Best options for me to raise funds...sensibly

pazza2000

Me- Recent Graduate, going travelling for a year in the next few weeks...funds are limited unfourtunately but im going

Just wandering if anybody could help me here and offer me advice on what the best way to raise funds are sensibly. Im going to work over in Oz at somepoint, but i WILL need more i reckon.

Just changed A/C's from the BOS to the RBS as they give you an int. free overdraft for a few years. Have two CC which have no balance and a limit of £500each.

My options are getting another Grad account with another bank, and using a 2nd free overdrft though this is risky as i cant gurantee payments into that account which may be required to keep it open.

Next option is to apply for a grad loan with RBS(they have something called an Int. free loan of upto £2000 which sounds apealing)

...Or new CC's with low APR(my current ones with BOS have high APR), & using them when funds get desperately low.



....Needs funds, its enevitable i think, but whats the best option for me??

tr3mor

EDIT: I'll take that as a no then! Sorry!

pazza2000

Tom??

Anybody else got advice for someone in need of it :-D

PixiePie

Sorry to sound preachy but DO NOT use credit to fund your travels - you will regret it for the rest of the time it takes to pay it off (which can be ages and ages and ages...) and it is so so so not worth it believe me (been there myself and hate myself now for it, it really spoils the memories). Getting into debt is so not a way to go honestly, and everything will cost so much more than you budget so your CC etc will be full before you know it

Can you sign up for charity? IE, 50% of what you raise you will donate, or are you planning on/want to/can do any volunteer stuff whilst away? If so, then use that as the hook that people are funding. No-one will want to help pay for you to have a holiday, so you have to show them it's not that, it's the helping other people part that they are funding. A really good company are the real gap year experience people, as they have experience of travelling and funding it - if you call them and ask what ideas they have (maybe make out you are planning on booking your year with them soonish, don't let on you already have flights etc...) they should be able to help.
Do you work anywhere? Would your management be willing to sponsor you (for the volunteer part etc) in return for you contacting the local paper and giving them an article on how nice and community/charity minded your employer is? Do you have any relatives that can help out and donate instead of Xmas/Birthday pressies? Do a sponsored swim/eat/read/silence (the old ones are the best lol) and just go door to dooring in your area or stand in the high street (don't know the legality of that). You could always go round local businesses as well with the same idea as the employer bit - if you already have contacted the local rag to sound them out, you may be able to wave that under the local businesses noses and get them interested, they might only give a tenner, but every little helps

Good luck and enjoy your travels

pazza2000

hi,

Thanks for the advice, although your fundraising ideas are notan option for me im afraid. Im all booked up and it does not appeal to me, although i do realise my options are limited. I am aware that i will be paying back CC, overdraft or loan when i come back, and i am prepared to do so, but what is best for me?? I need to decide now really!

melancholly

you'll need to be making at least minimum payments towards your credit cards while you're away, so you should set up a direct debit or something - my mum was made '3rd party mandate' (i think!) on my account so that she could sign cheques for me when i was away- she's not into online banking, so openned the bills and paid using my money.

i don't really what to suggest otherwise - i personally wouldn't be going away if i needed to borrow almost all the money to go - having been in a similar situation i did rubbish temping jobs for a few months and saved up, but i'm a cautious person with money! you could try to get a new credit card which has an interest free period, to get the most from it.

morg_monster

Also spending on credit cards or debit you will be getting a slightly loaded exchange rate so you get less $ or baht or kroner for your £, and also maybe up to a £2 charge per transaction for ATM withdrawals. Can be avoided if you get a nationwide Flex account - so if you do get a couple of graduate accounts transfer the overdraft limit over to the flexaccount and spend from there.

On the whole I would say credit cards are the easiest if you can get them easily enough. Find out from the credit card board which are likely to give you the best credit limit, eg no use wasting a credit search on an Egg Money card since their limits are rubbish. Barclaycard gave me a card with a £5000 limit after I graduated, (although working in a £11k temp job before travelling!) but the interest rate was abotu 15% and I only had it for medical emergencies while abroad, thankfully never had to use it.

Of course I agree with the posters who say that in general this is a bad idea but since you're already booked up and everything don't think this will help too much. Also think about what happens if you genuinely run out of money. Make sure you have your homeward ticket and can your parents wire you money in this situation?
Don't forget the DFW board when you are back... and have a wonderful time because you probably will not ever get to do this again debt or no debt when you get back, life just takes over (that is why I'm not being too harsh on you!). I was £2000 in debt when I got home and it took me a while to pay it back due to having a fairly low paying job and living in London. Fortunately I owed it to my Dad who was a lot easier to deal with than banks and CC companies! I wouldn't have wanted to be any more in debt, but I'm really glad I went when I did because I cannot see me doing anything like that again till I'm retired (...cry...)

morg_monster

do you have time to get into matched betting? Could net you a couple of hundred quid or even more before you go if you don't have a job at the mo, and hence are sitting around the house, but you need a reasonable amount of cash to start you off if you want to get the most out of it in such a short length of time. Or if you are decent at poker be like my BF's brother who funded his trip playing online poker as he went!! (seriously though, don't gamble kids)

pazza2000

Can i really make that much with Matched Betting?? Never heard of it?? Poker is not my thing, wish it was though...my friend also makes money from it.

...I applied and got accepted for a CC today, a nationwide classic CC. The APR isnt super high, and i read they offer one of the best rates for purchases overseas. I also have a nationwide flex account so this way its simpler to have both accounts online together.

pazza2000

...Got a nationwide CC in the end and an interest free Graduate overdraft....hope this was a sensibile option.