Life or dream basket is allotted for the things you want to have. If you're eyeing for that trip or new gadget, you can start saving up for it even before you want it. Ideally this would be 3 - 5% of your after tax income.
Retirement. As much as we want to, we're not going to be forever young. And when companies won't take you anymore or when your trust fund runs out, what happens next? Why not save 10% of your after tax income as soon as you start working?
Emergency Funds. Obviously, not everything is covered by your HMO that is if you even have one. Ideally this should be 3 - 24 months worth of salary.
If you're not comfortable setting up them up yet, start with one and see how it goes. Saving takes a lot of sacrifice and discipline. Poverty is never an option
And never dip into these basic funds.