I look back on my younger self and I always think to myself, "if only I had saved a quarter, or even a tenth of what I had earned, I'd be in such a better financial situation right now." The good thing is that if you're in your 20's or 30's, now is the perfect time to start saving. Even if you are in your 40's or 50's, it's not too late to save. You really don't want to end up being in your 60's and 70's with no money in the bank to live off of. It's honestly a miserable existence.
My recommendation is to try and put a certain percentage of your savings into an untouchable savings account. 10% seems like a reasonable amount, but if you have any excess money floating around in your budget, I recommend saving that as well. You never know what might happen down the road. And even if you have an idea, you never know if you want to change your mind about what you want to do with your life. And when you figure that out, it'll be nice to have a little money in the bank to help you achieve your goals.
Super savers choose to put 20, 30, even 50% of their monthly budget into savings. Of course, this simply isn't possible for the most of us, but if you can, you should really strive to save as much as possible. I'm 23 right now, and even though I could've made a lot more mistakes (i.e. credit card debt), I still made some that I really regret. I gambled a lot of my student loan money away, and I used that loan money as excess money to eat out with, when really I could've been saving thousands if only I had been more frugal. Of course, that's what being young is for - to make and learn from your mistakes.
Remember - if it's not too late for you to start saving, then you're doing yourself a wonderful favor by starting right now. Tell yourself that the money you've saved is untouchable and you'll soon find that your Savings account will grow more rapidly than you think.
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