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Make Your Money Last On A Gap Year

Make Your Money Last on a Gap Year

Tuesday 16th October 2012

We all know what it is like when we go on holiday, we get excited spending some time away. Usually in all our enthusiasm it is easy to spend our money like water as our finances aren’t as important to us as they are when we are at home… our carefree holiday attitude takes over!

Sound familiar?

Well, if it does then you need to be extra careful when taking a gap year as it’s not like a holiday where your budget can probably take being blown for 1-2 weeks away, this is a whole year you are having to spend and budget for!

So, how do you make your money last while you are travelling abroad? Here are some handy tips to help you on your way:

  • Make sure that you create a budget based on your existing finances. This may sound tedious but it can help you in the long-term as you will understand more about where your money will be spent and how much you have available per day. It can be hard to budget for everything and you will have unplanned expenses but make reasonable estimates as this will help you…. And the most important thing? Make sure you stick to your budget!
  • Don’t live an extravagant lifestyle! Live within your means. This means taking public transport to places rather than more expensive options and look at the variety of accommodation available. Most of the time you will just want a bed to lay your head down at night following a busy day away, so you won’t need a five star hotel!
  • Look out for travel deals as this can save you money. These can be deals on staying in hostel as well as on travel insurance before you leave for your gap year.
  • Use ATM machines as believe it or not these can have better exchange rates. During your travels you should be able to access an ATM easily (unless you are in an underdeveloped country).
  • Be careful where you eat during your travels as there will be expensive options available. Why not try eating like a local or cooking for yourself as this can save you a lot of money. Just stay away from chains and you will save money as well as sampling some of the local delights and delicacies.