What format should i save photos from my digital camera as?

i have an average digital camera that will save pictures as jpg, but i read that everytime you save a jpg, it loses quality. should i bother converting it to another format so that it doesnt lose quality or does it matter since the pictures are already in jpg format? what format should i use? tif, gif, png? im gonna be saving it on my external harddrive, and probly editing a couple in photoshop, and ive been using adobe photoshop album starter to organize them and tag them.