So you’ve decided to take the plunge and embark on a gap year abroad. You’ve been daydreaming of evenings in Paris with a glass of wine beneath the Eiffel Tower, sleeping under the stars at a Bedouin camp in Wadi Rum, swimming with sea turtles over the Great Barrier Reef, or taking that epic photo when you finally reach Mount Everest base camp.
It’s easy to get carried away in your gap year fantasies, only to be dragged back to reality when you remember how expensive it is to travel for an extended period of time. Suddenly the idea of a gap year feels daunting when you begin to consider how much money it will cost to knock off every bucket list item and feed and house yourself along the way.
But don’t let your gap year budget hold you back from the adventure of a lifetime. If you have the opportunity to leave home behind to go explore the world, you also have the power to make it happen—and you don’t have to miss out on the gap year experience just because you have a budget. The time to start budgeting for a gap year is now! Here’s how to start planning.
How much does a gap year typically cost?
With the right planning, your gap year will become a meaningful adventure.
The first step in figuring out how to budget for a gap year is to consider how much it’s going to cost. The reality is, the cost of a gap year can vary widely depending on many different factors you’ll need to consider when you start to plan your travel.
A few things to consider are your destination, how long you want to travel, your accommodation options, activities and excursions, personal spending habits, and what kind of travel style suits you. For example, opting for a budget-friendly destination in Southeast Asia or Central America could significantly reduce your expenses compared to more expensive regions like Europe or Australia. Volunteering or working abroad can offset your expenses, while structured programs or guided tours can come with higher price tags.
Ultimately, gap years can cost anywhere from $5,000 to $30,000 or more depending on how lush of an experience you desire. But don’t let the numbers overwhelm you. With a gap year budget planner to break down the costs, you’re bound to find a way to save or offset the costs to make your gap year a reality.
How to budget for your gap year
From the moment the gap year seed is planted in your mind, it’s time to start budgeting! Instead of letting yourself slip into overwhelm, consider the fact that the planning and budgeting stage can actually be part of the buildup of excitement. The process has already begun! Working out the details and logistics can be fun when the result is the adventure of a lifetime.
If you’re wondering how to budget for a gap year and where to start, keep reading. We’ve broken it down in simple steps so you know exactly what to consider when beginning to budget for a gap year abroad:
1. Decide what kind of gap year you want.
Gap year paths can vary widely. How do you want yours to look?
The first step in budgeting for your gap year is deciding what exactly you want to do during your gap year. Are you considering joining a program that is organized for you? Or would you rather travel solo?
Low-budget gap year options could include working abroad or teaching English so that you can offset the costs of living in a foreign country, while volunteer programs often fall in the mid-budget. They often require a program fee to cover your housing and food, but you’ll have very little on-the-ground expenses.
Higher budget programs include adventure tours, language schools, or study programs that tend to be more all-inclusive so you don’t have to budget too much outside of the program cost. And if you’d rather stay away from a program and travel solo, the cost will depend completely on where you go and what you want to do, requiring anywhere from $10 to $100 a day.
2. Choose your destination.
When it comes to choosing your destination, you might find that your budget determines where you can go. Cheaper destinations like Southeast Asia work well for a smaller budget, and your money will take you much farther and longer than more expensive destinations like Australia, Canada, or Europe. When choosing your destination, consider not only the cost of living, but the cost of flights to get you there and back.
3. Consider what time of year you’ll travel.
What time of year are you planning to travel? Flight costs and in-country expenses vary depending on the time of year.
Prices will often skyrocket in high season, so we recommend you aim for traveling during shoulder seasons for lower prices on flights, food, and accommodation. If you have some flexibility on travel dates, you’ll also be more likely to land deals on flights.
4. Decide how long you want your gap year to be.
The reality is, a gap year doesn’t have to be a year. It can be a year or longer, but you can also cut a gap year into a “gap summer,” or really any length of time that seems possible for you.
Keep in mind that your cheaper destinations will give you the possibility of stretching your money farther, while you may want to aim for a shorter amount of time in more expensive destinations if your budget is tight.
5. Consider your pre-trip expenses.
You’ll want to account for certain costs before you even arrive at your destination.
When it comes to budgeting for a gap year, there’s more to consider than just your flights and expenses once you arrive. The pre-trip expenses add up and take time to put into place, which is why your gap year budgeting starts now. Here are a few expenses to consider before you travel:
- Passport: ~$100-200
- Travel visas: ~$50-400 depending on the destination
- Vaccinations: ~$100-300
- Travel insurance: ~$50-200 / month
- Flights: ~$1,000-3,000
- SIM card: ~$10-50 / month
- Adaptors: ~$10-20
- Travel backpack: ~$100-300
- Toiletries: ~$50-100
6. Budget for the basics.
In addition to your pre-trip expenses, you’ll need to consider your basic costs of living once you arrive at your destination. Your gap year budget should include the basics: food and accommodation.
Your daily budget could range anywhere from $10 to $100 per day, depending on your destination. It’s best to give yourself a little wiggle room and account for emergencies—after all, you’ll need to expect the unexpected when traveling abroad.
7. Factor in the fun.
What’s the point of a gap year if you don’t have some extra spending money for all of the adventures? When it comes to budgeting for “fun,” consider any programs or excursions that are on your wishlist, as well as some wiggle room for extra spending.
This can vary person to person, depending on what you like to do in your free time. Bigger excursions could cost up to several hundred dollars, while splurging on souvenirs or drinks out with new friends might mean budgeting a few extra dollars per day.
8. Consider exchange rates.
When traveling abroad, you’ll often be dealing with foreign currencies, or even multiple currencies if planning to hit several different countries. A helpful tip is to download a currency conversion app so you have a good understanding of how your own money translates. Take into consideration any international transactions specific to your bank cards, or consider getting a travel money card to save on international transactions.
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How to save money for your gap year
Time to get planning!
Once you’ve estimated how much money you’ll need for the gap year of your dreams, it’s time to start saving! Giving yourself plenty of time to save money before you leave is the key to budgeting for a gap year. Here are GoAbroad’s best money-saving tips before you leave, as well as when you arrive at your destination:
1. Work, work, work.
Before you leave for your gap year, let yourself get lost in work. Picking up extra shifts and working longer hours means you’ll make more money and have less time to spend it.
While you don’t want to burn yourself out before your gap year, know that the end is near, adventure awaits, and every moment you spend working now is contributing to your gap year budget. Let it motivate you to save up as much as you can so you can splurge as much as possible later.
2. Give yourself a weekly budget.
While considering how to budget for your gap year, it can be a great idea to put your budgeting skills into practice before you leave. Set yourself a limit for what you’re allowed to spend each week, and stick to it.
You may want to keep cash on hand, taking out of the bank only what you’re allowed to spend for the week, making it easier to track. This can help you cut down on spending money out of habit, boredom, or without need, so your savings can grow.
3. Cut out unnecessary expenses.
Want to feel your absolute best when you leave for your gap year abroad? Why not use your gap year budget as an excuse to cut out bad habits?
Now is the time to give up your daily coffee at the café and make it at home instead. Perhaps it’s time for you to scale back on takeout, go cold turkey on cigarettes, give up alcohol, or cancel the Netflix account—whatever vice has been draining your bank account, it’s time to cut back.
4. Get a roommate.
A roommate can help you save on rent (and help you stick to good spending habits).
One of the best ways to save money is to split your cost of living with someone else. Instead of living alone, perhaps this is the time to live with a friend so you can split the cost of rent and utilities—and hey, you might find someone to keep you accountable to your new spending and saving habits!
If you have the option to move home or stay with family, this could be another great option to save you hundreds, or even thousands, of dollars on housing before leaving for your gap year.
5. Fundraise.
Another great way to help you budget for a gap year is to fundraise. Fundraising can take many forms—you might want to plan an event to raise money for your trip, start a FundMyTravel page, or even ask for donations for your birthday or Christmas. If you’re planning to travel meaningfully and give back to the community through volunteering, teaching, or something else, you may find your loved ones are willing to chip in for a good cause.
6. Work abroad.
There’s only so much you can do in the lead up to your gap year before it’s finally time to hit the road and make do with what you have. Lucky for you, if saving money has been tough and you still don’t have the funds to cover the costs, there are plenty of destinations that give you the option to work while you travel.
Not only does working abroad help you to make money instead of draining your savings, but it also offers a more immersive travel experience. You’ll get to connect more deeply with the culture of your destination, make friends with locals, and settle into a routine where you feel like a local yourself while gaining valuable experience that will make your resume shine.
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Budgeting for a gap year can make it more achievable!
Once you make your gap year budget, you’re well on your way to making that gap year happen.
While taking a gap year can be expensive, with the right planning, research, and budgeting, it doesn’t have to be as daunting as you make it out to be. After all, there’s a destination out there for everyone, to suit every kind of budget. Start doing your research, consider how you can cut small costs for bigger savings, and put that gap year budget planner into action now. You got this!
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