I think it's important to make sure you put enough away for a rainy day, but I think often times many people over do it (by saving too much or spending too much). Life isn't always about saving for the future, it's about living too. There's a fine line between living life and saving money like a miser. It's important to find this line while you're young. Save enough to feel secure, but live enough so you have little regret. Contribute to your retirement, whether it's a Roth IRA and/or 401(k), etc. Build up an emergency fund and only spend within your means. Save up for entertainment and then enjoy life. Just don't over do it with spending and don't use credit cards if you can't pay them off each month. It's really pretty simple; save enough to be happy and spend just enough to be happy. Here are some steps:
- Get a job, or two
- Build emergency fund, about $2000 to start. Put in high interest savings account and try not to touch it for anything but emergencies
- Contribute as much as you can to a 401(k) at work, at least 10% if possible
- Start a Roth IRA and contribute the max each year, refer here
- Save entertainment fund and use for fun
- Don't rely on credit cards
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