Doing so is simple. The computer should come with a diskette creating program on the hard drive. Check the manual. Your only involvement is putting the blank disks into the drive in the correct order and putting labels on them. Once you have diskettes of everything, then the images can be erased and save you some hard disk space, too.
Different drives use different disks, and some can hold more information than others.
If you plan to use your computer for several hours every day, leave it on when you get up. Just turn off the monitor. Otherwise, shut it down each time. Windows 95 will thank you. Buy and install an anti-virus package.