I am currently 20, in my first year or university with about 5k in savings, and currently not engaging in any part-time work. Any advice on how to grow my savings ?

Hello!

I think the first step would be to set up high-yield bank accounts. You could take a look at the few listed below:

-RHB (1.05%pa)

-Standchart Jumpstart (1%pa, if you are 26 years old and below)

-Singlife (2.5%pa. do note that this is actually an insurance savings plan)

After doing so, you should track your monthly expenses to ensure you do not spend more than you have allocated for and follow it as best as you can and to always save a portion of whatever allowance/income you have!

Hello! I'm also a univerisity student and sometimes it might be tough to juggle both school, part-time work and social life.

The fastest way to grow your savings now, will be to trade time for money through part-time work and aim for higher paying per hourly rates to maximise your earnings. Secondly, set up a budget and find out what is reducing your savings (e.g. social drinking/expensive meals), Once you know where your money is going, you can reduce these outlets or cut them off completely and your savings will not deplete as quickly. Lastly would be to find a savings account that gives you high interest for your savings to let it grow.