth it!

The tax man

If you have worked for part of a tax year and paid tax, it is possible that you are due a refund. Contact the Inland Revenue to find if you are eligible for a refund.

University learning grants

Some university departments have grants or bursaries each year to award to students. For example, it might be that your Marine Biology Department might award you £500 towards your trip if it’s related to your studies. You need to research these types of loans within your university department as they normally involve some sort of written application explaining how you are going to benefit from the grant.

Loans

There are a few options you may wish to consider when planning your gap year:

Student loans
Get the loan as early as possible and put the money into a high interest savings account (easier said than done these days). There are still, however, some reasonable rates of interest out there for all sorts of investment types.

Bank loans
Try to research student loans with long-term repayment plans. It might be that re-payments don’t have to be made for 6 months; meaning you can start repaying the loan when you return and you’re back in employment.

Family loans and support
Your family may be in a position to lend you some money. Don’t ask…don’t get!