Jobs, Money and Personal Finances Houghton College Transition Orientation Program

On Campus Employment Employers – Sodexo, custodial, others working_at_houghton.htm working_at_houghton.htm A few things specific to internationals (we’ll go over these in detail on Friday)

U.S. Dollars & Cents Yes a 10 cent coin is smaller than the 5 cent coin – and yes, we all agree that it’s silly. Unlike many other countries, coins are not very valuable in the U.S. and are rarely carried around to pay for things.

Banking Checking vs. Savings Account Writing checks (don’t “bounce” them) Opening an account – need SS# ATM’s Debit Card Paychecks & Direct Deposit

How to write a check

Credit Cards How it works You buy stuff by swiping your card → which adds that $ to your credit card balance. → The credit card company sends you a bill at the end of the month → and you either pay the bill in full or you pay only part or none of the bill, in which case your balance “earns” interest → meaning you must pay extra money next month as a penalty. Pro’s & Con’s

Tips for Saving Money Buy books online or used (the campus store often sells used versions of textbooks) Don’t go out to eat Shop at thrift stores Don’t get a credit card Become familiar with what stuff should cost and with your exchange rates Pay bills on time to avoid late fees!!

Budgeting Basics 1.Start with your income – how much do you have? 2.Make a list of spending categories a)Food b)Etc. 3.Put amounts into categories

Taxes Sales Tax Income Tax

Tipping If someone brings food to you, you are expected to tip 10% is a bad tip 15% is standard 20% is a good tip

Identity Theft Someone steals important information about who you are and starts buying stuff, doing things, or creating an identity as if they were you. How to protect yourself? – Guard your SS# and your credit and debit card #’s – Only order online using secure (encrypted) and trusted websites – Don’t open attachments from unknown senders – Beware of “phishing” s Banks or credit cards that you don’t have Banks or credit cards asking you to “confirm” or “re-enter” something Offers that are too good to be true – When in doubt ask someone