Budgeting 'vital' for gap year breaks

Graduates looking to take a break before entering the world of work have been advised to carefully prepare a budget for their gap year to avoid getting into financial difficulties.

With many students and graduates keen to improve their CV and show employers that there is more to them than their exam results, some 200,000 people from the UK each year take time out to explore the world before getting that first position, according to the Year Out Group.

Phil Murray, the director of the Gapadvice.org website, said that young people can often be tempted to overspend while on their travels.

'If you are tempted to go over budget you may well go for it, if it is something which you feel you will regret not having done when you return,' he said.

But he added: 'It makes sense to work out your daily, weekly, monthly costs and stick to it.'

According to Gapadvice.org, on average 18-25 year olds spend about £3,000 to £4,000 during their time travelling.

Students were recently advised to avoid 'spurious' overseas volunteer projects as they can be expensive and not help developing countries.

Judith Brodie, director of Voluntary Service Overseas UK, said: 'Young people want to make a difference, but they would be better off travelling and experiencing different cultures, rather than wasting time on projects that have no impact and can leave a big hole in their wallet.'