In VS there's a Settings page in project properties, this is the best place for application settings, they are also loaded and saved automatically. When you add a setting set it as scope User for settings users can change, scope Application for readonly settings common for all users. You can bind a setting to a control, for example to Text property of a TextBox and it will automatically get/set the value to settings cache. It is also possible to create a setting directly from a control binding, ie in Properties window select (ApplicationSettings) > (PropertyBinding) and for example select a new setting for Text property (just give the setting a name). No code is necessary for any of this, but if you for some reason need to access a setting in code use the My.Settings object, each setting has a strongly typed property. For this reason you can also use a PropertyGrid control in a form to display all setting by assigning My.Settings object to the grids SelectedObject property, the view is exactly the same like when you edit properties of a control in VS, all user settings can be edited by user directly. This may be sufficient for some, and really convenient to develop, but often one have a more extensive UI setting layout (and perhaps settings that is not displayed), so binding each setting to a specific UI control is probably more common. By the way, the underlying storage for these settings is a xml file, but that is really transparent for all usage.
MSDN/help has many articles about this if you need additional info, though if you look around and try the things I mentioned this is really intuitive and easy to set up.