No matter what happens to the economy, one thing holds true: a woman who opens a retirement account in her twenties can end up with twice as much money (or more) as a woman who starts one in her thirties.

Invest Now

“Staying out of the market when it’s down only guarantees you’ll buy in later at higher prices,” says Liz Pulliam Weston, author of Easy Money: How to Simplify Your Finances and Get What You Want Out of Life. One simple way to invest: join your company’s pension scheme. You’ll put money away for retirement and get a tax break every year. If your company offers matching funds (in other words, if you split your monthly premiums half-half with your company), even better.

If you’re not eligible for a pension fund or if your company doesn’t have one, consider starting your own unit trust retirement annuity.

“This allows you to make contributions on a monthly basis, or as and when you can afford it,” says financial planner Gregg Sneddon, aka The Financial Coach. “The fees are reasonable – in some cases even zero percent – and, unlike retirement annuities based on life insurance, you can make changes to the contributions without incurring penalties.”

Set Up An Emergency Fund

These days, if you lose your job, it can take you six months to a year to find a new one. As a result, it’s advisable to have at least six months’ worth of savings, says Sneddon. If hoarding half a year’s salary seems impossible, don’t worry – just get started. Even R500 automatically transferred into a unit-trust money-market account every month will provide some cushioning. “But only do this once your bond and other debts have been settled,” warns Sneddon.