How much should a student save?

Depends on what stage of your life. I'm in Uni now so I can only speak for my uni pals.

For University, understand your motivation for saving money. If it's to cultivate a good savings habit then good for you! One more step towards adulting!
But if you are like me who requires some extrinsic motivation to save more, I like to map out what my motivations are:
Overseas Exchange/Internships can cost a bomb (e.g. US: $15k+/sem, Uk:$13k/Sem). While it is a once-in-a-lifetime opportunity, you wouldn't want to take a loan to go for exchange, especially if you are already on student loan for your school fees.
Save as much as you can during University.
But to save, you need to know how much you are spending on a regular basis.

Golden Rule:
Calculate your monthly expenditure covering fixed costs like Food, Transport, Entertainment, Hobbies and Sports, Clothing and Personal Maintenance etc.

Track your expense for 2-3 months to get a feel of how much you are spending comfortably. Then work your way towards reducing your expenditure every month to suit your needs.

Budgeting is not meant to be torturous but merely an adjustment of your lifestyle habits.

Apart from budgeting, I use these techniques to reduce expenditure while maintaining my quality of life:

1) Guestlist and Happy Hour only when clubbing.
2) Minimise eat out options by opting for home-cooked meals. If not, use Entertainer or Eatigo for exclusive dining deals!
3) Save on course materials like books by opting for second hand options on Carousell or printed material in bookshops or ask seniors for soft copy versions!
4) Opt out from Contract-based phone subscription to sim only to enjoy cost savings (if you don't see a need to change a phone every 1/2 years)
5) Avoid Starbucks/Cafe Coffee or Tea and opt for coffee shop Tea/Coffee options. Cost savings of $2-4 each time!

Of course, apart from spending, you'll need income to maintain expenses and increase savings.

For increased income, it's up to your level of comfort. Some Universities take up Teaching Assistants for hourly rate of $10/hr. Some give tuition at much better rates of $25-$55/hr. Some attain most of their income from internship pay (bank internships have one of the highest payouts). It really depends on what your comfort level is and how much attention you'd want to put into your studies/social life.

If you are thinking of this now and asking for help on a Seedly Discussion Forum, congrats! I'm sure you'll work towards your savings goals eventually :)

Other than being a student myself, I don't think I'm qualified to answer this, so I'll just share some tips that I think is useful. Like Junus mentioned, I think it really depends on your financial position, and what some of your financial goals might be. For some, it could be saving up for their first BTO, it could be saving so that they can invest in the stock market etc.

For a start, maybe you can first start by coming up with a weekly budget? You can split your budget into how much are your "neccessities spending", and how much are your "luxury spending". I believe it's pretty important to set a cap to your spending if not it's pretty easy to spend without saving.

Do you track your expenses? Seedly has their own personal finance tracking app that you can use :) Personally, when I start to take note of my expenditure, then I start to realise how much I have been spending, and how much I can actually cut down. My own experience has taught me that tracking "mentally" or having a rough gauge is not accurate because my memory or biases often "trick" me into believing that I spend a lot less than I actually do (since I'm biased towards spending less)

It depends on you. When I was a student, I save a high % of my allowance while at the same time I took up part time jobs.

I definitely advocate planning for your future however, do not forget about the present. You only have 1 life, and life is more than just about accumulating wealth. You only live through your student life once, don't sacrifice it for the sake of wanting to accumulate wealth. You will have 35-40 years of your life to do that later.

As long as you spend appropriately that doesn't compromise your life as a student and save the rest, definitely save it.

A good goal would be to work backwards. Let's say you are taking a student loan which you need to repay in X years, how much of your allowance should go to it if you were to start now.

It really depends on your financial situation, and your goals!

When I was in University, I was determined not to take on a student loan, and had to pay for my own university fees myself. So I took it upon myself as a challenge of sorts to take side jobs to earn income to pay off my school fees, as well as cover my own personal expenses.

Needless to say, I saved as much as I can in that situation. It also thought me the lesson of thrift, because candidly when you are working hard to earn your own keep, you are not as likely to spend it as frivolously as compared to if the money was given to you.

That said, you can say that I pretty much did not have 'a life', because I pretty much was working at night and also an internship with flexible hours while studying full time. For the most part I dont regret it though, because the hardships then instilled in me values that make up who I am today, and I had goals then that I wanted to achieve!

So in essence, define your goals, then you would know how to save/spend accordingly.