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How To Budget For Your Gap Year
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. 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. If you’re travelling through a company, you will usually have access to loads of useful country information. Companies such as Real Gap are a hive of travel knowledge as their travel advisers have been to the destinations they deal with, so you can ask anything and everything you can think of about life and the costs in country to help with your budgeting. 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 http://www.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 serous 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 you 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. Once you’ve planned your event don’t forget to get the word out there! Send sponsorship letters and event details to friends, work colleagues, big corporations as well as local and national newspapers. The more people and sponsors involved the more money you will be able to raise for your project and any publicity you get will be a great way increasing awareness and potential funds. Don’t give them credit Taking a credit card overseas may be a lifesaver if disaster strikes but it won’t be kind to your budget. Most credit cards and debit cards can be subject to excessive charges for withdrawal or just normal payments depending on where you travel. The best idea is to take a prepaid currency card like a Caxton Card, which will allow you to withdraw money and pay for goods without charge in most countries. Functioning like a debit card it’s impossible to spend any more than you’ve put on the card, so all you have to do is make sure you have enough money to last your trip or top up as and when you need to online. Accepted internationally wherever you see a MasterCard symbol, you can top up your card with US dollars, Euros and Sterling, making it an easy and convenient way to monitor your spending, find out more about Caxton Cards here. The bare necessities While you may be scrimping on everything else you possibly can, make sure you invest in a decent insurance policy. Wherever you’re going it’s best to be prepared for any possibility, that’s what makes travelling fun, and if you’re not insured to take part in some activities you may end up missing out. You wouldn’t want to get all the way to Australia and find out that bungee jumping isn’t part of your insurance so it’s also a good idea to research and read the small print of any policy you choose. If you’re planning on abseiling down Table Mountain, choose a insurance firm who can cover adventure sports, if you’re doing medical work in a high risk area, make sure hospital treatment is on your list; it’s important to make sure that someone will be there should you ever need emergency support. Another option is to go through a company like Real Gap who can offer 24/7 support and provide you with insurance, the insurance cost might feel like budget-eater now but fixing any problems you encounter on your own will cost a whole lot more. You can find out more about gap year travel tips, support, and programmes from gap year company Real Gap here http://www.realgap.co.uk Article Directory: http://www.articledashboard.com Just a few words about me. I have been well and truly bitten by the travel bug! Amongst other places, my favourites have been Thailand, Cambodia, Vietnam, Laos, Malaysia, Indonesia, Australia, New Zealand and Costa Rica! For me, travelling is about much more than 2 weeks being burnt by the pool, it’s about seeing interesting places, meeting fascinating people and making a difference where you can! I would like to offer some advice and tips from my many travels if I can! |
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