Funding a year off
Unfortunately, there is no magic activity that just generates free money. Or also as wishful, a way to spend no money during a year of travel.
Because of that, Saving and Budgeting are Key!
SAVINGS:
I saved for several years to build up a big enough pot to live on for a year of traveling. Part of this is due to living frugally, the other part is always pushing to make more: promotions and raises at work.
BUDGET:
I am aiming for a budget of $50,000 over the year, with more detailed budgets for each of the international trips I am planning on taking.
I am weighing the options still about how the less I spend, the longer my Retirement can last. But also, the goal is to travel and adventure so if that ever stops, then it’s not worth however much I am saving.
CURRENT STATUS:
I’m off to a great start with NZ being almost $2,000 over budget. But at the same time, I think everything I did on that whole trip was worth it so I have no regrets.
Ultimately, the most valuable asset is my time and the opportunity of this experience, so I’m working to make the most of it. Even if my bank account gets a little lower than I would like.
My Top Money Tips
Cancel unnecessary subscriptions.
Figure out a way to not have a lease during your gap year.
Save up credit card points (Or cancel high fee cards if you won’t be using the perks) and use for high evaluation expenses (flights, hotels, etc)
Use any work perks right before you quit: certification cost reimbursement, health benefits,
Make sure your money is used for the experiences you want, not just what people tell you to want.
Have an emergency fund ready, ideally even separate from a bucket available for getting back in the work force on your return.