I'm 22 and a recent graduate taking a gap year to gain work experience and travel. How do I make the most of this year without depleting my savings?

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Caitlyn* is 22 and living with family in Yorkshire after recently graduating from university. She’s taking a gap year to hopefully travel after the pandemic and do work experience to build up her career prospects. Here’s her money diary...

While the 'gap yah' clichés are all about spontaneity, running out of money in the middle of some Venezuelan backwater is also not the one. Planning is key. Grab a piece of paper and make three columns. In the first, list all the experiences you’d like to have and places you’d like to go that will cost you money. Beside each, estimate roughly how much you think that will cost you and how much time it will take.

Your living costs are enviable but suspiciously low… while living at home will be saving you a chunk in rent, bills etc, unless you’ve got some very generous parents don’t forget the unavoidable costs like your phone bill, drinks with mates and transport. When planning your year, factor these into your estimated costs.When completing the second exercise, you’ll be confronted with the strangely controversial question of whether you should work for free.

 

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