For me a common practice is this:
If a variable is private I use an underscore like this:
(function(){
var _foo = "bar";
})()
If it's public I'll use no underscore:
var foo = "bar"
And if it's a jQuery selector I'll use the $
:
var $foo = $('bar');
//then you can access it like this
$foo.attr('id')
It's just coding convention and it allows you to quickly reference what type the variable is later in the code.