When I learnt knitting as a child, I only new one way for dealing with selvage stitches. No matter what I was making, I would always slip the first stitch of the row purlwise, and purl the least stitch. I now know many other ways, and can choose the best decided on the stitch pattern I’m using and what I am making.
I still use this combination a lot (partly, out of it habit). But I love the look of nice large chains on the sides of the knitting, and think this is the best way to treat visible edges (unless it is garter stitch, looks horrid with garter stitch).
So here’s a tiny basic video on what I mean when I say slip the stitch purlwise (as if to purl). It can be used also in the middle of the row – for example for left-slanting decrease “slip-knit-pass over”