5 Tips for Correct Financial Conduct During Studies

Beware! A loan!

During a financially stressed period, you should think carefully before taking out a loan or going into overdraft. It is not advisable to take loans for passing purposes (such as a trip, vacation, event, exceptional expense). If you have decided to take out a loan anyway, you should examine the proposed interest rates and perform a “market survey” to get the best terms.

Exemption from fees

Paying bank fees? It is usually possible to obtain full or partial exemption from bank fees upon presentation of a student card. Go to your nearest bank branch and make sure you receive the exemption you deserve.

You have rights also at work!

Even a part-time job of a few hours a month should comply with the labor laws! Labor laws exist to protect you and help you as employees. Pay slip, minimum wage, paid vacation, overtime pay and more – these are your rights. Know them and make sure you get what you deserve!

Living with roommates?

Managing the household’s shared expenses can be tricky and frustrating. Invest one evening in organizing and making lists of joint expenses and determine in advance how these will be divided between the roommates and how the payment will be made.

Note that some expenses must be calculated for two months rather than one (such as electricity, water, gas, municipal taxes). In many cases, you can ask to split the bill into monthly billing to facilitate ongoing operations. Proper planning of expenses in a shared apartment can help you manage the expenses and prevent frustration later.

Withdrawing cash? Only in the bank ATM

Please note that ATMs that are not linked to the bank charge a high withdrawal fee for each withdrawal (between NIS 5 and 11). Try to avoid using them. Plan in advance the amount of withdrawal so as not to make small and multiple withdrawals, which will cost you extra money!

Written by Adi Landau, CFO of Lamerhav, advises to individuals and facilitates financial education workshops. Adi advises and hosts meetings and online chat groups for Lamerhav’s young adults on various issues: living with a budget, debts, employee rights, credit, savings, etc. The various meetings focus on providing information, training and tools to help young adults cope with the economic challenges they face.

The economic mentoring model in Lamerhav is an innovative model that provides financial management tools that advance the lives of young adults without a family support network and allows them to plan their future in an optimal way.