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While I am generally opposed to credit cards on the grounds that it is far too easy to buy things that you cannot pay for, I would recommend getting at least one MC/Visa card separate from your debit card. The reason is that while you are in college, it will be far easier to get a good card and build up a credit history. By "good card", I mean one with no fees (do not pay for the privilege to make them money, if you can avoid it) and a reasonably low interest rate. After you graduate, it may be more difficult to qualify for a card/mortgage/car loan if you have no credit history.
That being said, if you get a card, use it sparingly and always pay the balance in full. This bears repeating.....always pay the balance in full. If you cannot, you are buying things that you cannot afford and are going to be paying ridiculous interest (even with the "low rate" cards). Use your debit card or checks whenever possible to be sure you are living within your means. Credit debt is a slippery slope. Once you fall down it, it is damned difficult to get back out of it.
As for savings, I'm all for it. If you can put away 10% (as long as you are not carrying any credit card debt), do it. You will be happy you did. As for places to put it, keep it simple and cheap. Don't try to become a millionaire overnight in the stock market. If you can beat inflation until you get a bigger nest egg and more experience, you will be well ahead of the game.
Check out the "Ask the Broker" thread in the Advice forum for more specific information.
P.S. -- I didn't mean to sound preachy, but credit card debt just scares the hell out of me. You are smart to be thinking about money matters early on.......good luck.
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