In addition to giving you an idea of what you will be able to afford, having a rough budget for your gap year allows you to monitor and adjust throughout the year. You don’t need an in-depth budget for every day, but try and establish monthly targets in key areas such as food, lodging, transportation, insurance (if required), and of course, entertainment.
You can’t optimize what you don’t measure, so tracking your budget will ensure that you are getting the most out of your gap year.
Contributor: Brian and Alyssa (Who are two American travel bloggers currently taking a sabbatical to travel the world for a year). Follow their travel blog at balivin.com and follow their year-long budget here.