You are looking for 2 options to java
:
Put them in your command line invocation of the java
executable, like this:
java -Xms512M -Xmx1024M my.package.MainClass
Keep in mind that you may want the starting and max heap sizes to be the same, depending on the application, as it avoids resizing the heap during runtime (which can take up time in applications that need to be responsive). Resizing the heap can entail moving a lot of objects around and redoing bookkeeping.
For every-day projects, make them whatever you think is good enough. Profile for help.