<prompt> Human: I feel like this has been posted before in fact I remember reading it, but I just cannot find the thread currently. Anyways, I just received my offer letter for a finance firm for a summer internship. The compensation package they are offering is in my opinion almost absurd and vastly beyond anything else Ive ever been compensated for. I mean as a summer intern Im making more than my father is. Company is providing housing and meals on business days. So needless to be said, my overall living expenses will be incredibly low. How do I best prepare for this surge in income, without going about and spending lavishly? Id like to use a lot of this money to pay my seniour year tuition for school, but of course want to make sure at the end of summer I do have that money to do so.  <response>: If the company allows it, have your direct deposit split up. The amount you need some spendingfun money into your regular checking account. Then, have the rest put into a savings account like Capital One 360 or Barclays. The nice thing about Capital One 360 is you can have multiple savings accounts and have it automatically split your money. So, start building an emergency fund, an interviewwork clothes fund, a vacation fund, a tuition fund or whatever else you want.Proceed to pretend you dont even have that money until you need it. 