While internships offer a great chance to gain experience in the field, working for no pay can really cause your bank account to take a hit. While it is more than possible to work a job while you intern, that can often prove to be difficult and many interns end up using their savings to fund their internship season. Whether you are holding down another job or not, these money management tips will help you and your bank account stay out of the red.
- Create a budget: Figure out how much money you are bringing in, and what money needs to be spent where. Some areas of your budget may include: transportation, bills, food/groceries, and rent.
- Prioritize your spending: Decide what you need to spend money on and what can wait to be bought later. Remember, bills and debts should always be paid first. Hold off on luxury expenses like clothing and electronics if you can.
- Save: The fastest way to run out of money is by spending it all. Make sure you include savings in your budget, so that you never end up completely broke. Remember that a little can go a long way, and that saving something is always better than saving nothing.
- Collaborate with other interns: Most of the interns you work with are probably as strapped for cash as you are. Talk to them, and see if you can all work together and help each other out. Maybe you can all carpool to the office to save money on transportation. Also, older interns may know of resources than can be beneficial to you, such as transportation stipends.
I hope these tips help you thrive in your internships and finances.