How to Manage Allowance for Interns

Allowance for Interns – Now, many companies are hiring for internship programs. Information about internship programs is also scattered everywhere, from word of mouth to social media. Participating in internship programs suits those seeking experience or wanting to increase their allowance.

How much is the allowance for interns? Usually, you will get 1-2 million rupiah per month. However, some also get more than that, such as around 3-4 million. It all depends on the company where you are doing the internship program.

With that bit of money, of course, we must keep meeting our daily needs. How do you do it? Well, one of them is that we must maximize the allowance allocation. Here are a few ways to manage an intern's allowance. Let's see the explanation!

Also Read: Take a Note, 8 Negative Impacts of a Wasteful Lifestyle

How to Manage Allowance for Interns

1. Applying the 50-20-30 Method

Well, the first method is quite simple. You can use it for better financial allocation. 

Whizmate only needs to budget 50 percent of the allowance for primary needs (food, clothing, housing), 20 percent for investment, and 30 percent for recreation.

However, this allocation can be adjusted, of course. You can change it according to your individual needs.

How? It's pretty simple. You don't need complicated calculations for this method. It is enough to split your internship allowance into portions of your personal needs.

It may not be easy to get started. Because often, many are inconsistent and deliberately take a considerable portion of the allowance to fulfill their wishes.  

2. Reduce Your Expenses

This method may be a bit difficult for Whizmate. You are required to be wise in using the internship allowance earned.

One of the steps is to reduce routine expenses. The first step you can take is to reduce the purchase of items you don't need. 

It's good to also make a list of stuff you need. That way, you can set a priority scale regarding items you must purchase and those that can be postponed.

In addition, Whizmate can also live with your parents, friends, or colleagues. Living with another person means at least two people can bear rent or other expenses.

3. Take Advantage of Existing Resources

A person may be able to spend at least 15,000 to 40,000 to buy coffee. Coffee has become a necessity. Even some people budget their salary for the drink.

However, what if we take advantage of the coffee provided in the office? Whizmate can brew the coffee provided at the office where Whizmate is interning. It's more cost-effective.

In addition, Whizmate can also bring a tumbler or drinking bottle when Whizmate travels. Instead of having to buy a bottle of water, Whizmate can save money by carrying your tumbler. 

Savings can be made by utilizing existing resources. Thus, you can save more and the money can be used for other needs.

4. Financial Recapitulation

The last method is quite essential if you need to know. Why is it necessary to do a financial recapitulation? Because by recording and evaluating the inflow of money regularly, Whizmate can recognize which expenses are not needed.

In addition, making a recapitulation can make it easier for you to determine the best way to save. So, you can reduce expenses in a way that suits your financial condition.

Now, no need to worry. You can use the Whiz Money Management App. WIth Whiz, you can do financial recapitulation more practically.

Also Read: How to Save to Buy a House

Well, those are some ways to manage allowance for interns. You can adjust it the way that suits yourself best! 

As an intern, you also need to know about financial literacy. That way, you can make better use of your allowance. Not only that, financial literacy can also help you manage your finances better. 

Don't be confused, because you can start learning about financial literacy through the Whiz Money Management App. Let's try it now!