Book and experience your inspired break
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How do I save the money for a career break?
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When it comes to planning your travels, finances are one of the biggest considerations. If you are worried that you will never have enough cash in the bank to go, then fear not – it’s amazing what you can do to when you put your mind to it.
Save money
Saving money is the best way to see your piggy bank grow – you don’t need us to tell you that the more you save, the more great things you will be able to do when you are away, but what we can do is give you a few tips and ideas that you might not yet have considered.
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House related savings
Consider switching your mortgage provider. Choose carefully and take time to research and plan where you may get a better deal. This could include switching to an interest only mortgage, or, if you are going rent your house out whilst you are away, a buy-to let mortgage.
Keep a close eye on your bills - gas, electricity, phone, broadband, car insurance – you could save money by switching providers or combining.
Reduce your bills further by making small adjustments to your way of life – buy energy efficient light bulbs, turn your heating down, use your washing machine and dryer more economically and turn your lights off when you can! |
Everyday savings
Cutting out everyday ‘luxuries’ such as your daily latte could save you about £300 over the course of six months! Along the same lines, try and avoid buying lunch everyday (that’s another £400) and having that large glass of wine ever Friday night (racking up £200). These things will become a real treat when you do have them!
Buy things that are on special offer or buy own brands in supermarkets.
Shop for perishables every few days to avoid wastage.
Talk to your GP or pharmacist or research online how to give up smoking. |
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Other great ways to save
Rather than buying new books, swap with friends and family or borrow from the library.
Rent games and DVD’s rather than purchasing them.
Avoid the shops – you’ll be going away soon anyway so do you really need that ‘so-this-season’ top?!
Have friends round to your house rather than going out. |
Eat out once a month rather than once a week – this could save you £600 in six months!
Sort out your finances
In addition to reviewing your bills, have you checked out your bank accounts recently? Make sure your savings are in a high interest account. Before opening a new one, check the restrictions with regards to when you can access your money – although you should all ready have a fairly good idea as to when you will need it. You might even want to consider setting up a direct debit so that a proportion of your earnings go straight into your savings account.
Earn extra money
As well as saving, you may like to consider earning money through a second income source. Second jobs can be fun, as you will experience working in different places and meet new people, however, be aware that; you pay a higher rate of tax on second jobs, your current contract may include clauses preventing your from taking other employment, and you should carefully consider whether you can manage the extra hours.
If you own your own house, then why not get a lodger, even if it’s just for six months before you go? Think what you could do with the extra cash whilst you are away! |
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Depending on your job and skills, research whether there is a freelance market. Advertise on-line for business.
Have a boot fair or sell some of your belongings on eBay. Take a look at other similar items that are already for sale to get a realistic idea of how much you could earn.
Borrow money
You may find that you are restricted in terms of ‘when’ you take your career break. For example you may want to travel in-between jobs following redundancy. If this is the case, then borrowing money may be a viable option for you to provide the cash you need. Ensure you are able to afford the repayments during and after your trip, and research extensively to get the best possible rates. You should set aside emergencies funds in case you don’t get employment upon your return as quickly as you were expecting.
Fundraising
If you are going to be volunteering during your career break look at our fundraising ideas to help finance your trip.
 Back to Career Break Questions
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