Save data through ajax jQuery post with form submit

I have a form and I want to save data through ajax jQuery post. If the save button is type="submit", it does not do any this just empty alert... I want to save data and remain on same form with refresh fields...

Here is what I have tried:

$("#saveNewContact").click(function () {
  var name       = $("#name").val(); 
  var last_name  = $("#last_name").val();
  $.post("ajax_files/save_mydeals.php", {name: name, last_name: last_name},
   success: function(msg){ 
     alert(msg);
  });
 });

and here is my form

<form id="myForm" action="#" method="post">
<table id="table_1" class="form_table" align="center" cellpadding="0" cellspacing="0">
<tbody>
  <tr><td>
    <input  name="name"  id="name" value="" tabindex="5" readonly="" type="text">
    <input  name="name"  id="name" value="" tabindex="5" readonly="" type="text"> 
    <button type="submit" id="update" style="display:none;" 
     class="save_button saveHEX" name="Update" 
     value="Update Listing">Save Lead</button></td>
  </tr>
 </table>
 </form>