7 Money Management Tips for your Gap Year
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Going on a gap year can be a barrel of laughs – but ensuring you have the cash to keep you afloat throughout the entirety of the process isn’t always as easy as it sounds. Here are seven money management tips for your gap year.
1.Manage Conversion Rates
Some countries will offer a much better conversion rate between their currency and your own, so it might be prudent to actually base your holiday around travelling to a nation where the rates are generous in your favour.
In truth, this might be something you consider taking into account prior to actually booking your holiday. Aim for a locale where you’ll be able to afford everything easily.
2. Book Ahead
If you book up a long way in advance, you’ll drastically increase your chances of finding cheaper accommodation and travel than you would when leaving things to the last minute.
Nab yourself an ideal spot for a heavily reduced price and chortle at all the holidaymakers who are spending twice as much as you did to get crammed up in a room which is half the size.
Plan roughly what you’re willing to spend when it comes to your days out, food, travel and accommodation.
Sure, you’d like to spend the night in a five-star residence dining on the finest Michelin star food, but Hostel World says a cheap youth hostel is a much more viable option.
Along those lines, make sure you’re taking the right amount of money with you. The Secret Traveller advises to take the amount of money you think you’ll need, and then double it.
The key to making sure you have enough in the first place is to do your work in the background and planning stages. Save frugally – and even consider opening a separate bank account just to store cash for your upcoming holiday
5. Get A Job
Make things that little bit easier by finding steady employment while you’re out in the world. Finding additional funds while travelling is the key to this.
This is again something you can search for while you’re still in the planning stages of your big trip. Reach out to part-time employers throughout the region you intend to travel to and see what you can arrange
6. Look Around for Deals
Not everything good will cost you top dollar. There are plenty of amazing deals out there which are going totally unnoticed by a lot of travellers.
Nomadic Matt advises to add yourself to mailing lists – something he has benefitted from himself, with United Airlines giving him“1,000 miles for watching a demo on their new shopping toolbar.
7. Sofa Hop
Jump from sofa to sofa at locals’ houses, and save yourself an absolute fortune when it comes to the cost of accommodation.
Coachsurfing is a pretty popular method of finding free (or at least very cheap) rooms to stay in, and is definitely something you need to consider.
Looking for a way to feasibly afford your gap year? Take this advice into account and you should be able to power through your year out in fine fashion.