For optimum storage, you should try to use the most precise type
in all cases. For example, if an integer column is used for values
in the range from 1 to
99999, MEDIUMINT UNSIGNED is
the best type. Of the types that represent all the required
values, this type uses the least amount of storage.
Tables created in MySQL 5.0.3 and above use a new storage format
for DECIMAL columns. All basic calculations
(+, -, *,
and /) with DECIMAL columns
are done with precision of 65 decimal (base 10) digits. See
Section 10.1.1, “Overview of Numeric Types”.
Prior to MySQL 5.0.3, calculations on DECIMAL
values are performed using double-precision operations. If
accuracy is not too important or if speed is the highest priority,
the DOUBLE type may be good enough. For high
precision, you can always convert to a fixed-point type stored in
a BIGINT. This allows you to do all
calculations with 64-bit integers and then convert results back to
floating-point values as necessary.
PROCEDURE ANALYSE can be used to obtain
suggestions for optimal column data types. For more information,
see Section 28.3.1, “PROCEDURE ANALYSE”.

User Comments
Instead of
"For the most efficient use of storage, try to use the MOST precise type in all cases."
I think it should be
"For the most efficient use of storage, try to use the LEAST precise type THAT WILL ACCOMMODATE ALL POSSIBLE VALUES in all cases."
(EMPHASIS made just to highlight the difference.)
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