Released on: September 2, 2008, 2:15 am

Press Release Author: Fairinvestment.co.uk

Industry: Financial

Press Release Summary: Whilst many students will be preparing for university this
week, others will be planning their gap year. As a result, Fairinvestment.co.uk
offers tips on saving and doing a gap year on a budget

Press Release Body: Following recent news that 50 per cent of gap year travellers
fear debt upon their return to the UK*, Fairinvestment.co.uk
(http://www.fairinvestment.co.uk) is offering tips on keeping tabs on your cash
flow whilst having the time of your life.

Despite the 97.2 per cent A Level pass rate, not all former students will be heading
straight to university. Many will choose to take a year out while they decide what
to do in the future; in fact, NatWest estimated that 93,813 students took a gap year
in 2006, that\'s 24 per cent of the student population.

However, as gap year students become more adventurous and keen to travel further
afield, to Australia, the Middle East and South America to name but a few, the cost
is also creeping up.

Recent research* shows that the average gap year now costs just over £4,000, whereas
the majority of students only intend to spend between £1,000 and £3,000, which could
suggest why gap year travellers are finding themselves worried about debt before
they have even left for university.

However, there are ways to cut costs and make your money go further, avoiding debt
both whilst on your travels and before you go away. Tips include:
• Shopping around for products like travel insurance
(http://www.fairinvestment.co.uk/travel_insurance.aspx) – Comparison sites like
Fairinvestment.co.uk could save you money
• Sticking to a strict budget – Not only will this help you get used to a student
budget but being extra vigilant could stretch your cash much further
• Use a prepaid credit card
(http://www.fairinvestment.co.uk/prepaid_credit_card.aspx) – With a prepaid credit
card you can only spend what is on it, making them ideal for gap year travellers on
a budget. Mum and Dad could even load it up for you if times do get really tight
• If you get really stuck while away, why not offer to work in exchange for cash or
your food and bed? Make sure you have the relevant working visa though, like in
Australia
• Claim a tax refund – If you have been working during the holidays whilst at
college you may be entitled to a tax refund – find out more from HM Revenue and
Customs
• Choose a high interest savings account
(http://www.fairinvestment.co.uk/high_rate_savings_accounts.aspx) to save in before
you go away – You will be surprised what a difference the interest can make
• Try to stay out of your student overdraft as much as possible while away, but if
you get desperate it is better to dip into this, interest free, than to use a credit
card with a hefty interest rate
• Before you go, get together anything you no longer want or need and have a car
boot sale or make use of websites like ebay – You will be surprised what people will
pay for your unwanted items

Fairinvestment.co.uk spokesperson, Rachael Stiles, comments: \"Money can be a real
worry when planning a gap year, as flights, accommodation and living costs soon add
up. Try and save as much as you possibly can before you go away, preferably in a
high interest savings account. However, if you are short of your target it is
possible to survive on very little and still have fun!

\"If anything, food, drink and accommodation is generally cheaper in gap travel
destinations so your money will go further with a bit of strict budgeting. Prepaid
credit cards are worth considering; you can either keep one loaded as a last resort
or keep your entire budget on it without the worry of spending more than you have
available.

\"The last thing you want to be worrying about on your gap year is money so it really
is important to save before you go! Research every possible money saving/making
avenue – get friends together and have a car boot sale, clean cars, you could even
do the ironing for cash!\" Miss Stiles concluded.

Ends
About Fair Investment
*Research from Bebo
• www.fairinvestment.co.uk, is an independent online finance portal, providing
comparison tools, news, reviews and information on a wide range of financial
products and services, including insurance, credit cards, mortgages, loans, savings
and investments.
• Fair Investment Company is a leading internet player that sees 400,000 unique
users per month, sells over £5 billion worth of mortgage enquiries and is a Hitwise
100 Banks and Financial Institutions site.


For further information, contact:
Rebecca Sargent
Fair Investment Company
Telephone: 0117 9335557
Fax: 0117 9335509
E-mail: rebeccas@fairinvestment.co.uk
Web: www.fairinvestment.co.uk



Web Site: http://www.fairinvestment.co.uk

Contact Details: Rebeccas@fairinvestment.co.uk