TIP: Budgeting for Your Internship
May 28th, 2014 | Comment
Now that you landed the internship…You may be asking – How am I going to pay for it? While some internships are paid (lucky you), others are not. Even if you are getting paid a salary or a stipend, the cash flow is limited. Think in terms of college – room and board. Room – Where am I going to sleep at night? Board – How am I going to provide for breakfast, lunch, and dinner? These are the essentials – a roof over your head and a meal or three. So, it may be time to kick the Starbucks habit.
Whether living at home or on your own, a budget will help you stay on track. First, you need to know your monthly net income (amount received after taxes), scholarship or stipend amount. Second, think about your expected monthly expenses. For example, rent…This is a fixed expense; it doesn’t vary from month to month. Some expenses fluctuate, like groceries. Third, research areas where you can spend less such as having a roommate to share the cost of rent, and taking your lunch to work as opposed to eating out. Buying lunch everyday can quickly add up.
In preparation for your internship, create a spending plan and set a budget. Register to use CashCourse as your resource for learning spending tips and your tool for implementing budget strategies for your summer internship and beyond. For example, use the budget wizard tool or the worksheet to track your expenses. Plan the work and work the plan.
Wouldn’t it be great to return to Wake Forest with extra cash in your pocket?!?
Category: Professional Development