It’s a rite of passage that many young people desire, but affording a gap year can be difficult for students. The cost of travelling the world, seeing the sights, and booking flights and accommodation can all add up. But for many students, the feeling of breaking away from the usual routine of life, living freely, and learning about different cultures is just too good to pass up, despite the amount of work they may need to do to save up for it.

A gap year is your time to be spontaneous and experience everything the world has to offer. It’s also a wonderful educational opportunity as you learn things you could never experience in a classroom. So, how can you make your dream gap year happen?

The costs of a gap year

The first step in planning a gap year you can afford as a student is to understand the costs involved:

• Passport and visas – If you don’t already have a passport, it’s time to get one. In 2019 this will cost you $293. Additionally, depending on where you’re planning to go, you may need to apply and pay for a visa, even if you’re just visiting as a tourist.
• Program fees – Some people choose to go on a gap year program as it helps make the organisation process easier, but expect to pay for this convenience.
• Flights – The cost of your flights will depend on where you’re going and how many places you intend to visit. Obviously, domestic flights will be cheaper than overseas flights, but these can still add up, so it’s a good idea to speak to a travel agent or do your own research. There are always deals going on, and it may be cheaper to opt for an ‘around the world’ option rather than individual flights.
• Accommodation – Again, the cost of accommodation will depend on what you’re doing and where you’re going. If you plan to stay at hostels, your accommodation can end up being quite cheap. However, if you’d prefer hotels, you can expect to pay more.
• Insurance – This cost is a necessity as you should never go anywhere without travel insurance.
• Spending money – There are lots of things you can pay for in advance which may help keep spending money down. Look at what sights you want to see and check whether there are package deals. Also factor in the cost of transport, meals, tourist sights and any shopping you wish to do.

Affordable gap year options

Not every gap year has to absolutely break the bank. If you want to keep costs down, you have a range of options:

Road trip

Explore your own backyard with a road trip. Sure, you’ll have petrol costs, but they’ll be low when compared to the cost of flights and public transport. It also gives you a lot of flexibility when deciding where and when to go as you’re not bound by a transport schedule.

Work

While it may not necessarily keep costs of your gap year down, going on a working gap year will help you raise money while travelling. Just remember to speak to someone about what requirements you’ll need to sort out before you go, such as a working visa, and how to ensure you’re staying on top of work while travelling.

Farm-stays or placements

There are plenty of opportunities around the world where you can get your hands dirty. Whether it’s looking after cattle, helping with the crops, or even working in the kitchen to feed everyone, usually farm-stays will provide food and accommodation to keep costs down. Plus, it’s a wonderful experience to see new countries and regional towns.

Volunteer programs

Whether it’s volunteering in the jungles of Borneo or helping in schools in South America or Africa, there are plenty of opportunities to volunteer with local communities that often come at a lower cost. The benefit here is two fold – you get to travel for cheap and you get to contribute to society. As an added bonus, having voluntary experience is an excellent tick on your resume for when you return.

Backpack

If you really want to see the world in your own time and on your own schedule, but you want to keep costs down, backpacking may be your answer. You can carry your possessions on your back and hop from city to city and country to country, taking the cheapest modes of transport and staying in the cheapest accommodation you can find. You’ll meet so many different characters along the way, making the experience even better.

Some savings tips

There are plenty of ways you can ensure there’s enough money in your piggy bank to enjoy the gap year of your dreams.

• Make a budget – Consider all the costs you require to make your gap year happen and write out a budget – and stick to it!
• Cut back on spending – It sounds obvious, but make a few sacrifices. Reduce the amount you eat out, and look for free events to enjoy rather than spending lots on the movies or concerts. When grocery shopping look for the specials, and only buy absolute necessities when it comes to clothing or accessories.
• Stick to your routine – Your routine not only keeps you busy but also keeps your spending in check.
• Give yourself a weekly allowance – How much money do you really need for petrol, food and all the other necessities throughout the week? Take out that amount of cash every Sunday night and only spend that. Everything else gets saved.
• Cut the memberships – You’re going to be away for a while so you won’t need to pay for things like your gym membership.
• Plan and book as much as you can early – Sometimes, the key to saving the most money is being extra organised when planning your trip. Things tend to get a bit more expensive the closer you get to your leaving date.

Need a little financial help for your gap year?

Your gap year will definitely be worth the planning, organising and the saving. But if you do need some financial help in the form of a small loan to help fund your gap year, contact SRG Finance today. We can help make your dream gap year happen.