It’s not just school leavers who dream of a gap year. Those of us who’ve been working for a decade or two (or more) may also long for a real break from career and commitments.
An adult gap year is a chance to reset and to take stock of what’s important to you. There‘s the opportunity to learn new skills or another language, explore different cultures, do a road trip around Australia or just take time for an extended break.
With a little planning, some savings and a determination to ’seize the day’, a gap year (or longer!) can be achievable.
Start by finding an idea that might work for you. There are a host of websites that can help you to plan your adult gap year. They will provide tips and tricks for travel and where to find work (paid or volunteer).
You might consider:
With your plan in hand, work out a budget that takes account of the costs you will continue to pay in Australia (such as insurance, loans, utilities, car registration and rates) as well as your best estimates for accommodation, food, travel and spending money for your destination.
Don‘t be daunted by an amount that may appear unachievable at first glance.
Work out how to save on costs. Some ideas include:
Then, with your costs under control, and a clear goal in mind, it‘s time for a savings plan.
You will want to reduce your current living expenses as much as possible to maximise savings and consider setting up a direct debit to a high interest savings account. Check the MoneySmart Savings Goal calculator to see how much you will need to save every month.
If you have more than a few years to plan your gap year, you could consider some longer-term savings and investment options such as shares, exchange traded funds (ETFs), or term deposits.
If you would like to make an appointment with a financial planner and discuss effective ways to save and invest to help fulfil your gap year dream, give the office a call on tel |PHONE| to make a suitable time. Alternatively, book an appointment online with one of our financial planners by using the practice’s booking link here.
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