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Managing your finances as an intern

Not all interns get paid, but those who do will most likely not end up with a huge sum of money. Getting your foot in the door by at least one company is the best way of ensuring that you are one step closer to doing your dream job. Once you’re in, you end up where all juniors end up – the bottom of your company. Don’t feel bad if you’re not taken seriously, be happy that you’re there and that someone has decided to take a chance on you. To make it with the stipend that you’re given will require dedication, planning and monitoring to save that little bit that’s left over after expenses.

Automate your savings

Get your bank to set up a separate savings account where a portion of your salary will automatically be debited. This way, when the money automatically gets deducted you won’t need to go into the bank and you will also find yourself getting into the habit of saving. This is the best way to save, once you make the decision to do so, it starts happening without even having to think about it.

Start preparing your nest egg

If you can save the little you have, you will be able to save much more when your salary increases. As the increases come, your habit of saving will still remain the same. But with that comes the habit of trying to save 10% of your salary. At first it may seem like an impossible task, but to have your nest egg growing is a good investment you wouldn’t want to turn away from. Whether you have attended the best universities in Cape Town or top notch business schools in Johannesburg, keep the bigger goal in mind – to be free from financial stress.

Cut unnecessary expenses

Get into the habit of taking your own lunch to work. Going out to eat or buying a quick snack every day will all end up costing you much more than expected. At the end of the day you will be spending more on lunchtime food than buying ingredients for preparing your own lunch. Add up all the lunches you have bought thus far, it comes to a hefty sum when you add the amount for an entire year. Pack your leftovers as lunch for the following day.

Once you have your financial situation in order, work your way up by becoming part of the company permanently. So the best that you can to increase your skills and show your value to the boss.

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