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How to Enhance Educational Finances During a Gap Year

Moneymagpie Team 6th Oct 2022 No Comments

Reading Time: 4 minutes

Taking a year off or two before going for higher studies is common, and it was even before the COVID-19 pandemic crisis. It allows college-bound students to determine what they want to do in their lives and how to make headway in the process. 


In addition to gaining real-world experience, a gap year can be opted to make money. Not every student is born with a silver spoon in their mouth — this goes without saying. While it may sound exaggerated, many must take their blood, sweat, and tears just to get a degree. 


It’s not necessary to save up all educational expenses before going to college. However, you must also consider that your time is running out. A year will do. And fret not! There are several lawful money-making schemes you can do during your gap year. Check them out here. 

Vlog your Travel

If you’re fed up with being cooped up due to social distancing, enjoy life, get a real-life education, and see what’s on the other side of the world. Rest assured, every country has been developing an extensive range of COVID-19 protocols to cover the new normal. 


Of course, traveling comes with a lot of costs. The good news is that there are many ways to make money out of it, such as selling great photos of the scenery online or teaching English to the local non-English speakers. 


Another way is through vlogging. For instance, the highest-paid female YouTuber last year, 2021, is just seven years old! She raised $28 million from making kid-related videos, such as learning to tell time and decorating Halloween cupcakes. With vlogging, you’re making money and preserving your precious memories. 


Use Your Talents

Although you’re not born wealthy, you might be one of the many gifted people with talents. You can monetize your skills. For example, if you’re good at playing musical instruments, you can market this and make money. 


The same goes for language abilities, dancing, and crafting arts. You’d probably see people teaching languages online, training people to dance (for health and entertainment), busking on the roads, and customizing paintings for passersby or foreign visitors. All of them enjoy what they’re doing while earning money. 


Be An Au Pair

Let’s say you don’t have specific skills (or you just don’t realize them yet). But you have a soft spot for kids or are into housekeeping. Then, take this chance to be an au pair. It’s referred to any young foreign person, typically unmarried and young (18-30 years old), who aids with child care or housework in exchange for a place to stay abroad. 


There are a lot of online platforms that market people who want to be au pairs. Travel enthusiasts especially do this. Imagine getting free lodging in a foreign country (maybe free food)! The best part is the house owner may also pay you. What’s more, you can also earn from vlogging your au pair experience! 


Many companies have the same setup for au pairs, as well. They offer programs in exchange for room and boarding, but some privately run programs may not offer you compensation. Still, your experience with them can be a strong point in your cover letters for another work application or college admissions essays.


Give Online Selling a Go

E-commerce has been dominating the market nowadays. It simplified the point of buying and selling. An online store runs 24/7 and doesn’t require a physical presence, which improves the span of selling time and eventually improves sales. 


Take advantage of online selling while it’s on-trend. You might encounter a lot of new and cool stuff during your gap year, so why not share it with everyone? You can cut a deal with a manufacturer or co-seller, buy in bulk, and run a business on Amazon, Alipay, eBay, JD, and other e-commerce websites. 


If you don’t have a budget yet, you may opt for a small installment loan as a financial source, such as CreditNinja installment loans. Personal loans don’t usually require collateral, but their interest can be a bit higher. That’s why it’s recommended to finish paying it off as soon as possible. It can be a financial risk if you don’t know how to manage well. Research first before committing. 


Learn, Know Yourself, then Get a Scholarship

If you think you’ll just squander your whole gap year on traveling, working, or running a business, consider indulging in formal programs that can aid you in determining your personal, academic, or career goals.


Some organizations offer service-oriented work for gap year students, and after they have completed their commitment, they can be eligible for a scholarship worth up to $6000. However, you must pledge 10-11 months for this volunteer work. 


Final Thoughts 

There are other ways to catch up with your college finances during a gap year, which aren’t mentioned here. You can always ask people online or talk to friends about how to deal with this. Whatever your socio-economic status is, there will always be a solution. Don’t lose hope, and keep chasing your dreams!

DisclaimerMoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence 

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Jasmine Birtles

Your money-making expert. Financial journalist, TV and radio personality.

Jasmine Birtles

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