1. Financial Fitne$$ for International Students
Presented by RIT Financial Wellness &

2. Learning Objectives – Participants Will Understand the Following:
The difference between a bank and a credit union
Options for paying your bills
How to correctly write out a check
How to create a savings plan
Sending and receiving money in the United States and overseas
Things to know before getting a credit card and ways to establish credit
Ways to avoid scams and prevent identity theft
RIT resources to assist with your financial wellness

3. Choosing a Bank or Credit Union
Storing money at a bank or credit union is safer than handling cash
Checking accounts are for paying bills
Savings accounts are for setting aside money for emergencies and goals
Look for a bank with convenient hours, locations, and ATMs along with low minimum balances and fees

4. Using a Checking Account
Record all spending: checks, ATM and bank withdrawals, debit transactions
Subtract these amounts from the amount in the checking account
Keep track of spending to prevent bounced checks and nonsufficient funds fees

5. Best Practices When Writing a Check
Check your balance before writing a check
Record the transaction and update balance
Write check legibly with a pen
Print the correct date - do not post-date
Verify the number and written words match
Write VOID and destroy the check if it is wrong
Don’t sign blank checks
Use restrictive endorsements such as “For Deposit Only” when appropriate

7. Ways to Pay Your Bills Checks
Automatic or direct debit can only be used for transfers in the United States
Money order
Online bill payment
Credit card
Some businesses charge a fee
RIT % for payments with credit or debit card but NO FEES with Echeck
Money Apps (Paypal, Venmo, Cash)
*know which have fees and which are FREE
Cash

8. Understanding Credit Credit is your ability to borrow money
A credit score is a report card on payment history, credit usage, and more
Credit scores are between 350 and 850—higher scores are better
Free isn’t always “free” – Credit Karma, FreeCreditReport.com
Check credit reports once a year:

9. Using Credit
Using credit means borrowing money to buy goods or services
Credit may involve paying interest charges
Store cards often have the highest interest rates
Compare rates and card perks (Bankrate.com)
Good uses of credit contribute to the future, including borrowing for education
Avoid impulse buying by asking yourself:
“Would I take out a loan for this?”

10. Using Credit for the First Time
May be necessary to have a parent or friend with a strong credit history co-sign for you
Without someone to co-sign, you may need to begin with a SECURED CREDIT CARD or a secured personal loan
Higher interest rates and fees
Types of credit are:
Revolving credit: Typical credit cards
Charge/Store cards: Must pay total balance each month
Service Credit: Agreements with service providers and installment credit

11. Minimizing Fees to Spend Your Money
Research the fees on financial products to save money:
Phone cards
Prepaid cards
Money wiring services
See Consumer.gov for details

12. Sending Money Overseas
Remittance transfers are also known as international money transfers or wire transfers
Remittance transfer is an electronic transfer of funds by a consumer to friends, family and businesses
A wire transfer is a fast way to move money electronically from one person to another using banks or nonbank providers such as Western Union or TransferWise
Cost and delivery time vary for each

13. Wire Transfer Basics Two main types: Domestic and International
Wire transfers are secure and can’t be cancelled once they’re sent
*exception – cancelled within 30 minutes and hasn’t been picked up or deposited yet
To wire money you will need to provide:
information about the recipient’s bank account
use a special form provided by your bank
for incoming wires, ask your bank for their form or instructions
Always get a copy of your confirmation receipt of the wire

14. Figuring Out Where Your Money Goes
Prioritize spending by analyzing where money goes:
Record every penny spent in a spending diary for a week
Review needs vs. wants
Look for “spending leaks”— small amounts that add up over time

16. Creating a Spending Plan
The key to following a spending plan is making it realistic and accurate.
Step 1: Identify Income Sources
Step 2: List Expenses
Step 3: Compare Income and Expenses
Step 4: Change Habits
Update the spending plan as necessary

17. Starting a Savings Habit
Save money for emergencies and goals
List saving as an expense on the spending plan
Put bonuses, tax refunds, gifts and inheritances in savings
Developing a habit is more important than the actual amount saved

19. Dealing with Identity Theft
Identity theft is expensive, time consuming, and stressful
Protect personal papers and online accounts
Review bills, statements, and credit reports
Report identity theft immediately:
Request a fraud alert
Create an Identity Theft Report at

20. 143 million consumers’ sensitive personal information was exposed in a data breach
Hackers accessed people’s names, Social Security numbers, birth dates, addresses and, in some instances, driver’s license numbers and credit card numbers
Action steps:
Find out if your information was exposed here
U.S. consumers can get a year of free credit monitoring and other services. You have until November 21, 2017 to enroll
Check your credit reports from Equifax, Experian, *read the fine print
and TransUnion — for free — by visiting annualcreditreport.com.
Consider placing a credit freeze on your files. A credit freeze makes it harder for someone to open a new account in your name. Keep in mind that a credit freeze won’t prevent a thief from making charges to your existing accounts.
Monitor your existing credit card and bank accounts closely for charges you don’t recognize.
If you decide against a credit freeze, consider placing a fraud alert on your files. A fraud alert warns creditors that you may be an identity theft victim and that they should verify that anyone seeking credit in your name really is you.
File your taxes early — as soon as you have the tax information you need, before a scammer can. Tax identity theft happens when someone uses your Social Security number to get a tax refund or a job. Respond right away to letters from the IRS.

21. Cyber Crime
Phishing is when internet fraudsters impersonate a business in an attempt to trick you into giving out your personal information
Smishing is a combination of “SMS” and phishing. It uses cell phone text messages or SMS (Short Message Service) to deliver a message in order to get you to divulge your personal and financial information.
Vishing is a combination of “voice” and phishing. Don’t use contact information provided in the suspicious message.

22. Tips for dealing with Robocalls
Don’t answer. Ignore the call. Block number
Block automatically or manually. Enter your phone number in the FTC’s free “Do Not Call Registry”. Use your cell phone blocking application (Hiya for iPhones & Should I Answer? for Android phones)
Play hard to get. Avoid saying “Yes” if you answer the call.
Doubt freely. Be wary of callers who promise free things.
Never give out personal or private information.

23. Skipping the Scams
Con artists target students with Internet phishing, job and money wiring scams, and scholarship search services
You should never have to pay money to get money
If something sounds too good to be true, it probably is
Government imposter scams-”You’ve Won a Lottery” or Sweepstakes. You owe a fake debt.
Tax fraud-use your information to file a fraudulent tax return

24. Ways to Protect Yourself from Cyber Crime
Use a firewall to protect your computer
Encrypt your home Wi-Fi network
Create strong passwords and change them regularly
Download with caution
Keep your computer current by updating antivirus software, antispyware, operating system, and system patches
When not using your computer, turn it off
Don’t give control of your computer to an unauthorized third party

25. Avoiding Money Traps
Advertisers target students with legal but costly financial products:
Payday loans and cash advances
Pawnshops and car title loans
Rent-to-own stores
Save money by avoiding these products
See Consumer.gov for details

26. RIT Resources Facebook page Tax preparation assistance RIT FoodShare
New website

27. Resources Consumer.gov: www.consumer.gov
Federal Trade Commission:
National Endowment for Financial Education (NEFE):
Federal Student Aid:
World Education:

28. Questions?