Internship Experience

Budgeting and Saving

Take into consideration when planning your internship budget:

Travel

  • Do I have to pay for a plane or train ticket?
  • Am I able to drive to where I need to go? This is a larger consideration for those who are interning somewhere other than their college town and/or hometown.

Common travel expenses for interns who are working away from their home, state, or country are:

  • Plane tickets
  • Travel insurance
  • Bus tickets or a rental car/car insurance/parking
  • Activities (if you are interning somewhere you haven’t been before, explore the sites and local culture!)

Transportation

While at the internship 

  • how will I be commuting to and from work?
  • do I have to manage a car payment, purchase a bus pass?
  • can I walk or bike instead?
  • if I have to drive but there isn’t a bus route, is there someone I can carpool with to save on car maintenance and gas expenses?

Even if you have a vehicle, it may be worth it (if you are able) to take the bus, walk, bike, or carpool. This way, you don’t need to worry about extra money for gas, mechanical repairs, oil changes, possible car damage, extensive car insurance, parking costs, etc.

Food

Will I be staying somewhere where I am able to cook and prepare lunches? Or, will I have to budget for take-out/microwave meals?

Housing/Utilities

Will I be living at home, renting, staying on-campus? If I have to rent, do I have the means to live by myself or would finding a roommate be a helpful option? It also is worth checking in with your internship to see if they help to cover any living expenses.

If you have to pay for housing while interning, you may want to consider the following when finding a place to rent/live:

  • Am I comfortable/able to live with roommates? This can help cut down the cost of rent due.
  • Does rent include water, electricity, waste disposal, gas, internet, parking, etc? Or will I need to budget for these things on top of rent?
  • Is there company housing offered?

Enrolled in courses

Am I enrolled in additional courses while I will be interning? If so, budgeting for these courses is also important.

Insurance

Do I need to budget to pay for health insurance, renters insurance, car insurance, etc.?

Depending on where you intern, you may have additional insurance needs. If you are traveling internationally or outside of your general care network, be sure to connect with your insurance agency (for medical insurance) to get your insurance adjusted so you are covered where you will be. This may come at an extra cost, especially if you are travelling internationally, so be sure to plan this into your budget.

Personal/Miscellaneous

Please be mindful that you also will need to budget for everyday items such as shampoo/conditioner, medications, clothing, toothpaste, other toiletry items, etc.

Savings

If you are able to do so, please continue to add some money to savings so that you have some financial cushion during and after your internship.

If you are making an income while interning, there are a few things you may consider using part of your income for (if you have the financial flexibility to do so):

  • Start or add to a savings account
  • Use these funds to help in a financial emergency, add funds for future travel/housing/job/life plans
  • Start or add to a health savings account
  • Use these funds in conjunction with health insurance to cover medical, dental, or medication expenses
  • Start or add to a retirement account
  • Use these savings to help fund your retirement

Paying down debt

Just because you are interning doesn’t mean that some (if not all) of your loans will stop accruing interest. If you are required to make payments on your loans, add a reminder to your calendar to make these payments. If you aren’t required to make payments but still have the funds to do so, it is extremely helpful to make some smaller payments to reduce your principal payment amount after college.

Financial aid

If you are participating in an internship for credit at UMD, you may be eligible for financial aid. To see if you qualify, please contact One Stop Student Services.

If you are not participating in an internship for credit, and not enrolled in any courses for credits at UMD, you are not eligible to receive financial aid.

However, if you are enrolled in courses for credit at UMD while you are interning without credit, you may be eligible for financial aid. Please contact One Stop Student Services for assistance.