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 ?

If you have little idea on what you should do, why not allocate some money to top up your CPF SA? That's a low hanging fruit of 4%, even though you have to wait decades before you get back your money

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.

One simple budgetting rule that you can use is to set aside a portion of ur allowance directly into ur savings account before it gets spent away with brunch, or online shopping!

But ultimately, aside from cutting expenses, the other end about growing your savings is to increase your income sources - be it through part-time, learning new skills to demand better paying job next time.

Perhaps you can start by leveraging on the "free" resources that comes along with your university degree or student perks. This includes paid surveys for school research, freebies of pen, paper or promos with welfare packages or even subsidy for courses (e.g. IMDA Citrep) and many more!