How to Survive an Unpaid Internship

Internships are sometime the only way to break into a particular career field, and sometimes those internships are unpaid. Unless you have substantial savings, you'll have to figure out a way to survive your unpaid internship while still getting the most from your experience. It can be quite difficult to live without a steady income, but you can do it if you are focused on your budget and if you learn to live within your means.

Ask about housing programs.
Many unpaid internships come with other benefits, such as a stipend for housing and bills. Find out if you can get a grant or a loan from the unpaid internship to cover your basic bills, such as rent and electricity, until you are able to complete the internship. In some cases, such as a fellowship, you'll be able to live in company housing, which means that you won't have any bills at all other than food and transportation.

Use a savings account.
If all of your money is in a checking account, transfer the majority to a savings account so that you can earn interest while on your unpaid internship. This will add to your savings even as it dwindles and you won't make as many withdrawals because only a set number are usually allowed. Use online banking to link your savings and checking accounts so that you can transfer funds when necessary.

Avoid relying on credit cards.
When trying to survive an unpaid internship, you might be tempted to max out those credit cards in order to maintain your standard of living. Don't succumb to that desire because credit card interest rates are often high and you'll wind up in significant debt by the time your internship is over. If you think you'll be tempted, store your credit cards in a secret place where you don't have access. That way, when you're at the mall and see something you like, you won't be able to whip out that credit card.

Apply for a loan.
If you don't have sufficient savings to cover your expenses during an unpaid internship, consider taking out a small personal loan rather than relying on your credit cards. In most cases, you can negotiate a lower interest rate on a personal loan and you'll have access to the cash immediately. Put the money from the loan in your savings account so that it earns interest during the internship.

Plan your budget.
Another way that you can survive an unpaid internship is by planning your budget carefully. You know how much money you have access to, so spread that money out over the duration of your internship. Make sure that you have enough money to cover your expenses, as well as a little leftover for emergencies.

Move in with family.
If you can't handle your living expenses during your unpaid internship, consider moving in with family to help offset living costs. You might have to pay a small amount in rent, but it will almost surely be lower than what you'd pay even for a studio apartment. You can offer to help around the house or babysit children to lower your expenses, as well.