Picture file format?

i just got a digital camera, and am setting up the software. there is a list of picture file formats to choose from: jpeg, bmp,tiff, gif, and psd. what the heck do these mean, and which ones should i use????

bmp is a waste of space
gif, jpeg compress the image
tiff has good quality

use the one that opens in your photo-editing program, probably any of those

Theres different files to save it under. The usual is Jpeg so stick to that one.