Rule Number 1 for Saving

The rule number 1 for savings is:
SAVE 10% OF WHAT YOU EARN!!!

It doesn't matter how much you earn. The most basic discipline is that, we must save at least 10% regardless of what happen. Put this 10% in a SEPARATE bank account and never ever touch this bank account (and the money) for any form of expenditure. This form of savings allows you to accumulate your money successfully. And don't forget, you receive interests from the banks.

Let's say, "You earn $1,000.00 every month".
By saving 10%, you will have a savings of $100.00 every month.
In a year, you save $1,200.00.
This is actually a snowball effect. It may seems small and meaningless to save such a small amount (e.g. $5, $10, $50, $100) each time, but remember, you are not suppose to touch this small amount once saved. This will grow and grow and grow and in no time, you have a bigger than expected sum of money. This takes a lot of self discipline.
*Please note that I do not take into account of interests receive from the banks. You will get much more than what I calculated*

Question: How much should I save until?
Answer: Some people save their money to go on a holiday at year end. Some save so that they can buy a PS3, PSP, Wii, Xbox 360 at a certain period of time. It's up to you. But I recommend that you should save for at least a year or two. But I do not recommend using the money for a holiday or for purchasing luxury items.
For me, I saved this 10% monthly, just for the purpose of saving for a rainy day. Who knows, I might need to buy something important one day, and I need not worry about having no money to buy.

REMEMBER: RULE NUMBER 1 (SAVE 10% OF WHAT YOU EARN)