Every season of human life comes with its own beauty and its own challenges. And whether we like it or not, money is part of our lives—part of the small and big events that shape them. That’s why it’s important not only to understand the basic principles of managing our money, but also to know what to focus on depending on our age—or, more accurately, the life stage we are in.

Here is our advice on some of the most important aspects of personal finance by age.

When You’re in Your 20s: “Laying the Foundations”

• Learn to spend less than you earn.

• Build and maintain an emergency fund.

• Develop and deepen your knowledge of different investment opportunities.

• Start saving for retirement and begin investing! Because you have a long investment horizon, you can afford to take on higher-risk investments.

• Avoid loans, especially “expensive” ones. Learn to resist the temptation to buy things you can’t really afford.

• Have you found the person you want to spend your life with? It’s very important to lay the foundations for financial understanding between you.

When You’re in Your 30s: “Married with Children”

• If children have already joined your family, you must think seriously about the financial security of your loved ones. Take out life insurance with sufficiently high coverage.

• Start setting aside money for your children’s education. Research which financial products are most suitable to help you save for this goal.

• Increase the size of your emergency fund—it should ideally cover at least six months of your family’s living expenses. You will need it sooner or later.

• Try to avoid excessive debt. When it comes to buying a family home with a loan, approach the decision rationally and without emotions. The higher your down payment, the better. Your loan installment should not exceed 25% of your net income.

• Together with your partner, create a family financial plan. It’s a good idea to seek professional advice from a financial consultant.

• Even though expenses are high during this period, continue saving and investing for retirement in the long term. You can do this with small amounts, as long as you do it regularly. If you lack time or knowledge, consider mutual funds.