u/Mammoth_Type_3695

So this summer I will do an 8 week internship and it will give me $8000. I already have $2000 in my savings account from last year.

I discussed taxes with the distributor, and they said that this is considered a fellowship/scholarship, and that my yearly income isn't high enough, so I won't be taxed

I want to know what to do with my $8000 in savings. So far with my $2000 I have invested in some stocks. Honestly, I have not made any money (actually lost $500 from my original $2500), and I have no idea how to invest.

So far, this is what I plan to spend my money on:

Savings: $6000

Food: $500

Transportation: $300

Clothing: $700

Gifts for my mom: $500

Shipping: $500

My mom is paying for my housing, and I will be in DC, so all of the fun things I can do are basically free. I have $700 on clothing because i am 19, and I have been wearing the same clothes since I was 12. I want to try something new.

The majority of my transportation budget is for the $220 Amtrak ticket to and from DC. I go to college in DC, but I never had to pay for transportation during the school year. I don't really know if the DC metro will add up or something.

I have $500 in shipping because I forgot to sign up for summer storage and I have to ship everything in my dorm home.

So this summer I will do an 8 week internship and it will give me $8000. I already have $2000 in my savings account from last year.

I discussed taxes with the distributor, and they said that this is considered a fellowship/scholarship, and that my yearly income isn't high enough, so I won't be taxed

I want to know what to do with my $8000 in savings. So far with my $2000 I have invested in some stocks. Honestly, I have not made any money (actually lost $500 from my original $2500), and I have no idea how to invest.

So far, this is what I plan to spend my money on:

Savings: $6000

Food: $500

Transportation: $300

Clothing: $700

Gifts for my mom: $500

Shipping: $500

My mom is paying for my housing, and I will be in DC, so all of the fun things I can do are basically free. I have $700 on clothing because i am 19, and I have been wearing the same clothes since I was 12. I want to try something new.

The majority of my transportation budget is for the $220 Amtrak ticket to and from DC. I go to college in DC, but I never had to pay for transportation during the school year. I don't really know if the DC metro will add up or something.

I have $500 in shipping because I forgot to sign up for summer storage and I have to ship everything in my dorm home.

I am a 19 year old college student participating in a summer internship this summer. It will be for 8 weeks and I will be paid $8000. This is my first time really dealing with money. I took financial literacy in highshcool, but that was 5 years ago. I currently have $2000 in my savings account prior to this internship

So far this is my budget:

Money Left after spending: $2,000

Savings 4000

Food 500

Transportation 300

Clothing 700

Mom 500

My mom is paying for housing, so thats why it is not included on here.

On my offer letter for the internship, it says this:

You will receive a

stipend of $5600 over the in addition to a housing allowance of

$2400. Please note that taxes will not be withheld from your stipend or housing allowance.

I dont understand what the last sentence means. My friend says it means I need to file the taxes on my own, and save some money from the internship t o pay for taxes, but I have never paid taxes before. When I searched it up, Google said you had to make over $15000 in order to pay taxes, and this internship will be my only source of income for this year.

My main question is, how should I use the money for this internship, and what does that sentence mentioned previously mean?

Last year I had an internship that paid me $3000 and I didn’t have to deal with any of this tax stuff. I just put $1000 in savings and spent the rest on whatever

Hello, I am a 19 year old college student participating in a summer internship this summer. It will be for 8 weeks and I will be paid $8000. This is my first time really dealing with money. I took financial literacy in highshcool, but that was 5 years ago. I currently have $2000 in my savings account prior to this internship

So far this is my budget:

Money Left after spending: $2,000

Savings 4000

Food 500

Transportation 300

Clothing 700

Mom 500

My mom is paying for housing, so thats why it is not included on here.

On my offer letter for the internship, it says this:

You will receive a

stipend of $5600 over the in addition to a housing allowance of

$2400. Please note that taxes will not be withheld from your stipend or housing allowance.

I dont understand what the last sentence means. My friend says it means I need to file the taxes on my own, and save some money from the internship t o pay for taxes, but I have never paid taxes before. When I searched it up, Google said you had to make over $15000 in order to pay taxes, and this internship will be my only source of income for this year.

My main question is, how should I use the money for this internship, and what does that sentence mentioned previously mean?

Last year I had an internship that paid me $3000 and I didn’t have to deal with any of this tax stuff. I just put $1000 in savings and spent the rest on whatever

So I have an 8 week REU this summer, with a $8000 stipend, and I am dreading it. Last summer I had a 5 week internship, and I couldn’t make it 2 weeks before I got too homesick and went home. I was miserable and alone. This year will probably be the same, and I am terrified. I was so depressed last summer.

Btw both of these internships were in DC and I am doing housing at the same place this year, so it won’t be that new.

So I totally bombed this interview I had. I stuttered a bunch, and kept losing track of what I was saying. I only applied to 10 internships this cycle, so I felt hopeless because that was the only interview I got.

So while I was wallowing, I got an email that I was signed up for an REU that I never applied to. Come to find out, my professor signed me up for it, and he will be my PI. I will be paid $10k, and I am eternally grateful for this opportunity.

I was truly feeling hopeless because I am a rising junior, and I don't have many ECs. So this opportunity is really fun. Last year I had a 5 week internship, but I went home after 2 weeks because I was really homesick. This internship is 10 weeks so I’m worried I won’t be able to last the entire duration. It was fine last time because I could do the work remotely, but this time I will be in a lab… I’m so worried I won’t be able to go through with this! Any advice?

So I am a rising junior and I really enjoy my current institution. It is in DC, and I love DC. I am also doing research with a professor I really like. However, it is EXPENSIVE, and the stem department at this school is pretty abysmal. My mom is paying for all of my undergrad, and she said not to worry about money, but I just feel so so so bad. Because of this, I applied to transfer to Rutgers. I am a NJ resident and Rutgers has a better STEM program. The cons are that I will have to start from scratch, and I’m bad with dealing with change. Also, a lot of people from my has go there and I was bullied a lot in highschool. ANOTHER thing is that NB isn’t as pretty in comparison to DC, and my mom will no longer qualify for the college student discount on her car insurance because I won’t be 200 miles away from home anymore.

I need advice PLEASE. I have had nightmares about this several times, and it is just really, really stressful. Rutgers was my dream school in highschol, but I got rejected. I thought I would instantly commit to Rutgers once being accepted as a transfer, but that is not the case…

So I am a rising junior and I really enjoy my current institution. It is in DC, and I love DC. I am also doing research with a professor I really like. However, it is EXPENSIVE, and the stem department at this school is pretty abysmal. My mom is paying for all of my undergrad, and she said not to worry about money, but I just feel so so so bad. Because of this, I applied to transfer to Rutgers. I am a NJ resident and Rutgers has a better STEM program. The cons are that I will have to start from scratch, and I’m bad with dealing with change. Also, a lot of people from my has go there and I was bullied a lot in highschool. ANOTHER thing is that NB isn’t as pretty in comparison to DC, and my mom will no longer qualify for the college student discount on her car insurance because I won’t be 200 miles away from home anymore.

I need advice PLEASE. I have had nightmares about this several times, and it is just really, really stressful. Rutgers was my dream school in highschol, but I got rejected. I thought I would instantly commit to Rutgers once being accepted as a transfer, but that is not the case…

So this summer I had no plans until last week, where I was suddenly added to an REU. I have never heard of REUs prior to this. It will be for 10 weeks and I will be paid $10000. I have never worked in a lab that wasnt for a class, so I want to know what to expect. Is it going to be hard? I have coding knowledge, which I think i will be expected to apply.

This came out of nowhere and I am kind of confused so any advice is appreciated