I think we get the "how much to save" conversation all backwards.

If you really want to work for your whole life until you are 70 doing something that someone else wants you to do, by all means, save 10% and spend the rest.

If you want to achieve financial freedom while you are still young, and be free to live how you want to live, the question is not "How little can I get away with", but "how can I live on less and save more?"

The less you can live on, the less you need to save, so it compounds. Take a look at someone like http://www.mrmoneymustache.com/ who was able to 'retire' at a very early age by not buying in to the rat race of consumption.

D.