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Have you always wanted to take a tour of Costa Rica, visit Paris or buy a home? Whatever it is you've always wanted to do could be your medium-term goal. Once you have an emergency fund. begin saving money to fulfill that goal. Maybe you won’t achieve it next year or even the year after but when you have a goal like this you'll be able to see every month that you're coming closer and closer to realizing it.
What's your long-term goal?
If you want to retire at a decent age it's important to get your retirement fund going, which might be your long-term goal. If your company has a 401(k)plan that's a great place to start – especially if it provides matching funds. You should try to contribute the maximum amount and when your employer matches your contributions that are basically free money. You should be able to have your deductions automatically taken out of your paycheck, which makes things simple and the money you then don't see is money you won't miss.
If you're self-employed or if your employer does not offer a 401(k) plan you should start an IRA. If you choose a standard IRA your contributions are called pre-tax income because they won’t be taxed. However, you will have to pay taxes on the money when you begin withdrawing it but that will be many years in the future.
An alternative to this would be to open a Roth IRA. This is the reverse of a standard IRA in that the money you contribute to it will be taxed but then tax-free when you withdraw it. There are pros and cons to both these plans and it's important to understand what they are. Discount brokerages such as Charles Schwab are good places to start an IRA and you should be able to get some good advice as to which type would be best for you. Whichever plan you choose try to set up a monthly draft payment system. This would be similar to a 401(k) as your contributions would be automatically taken out of your paycheck and deposited in your brokerage account.