Saving Money as an Intern

Let’s face it—as college students, we are far from rich.  In fact, most of us still rely on our parents to finance our lives.  Even worse, we are expected to secure internships that may not even put any money in our wallets.  While we take the job to gain experience, it is difficult to survive an internship experience on a budget.  While living the intern-life, take these tips into consideration to stretch your dollar and make your savings last! 

1. Bargain Shopping—Every new intern deserves to treat him or herself to a new wardrobe before starting a new job (OK—maybe not an entire wardrobe, but at least a new shirt or two!)  Regardless of your usual spending habits, shop for internship attire wisely.  As we know, the pockets of an intern are not deep.  Do not be afraid of scouring the racks of stores like Target or Walmart for discounted items on classic pieces for your new professional ensemble.  Even better, raid your best friend’s closet (with their permission, of course) and swap different looks for free--that is, if you are the same size!

2. Transportation—Sometimes, just getting to your internship every day can come at a great cost.  Before your first day, map out the most cost-effective way to travel to your job site.  Can you car pool with a friend that works nearby?  Is it cheaper to drive or take public transportation?  Does the local bus or train station offer discounts for weekly or monthly travelers?  Are student rates applicable?  Do your research—you will be surprised by how much money you can save by planning ahead!

3. Food—Grabbing a coffee and a bagel at the Starbucks next to your office for your morning caffeine fix or agreeing to meet with friends for lunch everyday can cost an intern a pretty penny.  While an occasional meal out of the office can be a fun treat, save some cash by making coffee in the office pantry and packing lunch from home.  You can still socialize with your friends and coworkers at the local coffee shop—just bring your lunch bag with you!   

4. Learn to save—For those of you lucky enough to be paid for your work, use your bi-weekly paycheck or stipend as an opportunity to learn the value of a dollar.  Rather than spend your money the second it is deposited into your bank account (don’t worry, we’re all guilty of this!), set aside at least 50% of what you made into your savings.  You will be shocked at the amount you will have saved by the end of your internship.  Depending on how much money you make, you may be able to treat yourself to the new XBOX or pair of shoes that you wanted all semester!