'Money is the opposite of the weather. Nobody talks about it, but everybody does something about it,' says Vogue journalist Rebecca Johnson. How true. Savings accounts and pensions are unlikely to feature in discussions when friends meet up, but ask your mates whether they have these financial products and they will almost certainly say, 'Of course.'

In your 20s
The average woman earns £20,592. Scandalously, that is still 18% less than her male counterpart. If she has children then the financial pressures are likely to increase. So it is not good enough to dismiss your carefree salad days as a time when you can forget your finances. If anything, now is the time when most long-term planning begins. You may not be earning very much and could have university debts to pay off, but getting into some good money habits now will help set you up for life, so start saving.

It may seem ridiculous to be thinking about retirement at this stage in your life, but this is the time to set up a pension. Join your employer's pension scheme if you can. Set up a personal pension if your company does not run a scheme. The earlier you start paying into a pension the better. If you have a personal pension, remember to increase payments as your salary increases. If you're among the 60% of adults not already saving for a comfortable old age, experts reckon that you should halve your age to get the percentage of your salary to be set aside. So a 24-year-old new to a pension plan should save 12% of their earnings - minus any contribution their employer makes.

As a first-time property buyer, you may feel intimidated by the different mortgage options available. But lenders are falling over themselves to help younger people buy their first home without overstretching themselves. There are even schemes designed so that you can rent out a room to help pay the bills. 'Many people are concerned about over-extending themselves when it comes to mortgage borrowing,' explains David Bitner, technical manager at The MarketPlace, Bradford & Bingley. 'This solution provides a structured means of borrowing, while at the same time allowing many more people to become homeowners.'

In your 30s
With marriage and children comes the need for financial protection. It may seem morbid, but life insurance and a will are essential now.

There are several types of life-insurance policy, but the cost will depend on your age and health. The younger you are, the less you pay and the healthier you are, the less you pay. If you smoke you pay more and if you suffer from a serious illness you pay more. Even a condition such as diabetes will affect your premiums. This is one area where women have the benefit of paying less, as they live longer than men. It is also important to write your insurance policy 'in trust'. This means that if you die the money goes straight to the beneficiary. If it is not written in trust the payout will go to your estate and potentially become liable to inheritance tax. Currently the threshold for inheritance tax is £255,000. Anything left over that is taxed at 40%.

Dying without a will is called dying 'intestate' and can mean months of legal and financial headaches. If you are married with children, your spouse gets everything up to £125,000, plus your personal possessions. (If your property is worth more than £125,000, your spouse could lose their home.) Anything remaining is divided in two: half goes to your children when they are 18 years old (if you think 18 is too young for children to inherit, you can stipulate an alternative in your will); half goes into trust during your spouse's lifetime (he/she does not have access to the capital, only income from the capital). On your spouse's death, this half goes to your children.

Pay as much into your pension as you can afford. An employee can pay up to 15% of salary and perks into a company scheme. If you are getting divorced, make sure you know how much your partner has in investments, savings and pensions before agreeing a settlement. Don't rely on your partner's pension. If you are taking time out to look after your children, remember to think about pensions; you can now continue payments into a personal pension even if you are not in paid work.

In your 40s
In theory, your finances may now be more flexible. If you have climbed up the property ladder, then you could have equity in your home and may even be considering buying another property to let for income or investment. Of course, there may also be additional costs, such as funding children through university or supporting elderly parents.

If you have investments in stocks and shares, you might wish to adjust the level of risk you take so that you can avoid any unexpected blips. Try to top up your pension either through additional voluntary contributions or by putting as much as possible into a personal pension. Remember, as your life and the world around you change, your financial plan will need to adjust and adapt. Review your financial plan:

Regularly for short- to medium-term goals, to check that you are still on track
Once a year in the case of major long-term goals, such as paying off your mortgage or building up a pension fund, to check that you're on track
Whenever your circumstances change - for example, if you get a pay rise, lose your job, get married or get divorced, have children, buy a house, a family member dies, you get an unexpected windfall, and so on.