Savings is a necessity, regardless of your income, and while an emergency fund -- enough to cover six to eight months of your expenditures -- is the first goal, it's by no means the last. That means saving a portion of your income, no matter what it is. Specialized savings accounts -- Christmas clubs, college funds, or even just extra savings or money market accounts -- can help us condition ourselves toward saving as a natural part of the routine, which is essential.
The simplest solution is often the best, depending on your scale of income. For example, anyone with a checking account should have a linked savings account. Though various fees, minimum balances, transaction limits and the like can be associated with these starter accounts, those too can help teach the early lessons that will help us bridge to more complicated, high-yield savings solutions and products.
Of course, these are only beginner steps. The interest on a classic savings account is not usually too impressive, and a basic money market account isn't too much better. For greater yields, you're looking for investment products -- however, you must have a decent nest egg to get started there, which means saving using basic means and eliminating debt, before you can move on to investments, managed funds and the rest of your potential investments.