In 2018, the European Union took the unprecedented step of ensuring that all interns of a Member of the European Parliament receive “a decent remuneration.” It is vital, notes the EU, for young people to be treated fairly, rather than as a source of free or cheap labour. The example set by the EU still has to be followed in private enterprise, but for many students, the experience and skills gained during an internship are vital. As an example, take an internship at a top publication. For aspiring writers, the chance to have published work printed in a high glossy format is exciting, and also immensely useful for job hunting. Working as an intern for a couple of weeks without pay is certainly doable, but what happens if you are offered the chance to work for weeks at a visionary company? If you decide you will gain more than what you invest, follow these tips to ensure your finances don’t suffer.

Part-Time Employment As A Source Of Income

If you are completing an internship after graduating with a degree or diploma, you may owe student debt. While obtaining finance to study is less common in some European countries (e.g. Spain), in the UK, the average debt stands at £50,800. Part-time employment can be seen as a way to get by and meet monthly expenses, while potentially gaining new skills in your chosen industry. Just because you are completing one unpaid, part-time internship does not mean you cannot also work part-time for another company that pays. However, even work in an unrelated profession should be considered if conditions and pay are fair to good.

Obtaining A Personal Loan

A job may be so interesting for your CV that you may decide to take it full-time. If so, you might need to resort to taking out a personal loan. If you have taken out loans before and your credit history is flawless, then you probably won’t find too many obstacles to a relatively small loan. However, if you have a few negative credit marks on your banking system, a professional specialised in solving credit issues can look into ways to improve your rating. Sometimes, negative scores are based on error are doubled, or simply do not correspond to your accounts. The first step when obtaining credit is to ensure that your credit history is accurate and clear, then to weigh up various options to ensure interest is kept to a minimum.

Starting Up A Home Business

If you have an entrepreneurial streak and you have a skill you can apply on a freelance basis, consider setting up shop from home. Build an attractive, SEO-centred website, market your services to local companies, and join networks so you can meet small-to-medium businesses that may be interested in your services. Freelance is the ultimate way to go when you are interning, because you can control your own schedule, work weekends to make up for lost time if necessary, and even burn the midnight oil if work is due.

Balancing an unpaid internship with working life is tough, but for many new graduates, it can make a real difference in terms of improving their chances of obtaining their dream job. Consider working part-time or starting up a home business so you can live off your earnings. If finance is worthwhile because you will have guaranteed higher earnings at the end of your internship, ensure you seek professional advice to obtain favourable rates and to remove any negative strikes from your credit history.

 

 

Katlyn Hudson