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Posted by Sam Bernhard (MONEY FORUMS: 6, Answers: 0)
Asked on November 23, 2015 10:26 am
Don't spend your money on stupid stuff you don't need. And yes, if you have time, get a side hustle. Life is better with money. Even if you don't need cash immediately, you'll be glad it's around when you graduate.
While I student taught, I was not being paid. I ended up moving back to the dorm rooms so that I did not have to worry about rent, utilities, etc. These things were covered by my scholarship and the remainder of my student loan. I also worked a student job that paid for gas and transportation, as well as my groceries. This may be an option for you.
However, be sure that before you take on any job or hustle, you are able to commit yourself 100% to your internship, especially if it is at a place you would like to work at or if you will get a grade based on your performance. It may be worth making the ultimate sacrifice of moving back in with parents to make it work.
Since I was an athlete in college, I never had a paid job lined up, but I still had to pay for my living expenses. Typically, to do this, I saved enough for my dorm/meal plan/car insurance ahead of time. Then, the money that I managed to earn during the semester was split between living costs (ie food, going out to eat, clothes, gas, etc.), and saving for the next semster.
I typically ended up earning plenty of money through tutoring and babysitting and odd jobs, so I would recommend that you keep an eye out for some earning opportunities. It doesn't have to be anything fancy, just something to keep you earning a bit of change so you don't have to go into debt. Give your top energy to your internship, your next best to schoolwork, and whatever is leftover spend hustling or with friends.
If you aren't making money, unless you have savings you can live off of, you will have to find some form of paying job on the side. Either way, you will need to figure out the absolute minimum you will need to live. The biggest single contributor will be your housing. Then look at transportation, insurance, food and utilities. All of this can be researched on the internet.