Travel Money

Gap year spending

Moneywise

Get the most from your gap year abroad with the Moneywise financial survival guide. After a summer of working and saving hard, the big wide world is calling and waiting to be explored. Each year, tens of thousands of school and university leavers head off on a gap year. But foreign countries and exciting adventures don’t come cheap.

Darren Kilner, currency exchange expert at FairFX, says: “The average gap year costs £5,000, so being smart about your destination choice and making the most of your pounds to stretch your spending money as far as possible is vital to securing the trip of a lifetime.” So how can you help your child prepare for their big trip?

BUDGETING
Whether your child is paying for their travels themselves or they’ve approached the Bank of Mum and Dad for help, it’s important to set a budget. Where do they want to go and for how long? Will they be working while they travel? Are their plans and budget realistic?

When working out an itinerary, don’t forget to include air fares, internal flights, overland travel, accommodation costs and food. There will be sightseeing trips and excursions, too –1 it all adds up. Few young people can actually afford to travel for a whole year; four to six months is much more realistic.

Read the full article here.

Monday 12 October 2015, 01:44pm

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