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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Anonymous

Asked on 26 Mar 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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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!

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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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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.

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j
j, Accountancy at SMU
Level 4. Prodigy
Answered on 03 Aug 2020

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!

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Hazwan
Hazwan
Level 2. Rookie
Answered on 23 Jul 2019

Boy, you're still young

Go for courses that shape your mindset, followed by public relations/communication, then valuable skills such as stock trading/investments and sales/business, if that interests you in the future.

Use your multiple gahmen bonuses (don't be stingy) to buy books and online courses that gives you skills that can serve you well after 30s or 40s. Don't rest or be comfy. Be restless and keep learning and applying what you learnt.

When you think you are oredi champion, then you're screwed!

Invest in your health too. So that when you are rich in the future especially if you follow my advices, you can enjoy the fruits of your labour while you're in the pink of health

Dun give excuses or ask too many questions. Seek knowledge thru coaching and mentorships and apply to gain experience. Gain feedback and improve. Rinse and repeat, until cow come home.

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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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