Use that gap year to plan ahead

Whether it's to travel the world or just take a breather before moving on to the next chapter, students sometimes pause their educational pursuits for a so-called gap year.

- RITIKA DUBEY

One expert says during a gap year, students should focus on both saving money and growing and investing in themselves.

Lately, gap years are more focused on using the time to save for postsecondary tuition, said Michelle Dittmer, president and co-founder of the Canadian Gap Year Association, a non-profit organization that provides resources for students taking or considering a gap year.

"There's a lot of problem-solving when it comes to the dollars and cents of gap years," Dittmer said.

"(Young people) have these big, huge goals. They want to do all these things," she said, "but they don't have the capital to make it happen." Many students take on multiple jobs during their gap year to fund their time off and save for the future.

Some combine work and travel by joining programs such as the feder al work-abroad program International Experience Canada, Dittmer said.

Alim Dhanji, a Vancouver-based wealth adviser with Assante Financial Management Ltd., said a financial plan for students who opt for a gap year doesn't have to be complex.

It's about setting goals and pinning down a realistic plan, he said. If the goal is to join a post-secondary program the following year, for example, the time can be used to set aside the right amount of money.