Written by Though recent changes in tuition fees may cause more and more students to go straight into university from college, it is unlikely that the number of young people taking gap years either before or after their time as a student is going to fluctuate too much. Gap years have always been – and always will be – a great way for young people to explore the world around them, gain valuable life experience, and really figure out what they want to pursue in their future.
The form that gap years take varies greatly from person to person, with some opting to spend prolonged periods in one place, often working to maintain a living, and some traveling from destination to destination in a bid to explore and see as much as possible. The fact of the matter is, no matter what form your gap year takes it’s likely to be an expensive endeavor. Most people choose to work for a while before travelling in order to build up some savings to spend abroad, given that setting off with very little in the bank can be a difficult way to start. Whilst you are abroad, it’s vital that you have a calm and collected attitude towards your finances in order to make the most of your time and experience.
Prepaid currency cards are a useful tool for those who want secure access to their UK funds whilst abroad. You can load up the card before you go, or top it up while away form your UK account (or your parents can top it up. You can only spend what is on the card – a big improvement compared to coming home to massive credit card bills.
If you’re working abroad, you can face some complicated issues. To begin with, if you settle anywhere outside of the EU, you’ll need to sort out a work visa which will probably still limit you in the amount of hours you can work per week. Inside the EU you’re luckier, as you don’t need a visa to apply for jobs. You will, however, have to set up a bank account in the country for your wages to be paid into – something which can seem more complicated when you’re working in a language which isn’t your mother tongue. The best thing to do is to get advice from any friends you have in the country: they may even be able to accompany you to the bank to help with the process.
Finances also become more complicated if you’re transferring any money from one country to another, which you may find necessary during your time abroad. Thankfully, there are plenty of companies and sources who offer advice and services dealing specifically with international payments, currency exchange and online payments, like currenciesdirect.com. These kinds of businesses can help to make the complicated process a little more straightforward, and allow you to focus on enjoying your gap year as opposed to stressing over money. Ultimately, the most important thing is to make sure you have plenty of friends and family on your side who can give you advice, explain complicated processes, and listen when you need help. Finances shouldn’t be the only thing you think about when you’re on a gap year, so try to keep them as simple as possible to make the most of your year.
