The New Gap Year

With tuition fees on the rise, gap years are set to transform from the fun-filled 12 month break that we have got to know and love, crammed full of excitement, adventure and travel, into a more practical and financial affair. In the academic year beginning 2012, fees will jump to up to £9000 per year, meaning that the gap year is likely to be undertaken by those students who wish to use this extra time to build themselves a handy stash of savings. If you are thinking about taking a year before heading off to uni in order to improve your own financial prospects, we’ve compiled a few tips to help you maximise your savings potential:

If you are going to be accumulating extra cash it is important to have somewhere safe to stash it. Check out the savings rates of the major banks and building societies. Most banking websites, such as that of Santander, will publish this information, taking some of the time out of the task. You are likely to be presented with a range of savings solutions, from fixed rate, fixed term accounts, through to e-Savings options or, for those who like to speculate, corporate investments.

With tuition fees on the rise, gap years are set to transform from the fun-filled 12 month break that we have got to know and love, crammed full of excitement, adventure and travel, into a more practical and financial affair. In the academic year beginning 2012, fees will jump to up to £9000 per year, meaning that the gap year is likely to be undertaken by those students who wish to use this extra time to build themselves a handy stash of savings. If you are thinking about taking a year before heading off to uni in order to improve your own financial prospects, we’ve compiled a few tips to help you maximise your savings potential:

Try not to see your money making gap year in terms of financial benefit alone. This year could be full of potentially enriching employment experience. Many of the biggest challenges facing graduates in the post university hunt for work are related to a lack of hands on experience in the workplace. If you’ve managed to fill this gap in your CV before you even start your studies you will be putting yourself in a much stronger position ahead of the postgraduate job search.If your career ambitions don’t collide with your money making opportunities throughout the year, you might like to use a little of your time to engage in a community project or volunteering scheme that will help you to garner more relevant skills. If you are living with your parents, make the very most of your rent free accommodation by using it to your advantage and giving your future employment prospects a boost.