I am 29 and a single woman. I’d like to learn some basic money management skills to lead a debt-free life and ensure I have enough savings.

When it comes to financial indulgence, we need to entrust ourselves to take control and capitalise every prospect to make our money work for us. It’s not difficult to do this, provided you understand the power of your money and utilise it in a manner that keeps your finances secure for life.

It’s very important to identify what you need against what you want as it will help to reduce spending. Always create a budget and have a clear understanding of where the money is going and how you allocate the fund towards your financial goal.

Once you have enough liquidity, diversify your funds; it’s not advisable to have all eggs in one basket and in the long-term this strategy will help you curtail the risk if one doesn’t perform well.

Alongside, it’s imperative that you keep away money to shield a minimum six-seven months of daily expenses. Keep an emergency savings account in a place where you can easily access it when you need it, without penalty – either with a money market account or high-interest savings account.

When it comes to saving and investing, it’s important to have a balance; with investments the returns are higher, as are the risks; a savings account offers assured interest on your deposits.

Another important step is to have a well-covered insurance policy that ideally should carry life insurance that’s equal to six to eight times of your annual salary. If you have dependents, then add more. Moreover, you should have a critical illness medical insurance cover to avoid any pitfall during the course of your lifespan.

Have money mentors, who can guide you with the right financial planning, as a little advice can go a very long way.