I've always liked the idea of pay yourself first. There is no future if you don't plan for it. Economics is somehting I am really interested in and it baffles me how much of the worlds population is in debt. Whether this is due to the education system not preparing students properly for the real world or the medias fault for deceiving the public, or the publics fault for being obsessed with consumerism.
10% is too static for me, I think it should be case by case, but ALWAYS put aside something each time you are paid.

On top of that, always pay down your credit card before you do anything else as it is likely the highest interest rate and you will save more money buying paying it down than you will earn by putting money in the bank.

Great topic Drago