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Tips for Students for the Beginning of the Academic Year

As students starting classes this week, you will have to deal with financial challenges and be careful managing your money during the academic year, whether in a roommate’s apartment or dormitory, paying for housing, food, tuition and related expenses for studies and entertainment.

Here are some golden rules that may ease your financial situation on the way to a degree:

Low wages are better than no wages

Don’t be too picky when choosing a job: Remember that every job respects its owner and that alongside the low salary you may earn, the workplace saves you the monthly social security payment and includes maintaining the continuity of retirement savings. Have you found a workplace that also provides meals? You’ve earned even more. Save the pickiness for the full-time job after graduation.


Do a thorough investigation into which scholarships offered may be right for you. Don’t assume you’re not eligible for any scholarship. Many entities offer scholarships whose eligibility conditions are flexible and may suit you, with many scholarships providing added value besides the scholarship itself – such as various benefits, personal satisfaction and an addition to your resume of social involvement, which will look good on your resume after graduation.

Save your savings

Did you work and save before you started your studies? It is recommended not to use savings for ongoing living needs. Save the money for the future, for a vacation or assistance with a soft landing at the end of your degree.

Conduct in a shared apartment

Don’t be shy about coordinating expectations and finding out with partners how they conduct themselves in terms of shared purchases, paying bills and related payments. Find out in advance if you’re expected to participate in additional payments, such as regular purchases of consumer and cleaning products used by all partners.

When moving, make sure to reset accounts

Make sure with the roommates and landlord that the partner you’re replacing has settled all their debts. Write down the water and electricity meter when entering the apartment, and when the next bills arrive, make sure that you will not be required to pay for a period prior to your period of residence. Remember that even if it turns out that the previous tenant has an unsettled debt, it is not your responsibility and obligation to take care of this and cover the debt.

Payment to Social Security

Students must pay social security contributions. Registration as students is done by the academic institution and the amount of the Tela and health insurance contributions for students is NIS 130 per month. Those who work in parallel with their studies, the employer will pay for you. Keep in mind that if you’re traveling abroad for a period of time, you still have to keep paying.

Discounts and benefits

Always check whether you are eligible for benefits or discounts on municipal taxes, marriage registration, payment for daycare centers and daycare centers (if you are a parent) and more.

Those who have completed a bachelor’s degree are entitled to one credit point, for one year in the tax year following or in the year following their graduation. The value of the credit point is NIS 2,676 per year. In professions that require specialization, you can choose whether to take advantage of the benefit in the tax year following the completion of the degree or in the tax year following the completion of the internship, in accordance with the conditions published on the Income Tax website.

Paamonim invites all students to register for a course in wise economic conduct online or digitally, in order to receive the tools for managing a personal budget, knowledge in the fields of pensions, salary slips, rights or investments.

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