Interns can learn many transferable skills while earning up to thousands of dollars at different companies. However, earning thousands doesn’t mean you know what to do with it.

If you’re a paid intern, budget your income because if you don’t have a plan for your money, plan to lose it.

Don’t be the intern who got a few thousand dollars and blew it because they didn’t use their financial literacy skills. Instead, be the intern who is strategic about their money.

Let’s discuss a few ways you can wisely spend and save your internship income:

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1. Save Your Money

Saving money is such a basic concept in finance, that many people neglect talking about it. Yet, statistcs show Americans don’t have $1000 saved to cover an emergency expense.

Don’t overlook saving your money. Even if it’s a small percentage, make it a habit to save something out of every paycheck.

Look into saving your money in a high yield savings account (HYSA) which has higher interest rates than a normal savings account.

2. Pay Your College Tuition

College tuition is not cheap. With tuition prices on the rise, students find themselves being forced to take out student loans. Maybe, this doesn’t have to be your story.

You can use your internship money to help pay your school bills. If you can’t pay for your tuition, look into buying school books, dorm essentials, or a meal plan.

Try to avoid debt at all costs so that you can live a financially free life.

3. Pay Off Debt

If you’re in debt, extra money you get can help to pay your credit card bills, personal and student loans, or hospital bills.

Being debt free gives you access to freedom. Do all you can to be free even if that means neglecting temporary wants and using your summer check.

4. Invest in Stocks

Today, investing has become easier than ever. By simply putting your money in an investment account, you may see your money grow through the power of compound interest.

Familiarize yourself with successful stocks before purchasing them. Look into their yearly performances, the CEO of the company, and the future direction of the company before deciding to invest with them.

To get started, you can download free apps like Robinhood, Charles Schwabb, Fidelity, and many more.

5. Start a business

No need to push off your dreams any longer. With your internship money, you can start something that could make you more money.

From content creation to publishing your own book, starting a business can look different for everyone, but it is a great way to invest in your future.

6. Learn a high demand skill

In this job market, it is important to always be a competitive applicant.

If you have extra money from your internship, try looking into gaining new skills such as Facebook or google ads, coding, data analytics, or social media marketing. These skills are in high demand and can help you secure a better future.

7. Invest in a Coach

Youtube university is great, but sometimes you want to ask honest and personal questions to someone who is where you want to be. Chances are you may need a coach.

Make sure you vet out your options before working with someone. Be sure they have a strong track record and try to ask many questions before using their services.

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Delayed gratification has always been the foundation to building wealth.

Becoming a millionaire doesn’t happen overnight. Most times, financial independence comes after sacrificing time and time again. The earlier you realize this, the quicker you can make the right money moves.

Interning in college is a great way to start exercising your financial literacy skills and creating the life you want to live.