How to Fund a Gap Year of Travel

How to Fund a Gap Year

If you’re an adventurer at heart, and many of us are, the idea of hopping on a plane with your passport in hand must sound tempting. There are so many days where I question “what if?” and I’m not alone. During transformative years, and even as an adult, travel holds a certain allure. For many people, that uncertain year after college graduation is prime time for a gap year. For others, a sabbatical from a career for an overseas life can be quite the enchanting idea. The problem with a gap year comes down to one powerful thing: money. Paying for a life abroad is incredibly expensive. So what are your options?

Take Out a Personal Loan

One way to fund a long, extended trip abroad is to take out a personal loan from a loan company such as UK Home and Personal Loans. Personal loans can be used for any purpose, so if you fancy spending your cash on six months backpacking around Thailand and Cambodia, then great. The only downside is that you will need to start paying the money back, so have a plan in place to make the repayments.

Fundraising and Sponsorship

As long as you are planning on doing something worthwhile during your gap year, you should be able to secure some money by fundraising. For example, if you want to spend a year in a deprived country, working for a charity, people will have no problem sponsoring you to go, but if your sole intention is to live it up drinking and carousing for a year, don’t expect much sponsorship money to come your way. I, personally, wish I would have fundraised for my own travels abroad.

Credit Cards

Credit cards are an easy way to fund a gap year and at the very least you can use a credit card to pay for the flights. Look for low interest credit cards with an extended interest free period, so you don’t need to worry about accumulating too much debt while you are away having fun.

Work Abroad

Taking an extended holiday is all well and good, but there will come a point when you start to get bored. Try looking for a job abroad to earn some money. There are always lots of employment opportunities available for anyone looking for casual work, particularly if you follow the backpackers trail around Southeast Asia. A few jobs here and there will pay for the fun trips and nights out so if a job comes up, grab it with both hands.

Borrow from Family

Sometimes we’re lucky enough to have loved ones who want us to pursue our dreams. I was lucky enough to have two wonderful parents fund my travels to Spain and Italy. If you have an understanding family, they might agree to loan or give you the money to pay for flights and travel expenses. If so, make sure to say thank you one thousand times!

Save Up

Let’s get down to basics: saving up is probably the best way to fund a gap year. Plan your trip well in advance and start saving now. Bank every bit of spare cash you have or take on an extra job. You will appreciate the trip a lot more if you have to sacrifice time and effort to pay for it.

When it comes to gap year travel, a little money goes a long way. Instead of traveling in premium class, book discount air tickets and stay in budget hostels to save money. That way you can spend your money on the good things, like sangria, of course.

This post was a sponsored project with UK Home and Personal Loans. 


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