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How to Make the Most of Your Modest Internship Income

Tue, Nov 6, 2012

Internship Uncategorized

Internships are a vital part of many career paths. A lot of industries require a certain amount of experience before you can truly break into them, and the internship is one of the best ways to go about doing this. Really, the internship is a win-win situation for everyone involved. To the employer, your internship is some low-cost labor that can help get things done that need to be done in an incredibly affordable way. If you turn out to be a valuable asset to the company, then your future employer has just completed the hiring process with a lot less effort and consternation than is usually required. In fact, when an internship works out well, an employe gets a new employee at the end of a period of inexpensive labor, so they really come out ahead. For the working individual, the internship also provides a whole lot of important opportunities. These days, downtime between college and finding that post-educational employment can be something of a death sentence. With the economy behaving the way it is, it’s important for students to get out of school and get themselves to work — an internship is a great way to really grease the wheels of this process and get a start on your career before you’ve even completed university. The only problem with the internship is the low income. Since most offer college credit or very little pay, an internship isn’t usually the most sustainable form of income, but sometimes it’s our only option. If you’re working an internship, your income is going to be very low, so we’ll talk about the best ways to make the most of it.

First, create yourself a budget. Stick to it religiously, because this is the tool that will allow you to make sure that you always have what you need and nothing less. Go over all your priorities, and make sure you leave out any that aren’t actually priorities. If you’re living on a reduced income, like that of an internship, then you might not have the money for extra things. Cancel that big data cell phone plan, or maybe your Netflix subscription so you can focus your money on the essentials.

There are also a ton of governmental programs that can help you save serious money. Check out the food stamps initiative in your area, and you might be able to take advantage of some of the government’s free money while you’re working your income. You can also try and pick up extra work in your spare time if that internship income isn’t cutting it. There are plenty of websites that will pay you for writing gigs, and a part-time job is a great way to offset a reduced paycheck. Just because you’re getting your career started doesn’t mean you can afford to live on less than a decent wage. The good news is that you don’t have to have earned an online MBA in finance to be able to manage your money well, especially if you’re on a limited income.

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