I am a 27-year-old sales manager. How much risk should I take in my financial forecasting? I got married recently and am planning to start a family. What should I consider when making the money work?

The primary objective you need is a smart financial strategy to count on during some of your biggest life changes. As you are in your 20s, your financial matrix should start coming together so as to avoid pitfalls later in your life.

To break out of your financial rut and set successful goals while still planning for your future, you need to follow a prudent financial methodology and start investing wisely. Develop sound saving habits. Learning to budget your money will help to monitor your spending and income ratio wisely.

Follow automated investment schemes to induce your funds periodically.

Also, start saving some portion of your income towards a retirement pool. The sooner you start, the better you will be able to enjoy retirement.

Establish your emergency fund and allocate a minimum six-month fund in any money market account that could be called up easily. This will give you peace of mind and make you feel safe during unexpected life circumstances.

Also, it’s extremely important to get a life insurance along with a critical illness rider to have funds available for any health-related uncertainty in life. Additionally, start contributing more funds for a first-home down payment. Saving now will help you to be organised when the time comes to buying a home and to manage the related cost.

That said, it is very important to find the right balance between your work, saving activities and lifestyle as you are still in your 20s.

It is important to take time out to unwind. Try to make savings plans for a holiday too. Also, make sure that you have your career development plan charted out clearly.

Make saving as a lifelong habit, so as to eliminate the stress of managing your money.

This might be a challenging skill to develop, but necessary if you want to remain contented throughout your financial life.