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 ? - Seedly

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Asked by Anonymous

Updated on 18 Apr 2019

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 ?

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Zann Chua
Zann Chua,
Level 6. Master
Answered on 26 Mar 2019

Hello!

I think the fastest way to grow your savings would be to do some part-time work. However, being a uni student myself i get that it may not be easy to juggle with school work and working part time. So if you are looking at other forms of growing your savings then i think investing would be a way for you to grow your savings.

A choice of investment would be to invest in ETFs monthly which can be done through a regular savings plan. Such investments do not cost much. If i am not wrong, the minimum is $100 a month. Such investments would help to grow your savings in the long run. But of course if you can afford the time to do some part time work that would be the optimal to help to grow your savings!

Hope this helps and all the best!

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Start side hustles buddy. There's a ton of stuff people are willing to pay for. Either for expertise or convenience.

Find out the things you can do that you're either good at, or something someone else doesn't want to do, but you'll do for a quick buck.

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