Articles & Tools

Financial conduct on the way to a degree

Things to do to save on expenses while studying

The students’ financial lives are not simple. Free time for work is limited and almost impossible during exam periods, tuition costs are high, and they are compounded by the cost of housing, travel and expenses for many pastimes that characterize the period of student life.

The survey data recently conducted by the National Union of Students illustrate the difficulty students face in managing financially while studying: 91% of students receive assistance of at least NIS 2,000 a year from their parents, and 20% of students are forced to take out loans during their studies in amounts that reach tens of thousands of shekels. 35% of students continue to live with their parents.

Here are tips to follow in order to get through the school years in a good financial situation.

Rights that save money

  • Student Arnona Discount – Those with low incomes are entitled to a Arnona discount of up to 80%!
  • Total National Insurance contributions and health insurance contributions per student are NIS 126 per month. If you are charged a different amount, it is possible that your definition as a student did not pass properly from the National Insurance Institute and therefore you are charged a higher amount. Arrange the definition in the National Insurance Institute by presenting a student card.
  • Travel – a student profile at Rav-Kav significantly reduces travel costs.
  • Student card holders have a variety of discounts such as: tickets to shows, entrance to sites, etc. Before each purchase, check whether you are eligible for a discount.
  • A student bank account will usually not be charged current account fees and will receive preferential terms at the bank. Did you have an account before? Check that it’s set up as a student account so you can take advantage of the benefits.
  • Those serving in the reserves – are entitled to recognition in the reserves as degree credits and are also entitled to benefits in the student union such as photographs, free study marathons and more.
  • Graduates of a degree – are entitled to income tax credit points upon graduation, upon presentation of a certificate of eligibility for a degree or certificate. Form

For details of all studentrights on the All Rights portal

Cost savings

  • Reduce housing costs – the most significant expenditure in the budget (according to the Student Union survey, the average monthly cost of housing is 1,273 per student). We examined low-cost housing solutions: living in student dormitories, housing solutions with senior citizens in a project such as Kan Grimm, consider staying with their parents a little longer if it suits them, join partner apartments or shared housing solutions and move away from high-demand areas where rental prices are usually higher.
  • Buying and maintaining a car are expenses that put a lot of strain on a student’s pocket. So the convenience is really maximum when you have your car, but is it worth thousands of shekels a month? Student Rav Kav and bicycles can be a much better and cheaper alternative.
  • Pay attention to the small expenses that add up to a lot of money, for example, buying coffee and food regularly on campus can reach about NIS 1,000 a month. It is recommended to bring food from home and buy discounted coffee at the association’s stations.
  • Prepare for large expenses in advance. Put money aside for the wedding season – during school your friends will probably get married and if you plan to travel abroad in the summer, save monthly for this purpose.

Increase income

  • Find flexible jobs that allow you to work more intensively during free periods and work more relaxed during busy periods.
  • In the advanced years of your degree, it is highly recommended to try to integrate into student work in your field of study in order to gain relevant experience and facilitate entry into the labor market upon completion of your degree.
  • Ask about scholarships, the options are many – by country of origin, place of residence, academic excellence, volunteering and research. A good place to start looking for a scholarship is here.

Loans

  • If there is no choice and you are forced to take out a loan during your degree, it is important to compare offers between the different banks, ask for special conditions for students and take out a loan with a monthly repayment that you can meet.

עיצוב ללא שם (12)

Elevating the Professionalism of Paamonim’s Support System

Over the past year, Paamonim’s support system, providing mentorship and guidance, has seen substantial enhancements. Previously, our family support services…
עיצוב ללא שם (13)

Read about Liraz and Avi’s experience with Paamonim

Liraz and Avi, a couple residing in central Israel, have been happily married for five years. They have two young…
ad0a8c0a908f0462362b0aaee0a807c8

“After the holidays”- Everything takes on a fresh start

We’ve all heard the familiar saying “after the holidays”, often used in Israel as the most common excuse for procrastination.…
עיצוב ללא שם (5)

Paamonim’s latest Activities

Latest updates: Paamonim’s Financial College Paamonim’s College for Financial Education is committed to providing inclusive financial education to a wider…
Skip to content