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Funding A Gap Year

Funding A Gap Year

Tuesday 9th October 2012

According to currency card provider Caxton FX it was estimated that one in ten parents can end up spending up to £5,000 towards their child’s gap year away.

There have been a few articles in the press recently that have spoken about how many students are funding their gap year by borrowing money from their parents.

However, there are many other ways in which you can fund a gap year especially if you plan ahead as this can give you time to raise the funds for a gap year trip of a lifetime. Planning ahead will also give you the opportunity to do some research on your chosen gap year destination to understand the costs involved in getting there, travelling around, accommodation as well as the general costs of living.

Initially the best way to raise some funds will be to work before you travel and build up as much money as possible in the time before you leave. However, there are few other avenues that can help offer you support and finance on a gap year…

Gap Year Sponsorship

You can look at gaining sponsorship for your travel. To do this you will need to research and understand exactly what different types of grants and funds are available. Many sponsorship opportunities are available if you are interested in doing volunteer work or working with a charity abroad as these types of organisations will have funds available to them. So do your research on what funding is available around the time you wish to travel.

Fundraising for a Gap Year

Why not take the initiative in raising some finances and run some fundraising events yourself? These events can be as wide ranging as selling your unwanted items to getting your friends and family to sponsor you taking part in an event. You can often raise a lot of finances if you are going to work for a good cause on your gap year. So, if you are volunteering abroad then tell people about your year and what you plan to do as well as what you want to get out of it. Many organisations are willing to sponsor people for charity, so get your thinking cap on and be creative on how you can fundraise for your time away.

If none of these avenues are working for you then consider how you can raise finances when you are travelling such as taking a gap year job in your chosen destination.