Finding an internship can be hard enough, but with today’s economy, finding a paid internship in some fields is borderline impossible. Without a salary during the internship, it’s important to learn how to save.

Here are some ideas to trim costs and keep more money in that wallet, however slim it may be.

Find Cheap Housing and Food

An intern's cost of living will vary from place to place, but securing a cheap sublease or finding a family member and friend with an extra place to stay can limit rental costs for the duration of the internship. Better yet, an internship close to home can ultimately eliminate rent and utility costs.

Some interns can take advantage of housing at local universities, which also sometimes offer meal plans or cafeterias with less-expensive food options.

If a meal plan isn't an option, get to know the surrounding area. Find nearby dives and delis for cheap food -- and don't rule out a trip to the grocery store in order to avoid the higher cost of dining out.

Don't Waste Money on Utilities

Interns can avoid high-cost utility bills by conserving energy in their apartment or dorm room. Turning off unused lights, avoiding excess water use and unplugging household items can help reduce bills. Depending on the season, turn down the heat, or set the air conditioner to start running at 78 or 80 degrees. An air conditioner can be set to stay off during the day, when you're not around anyway.

Set a Budget

A budget can never hurt.

“See how much you have, and plan out what your expenses will be,” said Erin Baehr, CFP, EA, of Baehr Family Financial, LLC. “Find fun and inexpensive things to do with your friends. Practice now for when you’re out in the ‘real world’ and have responsibilities.” 

Housing and food aren't the only expenses, of course. Most interns want to have some fun, too. While concerts or sporting events might be on the expensive side, most cities have alternative options -- check the city’s Web site, as well as local papers, blogs and more to find listings of free concerts, local festivals and other entertaining events.

Find a Way to Earn Some Income

There are also ways for interns to increase income without a paid internship.

In some cases, companies will allow interns to opt for a part-time internship, which provides ample time to pick up a part-time job. Submitting an application at a local retailer, restaurant or freelance office could provide an outlet to make a little money while still getting the experience needed for a great job later on. Especially if the internship is full-time, though, make sure the employer is OK with the part-time job; some may not approve.

“There is an alternative to career-related internships,” said Jeffrey G. Cribbs, President and Co-Founder of Chicago Wealth Management, Inc. “There are service opportunities providing subsistence support, such as AmeriCorps or ones sponsored by religious organizations.  Serving others, while learning to live on your own with minimal resources, is an attractive option and one which certainly adds character and employable skills.”

Interns can also search the company’s Web site for current job opportunities, and if applicable, submit an application for review. Getting a flexible job at the same company can double the learning experience, while generating income.

Build a Foundation for Long-Term Savings

Lastly, there are ways for interns to enhance their income, while learning more about investing, saving and building interest.

“They also have the chance to start investing and buy equities at prices that they may not see again in their lifetimes. They should ask their parents if they will match any funds that you put into a Roth IRA,” said J. Mark Joseph of Sentinel Wealth Management.

“Better yet, they should see if their parents will put one dollar into a Roth IRA for every dollar of their summer intern earnings that they have in a bank account at the end of the summer. Parents get to teach their children the benefit of being disciplined and there is a tangible reward for that discipline.”

Keep the Focus on Career

Regardless of whether the internship is paid or unpaid, the learning experience has potential to advance skills and provide for a better future job opportunity.

“Keep your eye on the prize, so to speak, and try not to be discouraged by the lack of pay,” said Baehr.  “Learn all that you can and be known as the summer intern who was eager to work and learn.  Make yourself valuable to the company you’re working for.”