Planning a year abroad can be extremely difficult – a new country, new laws and an unfamiliar language. This guide will provide you with a few useful ways to generate money before you set off on your adventure.
Finding the money
- Bank of mum and dad – if this is an option for you, borrowing from your parents is an excellent way to generate cash. Long term borrowing arrangements, zero interest to pay and flexible repayment agendas that are understanding of the financial setbacks we all face. Find out why the bank of mum and dad can be a great lender.
- Get a part-time job – both before you go and once you’re there. Earning your own money is the best way to generate cash, as there are no repayments or interest, it’s all yours. If you plan to work abroad, it’s important to have the necessary working visas and permits organised before embarking on your trip
- Save, save, save! – Once you’re earning money it’s important to resist the temptation to spend. Putting aside some extra pennies every day can make the world of difference!
- Student loans and grants – UK students undertaking a year abroad are entitled to the normal student funding package (Tuition Fee Loan, Maintenance Loan and Maintenance Grants). Student loans are an excellent source of finance as they are a long term loan, which you only need to start repaying once you are earning over £21,000. For more information, follow this student loan and grant guide.
- Utilise scholarships – BUTEX scholarships are available for UK students studying abroad outside of Europe and for students from outside of Europe studying abroad in the UK. This is only one example of scholarships that are available, there are plenty more on offer to students. Scholarships are extremely beneficial as they are similar to a grant in that they do not need to be paid back.
- Hold fundraisers –the local community can be exceptionally helpful when trying to raise money. Organising fundraisers such as a bring and buy sale, a quiz night, or a sponsored sporting event can be an enjoyable and rewarding way to help fund your once in a lifetime trip.