How To Save For a Gap Year: 5 Things to Start with Today
Taking a gap year has a significant positive impact on academic & social performance.
Travel. Travel as much as you can. As far as you can. As long as you can. Life is not meant to be lived in one place and the more of the world you see, the more you will learn. Not only about others and their cultures, but yourself as well.
For those who don’t know, a “gap year” is a rite of passage for a lot of people these days. It’s an opportunity to clear your mind (after college, for example), find what it is that you want out of life and explore what the world has to offer before settling into a career and having a family.
Gap years can range from a few weeks to a few years. However, it can get expensive and that’s why it’s important to plan ahead and save as much as possible beforehand. Easier said than done, of course, but here are some pointers to hopefully help you out.
1. Use the 72-hour Rule
The 72-hour Rule is REALLY effective! This is how it works: If there is something that you want, wait a full 72 hours before you purchase it, after which point you re-evaluate whether or not you still want it. If the answer is ”yes,” then go ahead and buy it. But oftentimes you’ll realize that you don’t really need the item and choose not to buy it. Or you just forget about it altogether!
This is an incredibly effective way to identify the things that you really want while at the same time avoiding frivolous, wasteful spending. You’ll have the opportunity to think about whether the item will actually bring any real value to your life or if wanting it was just a spur of the moment impulse.
2. Join a “Buy Nothing” Group
These groups are more of a movement than anything else. The Buy-Nothing Community is composed of people who are passionate about breaking the cycle of consumerism by encouraging people to share, recycle, and give away goods for free. A by-product of the movement, which itself is focused on limiting the amount of waste that people produce, is that you can end up saving A LOT of money by limiting the amount of new items you purchase. By promoting a shared-economy attitude, it’s possible to go a really long time without needing to buy a lot of things.
Looking to join a Buy Nothing Group? Check out the Buy Nothing Project website. buynothingproject.org
3. Skip the eating out and Name Brand Goods instead Buy Generic
Buying generic brand items when grocery shopping can save you a HUGE amount of money, without really sacrificing too much in terms of taste. Many of the items are located right next to their name brand counterparts, and can save you up to 50%! Translate this to all of your cooking and the savings are impressive! On average when buying generic, you can save around $6.67 per dinner. Over a month, that is $210. And over a year, that’s almost $2,500 saved - just on dinner! It’s possible to go a really long time without needing to buy a lot of things.
4. Get a side hustle
Not only is it possible to make extra money with a side hustle, but doing so can be a way to stay ahead of inflation and add an additional 10%, 20%, or 30% to your monthly income to jump start your travel. Here are some popular income streams to consider.
Rent out your car
Become an online coach
Monetize your property on Airbnb
Do freelance work
Promote other brands and take a commission
Learn a new trade skill
Tutor college and high school students
Resell clothing that’s already in your closet
5. Download a Free money savings App
These free Apps make saving money for your Gap Year ridiculously easy. There are tons of ways to save beyond searching for coupons or using your bank’s limited mobile app. Offering everything from insta-personalized budgets to custom savings goals and sophisticated ways to track your daily expenses, these apps are sure to up your travel savings game.
Level - The beautifully designed and easy-to-navigate Level money app automatically updates you throughout the day on how much spendable cash you have.
Unsplurge - Unsplurge helps you focus on saving with visual and community elements. It starts with a simple question: What do you want to save for? You tell the app the answer, enter an amount, and upload a photo. It then tracks your progress and shows you visualizations, making your goal that much more tangible.
Daily Budget - Looking for a clean and minimal app that makes saving as simple as possible? Try Daily Budget. It calculates a daily budget for you based on your income and recurring expenses and asks what percentage of your income you want to put toward savings.