When you're young and just starting out, it would be wise to set up automatic deductions from your paycheck. Besides contributing to your 401(k), many payroll departments will allow you to channel money from your paycheck to other accounts, including savings accounts.

So why would you want to do that you may ask? For one, you would be automatically saving. And because you don't actually have the money in your hands, you insure that it will go toward savings and not something else. Then, when you really need the money, it's there. It will help get you in the habit of automatically saving and pretty soon you won't even miss the money from your paycheck. Hopefully you'll completely forget about that savings account until you really need it.

Check with your payroll department to see if you can set this up.