Saving for the adult gap year is enforced. Once we signed up, and the first year of the program commenced, we had no choice. The money is taken out by our employer and put in a bank account we are not able to operate.
Mr S was nervous that we wouldn’t be able to live on 80% of our salary. I knew we’d be fine – we were doing OK before we got promotions. Mr S wasn’t convinced – but then he doesn’t like any change.
For four years – 2017 to 2020 – twenty per cent of our after tax salary was taken out.
We were fine. We were more than fine. We still paid our mortgage, travelled to France and Germany and the US (three separate trips), Mr S had his annual ski trip, we went on road trips, we frittered away money on eating out, alcohol and clothes.
For the whole of 2021, our gap year money has been sitting there, waiting for our adult gap year.
Enough to continue to pay our mortgage which we will increase to cover the campervan, to travel around Oz, to allow Mr S to have his annual ski trip, and to fritter away money in eating out and alcohol. (Not clothes – I plan on not buying any in 2022.)
How much, you ask?
Between the two of us, we have the tidy sum of over $160,000. Mr S has been tempted to cancel the year off and pay off the mortgage. Me, not so tempted.