Preparing financially for your Gap Year can feel daunting. Though, with a little extra care and attention right now, it can be easy and definitely worthwhile in the end!
Here are some tips to help you along the way:
Make a budget
Along with taking account of your usual monthly expenses, estimate how much money you anticipate needing for your trip (including flights, visas, inoculations and spending money for the length of your placement). From there, work backwards, dividing this amount by the number of months left before your departure. This will give you a goal for how much you will need to save each month. As well, you will get a better sense of how much you generally spend, helping you to see where you can cut down or eliminate spending and save instead.
Know the difference between Need vs. Want
Work on being more conscious of your purchases - do you NEED another new sweater or do you just want it? And if you do NEED a sweater, consider waiting until it is on sale or, better yet, buy from a second-hand store. Not only is purchasing second-hand clothing more cost-effective, you will find something unique and it is more environmentally friendly.
Bring lunch from home - though this does take a bit of extra planning it will mean huge savings (as well as a healthier diet). If you don’t have any extra time for food preparation, just make extra during dinner the night before and enjoy the leftovers.
Prioritize quality time together
Of course you don’t want to completely limit yourself from going out on Friday night, but consider how you can do so in a more cost effective way. Why not save on a movie ticket and instead spend a fraction of the cost on a coffee or tea at a local cafe (and bring your own mug from further savings!). Not only will you save money but it is an opportunity to spend quality time connecting with friends and family as opposed to sitting silently in a theatre.
Don’t be afraid to seek support - given the opportunity, friends and family will be excited to support your volunteer efforts, and Lattitude is here to help with some great fundraising ideas.
Click here to check out ways to get started!
Saving money can be difficult! It helps though to keep in mind that the more you save now the more opportunities you will have to plan incredible, once-in-a-lifetime adventures during your Lattitude Gap Year.