Funding your gap year

If you’re going to travel during your gap year, set a budget for transport, accommodation, food, insurance, anything you need to buy before you go – and fun. Include some emergency money, as most travellers spend more than they expect.

Budget for your gap year travels

If you’re going to travel during your gap year, set a budget for transport, accommodation, food, insurance... and fun.

If you plan to work in the UK first to pay for your travel during your year out, set yourself a realistic target. Figure out how much you need to earn each week, and stick to it. Volunteer projects will tell you how much to raise and you should be able to get some of this through fundraising. If you realise that you won’t reach your target before your departure date, reassess – you may need to shorten your trip, skip the skydiving, or work while you’re away.

• Find out more about international volunteering during your year out
• Find out about opportunities for casual work as you travel during your year out

Develop your job skills while you earn cash for your year out

An office job may develop skills that will be useful in your future job-hunting, such as IT literacy, communication skills, teamworking and the ability to prioritise your workload. You may find a company willing to take you on for a few months, perhaps as maternity cover. Registering with a temp agency may also help you find short-term positions. You may find routine secretarial, clerical or administrative work more interesting if you’re in a different office every week.

Factory work may be monotonous, but if you work the off shifts you’ll find that your travel fund grows quickly. Factory work could also boost your CV in the long term – if you want a management job in manufacturing, for example, it could be useful to have practical, hands-on work experience. Bar work could be relevant later on if you pursue a career in the hospitality and leisure industry, and develops customer service skills. The same goes for work in a restaurant, which may bring in tips to supplement your pay.

• Find out how to market your gap year to employers
• Research spending your gap year in the UK

Borrowing to cover the cost of your gap year travels

Credit cards can seem a great way to pay for your trip – but watch out for high interest rates. You may end up paying twice what you spent if you get a card with bad rates. Your bank is unlikely to give you a loan to go travelling, as they have no guarantee of repayment, but if you have a job offer for your return you may be able to convince them that it’s viable. Some parents are willing to lend funds enabling their offspring to travel. If you take advantage of this offer, set the terms for paying them back on your return.

Fundraising to pay for your year abroad after graduating

If you’re considering a gap year project, don’t be put off by the expense. Fundraising for the trip may be daunting, but your gap year organisation should give you ideas and support. The organisational and marketing skills you develop will look great on your CV.

If you are going to work for a good cause while you are overseas, you could fundraise by asking family, friends and other contacts to sponsor you or to donate cash to support your project. If you have a job lined up to go to afterwards, you may be able to persuade your prospective employer to support your efforts, depending on the nature of your venture and how it fits in with the company’s brand and ethos. The same goes for local companies or any other organisations that you have some connection with.

Many volunteers offer their sponsors a presentation about their project on their return. This is a great way of thanking them, and gives you a chance to practise public speaking.