Set a savings target every year. Once you hit the targetted amount and have excess(eg aim to save 10k but have 15k savings within a year,),you can use the excess amount(5k) for guilt free spending. But let me warn you in advance. Once you are thrifty it is very hard to break the habit 😂😂😂
Park your money in a high interest account first.(multiplier,cimb) Since you are new it is better to read up on investing. Then decide if you want to stock pick or just buy etfs or bonds. You will also need to know how much risk you are willing to take to invest. No point being eager to invest but when the market drops abit the next day you panic and sell everything.
Based on your question,i suggest you to read more about index investing first to get a better understanding. Once you have a better understanding on how the stock market works then you can start investing. Else just keep on saving and treat that 5k as your emergency fund if you currently do not have one.