Internship – Relocating

Step by Step Directions(if you are curious)

So the next thing after saying “YES” to an internship is figuring out how you will be getting there.  By now you should know how much money, if any, will the company give you to relocate.  Then figure out how they will give you that money.  You could be getting cash upfront, this is the best but rare.  Some will give you a lump sum on your first check.  I had a company that offered $5,000 for relocation, no questions asked on my first paycheck.  Other companies will reimburse some expenses or at certain levels.  I was fortunate enough that Cummins reimbursed us for the car rental, hotels, gas and $50 per day for food.  It worked out great for the family.  Total reimbursement was around $700, but that is not the whole story. [Update: Know that any money you receive, except for reimbursements, is subject to tax.]

The actual trip is only about a 1/3 of your relocation.  First you’ll probably put stuff in storage, and depending on the size you could be paying between $50-100, plus deposit.  You’ll also be eating out more than normal since you’ll be packing most of your kitchen.  Gas money will probably go up, since you’ll be doing many errands those last few days.  So the last few days could cost you about $1,000.  Yeah it adds up.  And then there is that new place.

So you have to set up your new pad.  As soon as you know where you will be moving start researching.  Check with other interns where they stayed and market conditions.  Some companies will set up with a place, that is ideal but check if what they offer is right for your family.  If they don’t offer a place, some offer to help with money.  Others have agreements that offer special rates, but the easiest way to find out what it’s offered is talking with past interns.  We found a place that was fully furnished and it’s almost like a hotel, it was suggested by an intern.  All 3 BYU MBA interns ended staying here.  But plan on paying for a deposit and then living without pay for the first 15-20 days.  The first few days you’ll also eat out more that usual as you start getting stuff ready in your new apartment.  New place could cost you something between $1,000-1,500 depending on the down payment.

So final bill: (1,000 + 700 + 1,000) – 700 = 2,000

Take into consideration that this was a move to the midwest, east cost or west cost could be totally different structure.

The Trip

Plan your trip so that is memorable.  We stopped at some places we had seen on TV, and it was a lot of fun.  Sometimes things don’t work out, but put your best foot forward.