How a gap year can fuel personal and professional development

The daily routine, 9 to 5 job cycle, household chores, and running with the hands of the clock become monotonous after a while. You might feel tired of repeating the same cycle daily with nothing new to explore or discover.

How about taking a break? Sounds good, doesn't it?

A gap year can be beneficial for personal development. It can give you a break from the monotony of routine life and fuel personal growth. Meanwhile, you can also grow professionally with upskilling.

Why is a gap year beneficial for your personal development?
 

A gap year can be a strategic move for several reasons, especially for those looking to focus on personal development –

1. Helps deal with burnout

The daily pressure of your job and maintaining a work-life balance can take a toll on your physical and mental health. You might feel exhausted and stretched to the hilt. This might result in burnout, which can hamper productivity.

A gap year helps avoid or tackle burnout. You can take a break from work, unwind, and take time for your personal development.

2. Gives you time to travel

How many times have you planned a trip only to cancel due to work commitments? Too many times to count! Travelling and exploring new places can feel like a luxury when stuck in your daily routine. Yet, travelling can go a long way in giving you that much-needed break and boost your personality development.

A gap year allows you to go on adventures and experience the thrill of exploring. After all, travel is food for the soul!

3. Allows you to learn a new skill

During the gap year, you can enrol in a new course and acquire skills that add value to your resume. You can improve your qualifications to drive professional growth when you rejoin work.

4. Supports personal development

Your mental health improves as you relax, travel, learn new skills, and release mental stress and negativity. You might discover a new perspective that changes your outlook on life. You can also prioritise your health and try to get fit and active. All these factors can contribute to your personal development.

How do you plan and utilise the gap year to maximise your personal growth?
 

While the above points highlight the benefit of taking a gap year, the next thing to do is to pre-plan it. When you are on a break, your income stops, but your expenses don’t. If you over-indulge in leisure expenses, the break can prove expensive.

You need to plan and utilise the year effectively to avoid financial strain. Here are some tips that can help you to do so –

1. Plan ahead

Make a plan of how you will be spending your gap year. List all the activities you want to do – travelling, enrolling for courses, joining a wellness centre, pursuing your hobby, etc. This will help you spend the year productively and save time.

2. Set an expected budget

Next, estimate the costs of your planned activities. Include all expenses from travel to course fees. Having a clear budget helps avoid financial surprises. Factor in your lifestyle and average monthly expenses. Aggregate the expenses to determine the funds needed to finance the gap year.

3. Create a passive source of income

Look for a reliable source to generate passive income to cover your expenses during the gap year period. Some common options include renting property or earning from investments.

4. Create a fund for the gap year

Start saving early. That’s the key. Now that you know the expenses ahead, it’s only smart to start planning finances. Save and invest in an avenue that can offer short-term returns, like liquid mutual funds or savings accounts, and create a corpus to fund your gap year.

5. Make a provision for your assets and liabilities

If you have ongoing investments, like a Systematic Investment Plan (SIP) or a recurring deposit, ensure sufficient bank balance to continue them during the gap year. The same is the case with Equated Monthly Instalments (EMIs). If you are repaying a loan, have enough balance to repay the EMIs on time to avoid penalty.

6. Cut down on your expenses and save more

For effective financial planning during the gap year, it is crucial to reduce unnecessary expenses and save more. This will not only help you learn to live frugally, but you can also create a good corpus for the gap year with better investments.

A smart piece of advice would be to start using the FIRST WOW! Credit Card. It is a fixed deposit (FD) backed credit card that gives you the benefits of a credit card plus the interest on the FD.

Power your gap year with the FIRST WOW! Credit Card
 

Here’s how the FIRST WOW! Credit Card can help you save more and support you in your personal development –

1. Enjoy zero forex markup on international transactions that allows you to save on international payments, such as certificate courses or foreign trips 
2. Enjoy 100% of the FD value as a credit limit and get to withdraw it in cash with 0% interest for 45 days;
3. Use the credit card to build your credit score, which can help meet your future financial goals
4. Get discounts across 1500+ restaurants and retailers
5. Get attractive discounts on travel, dining, and other lifestyle spends
6. Earn up to 4X reward points on your transactions

Focus on personal development with a gap year
 

Make yourself a priority. Take a gap year for personal development and take the time to introspect, explore something new, upskill, or do whatever your heart wants. Recharge yourself physically and psychologically.

Do planning in advance so the gap year doesn't tax you financially. Budget and trim down your expenses. Save and create a corpus. All it takes is solid financial management to have a stress-free gap year.

Start by using the FIRST WOW! Credit Card to enjoy credit and interest on FD. Make the most of your gap year financially and personally!