I confess, I haven’t always been entirely smart with money. It wasn’t until my 40s, when self-employment, parenthood and one very scary tax bill forced me to extract my head from the sand, that I got more familiar with those bank statements.

I’ll never forget the knot of anxiety, the weeks of insomnia and frantic conversations with my husband and accountant as I worked out how to satisfy HMRC. It forced me to face my fear of official-looking envelopes with little plastic windows, take a cold hard look at my outgoings and finally get real about what needed to change.

Although I'm still self-employed – booking holidays of more than a week is a matter of some anxiety (what if too many cocktails lands me in debt?) – I no longer lie awake worrying how I’m going to pay the bills.

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But for many, money worries are an unwelcome, presence. Feeling financially secure was rated one of the top three factors that women need to thrive according to a recent Good Housekeeping survey. But 47% of us have past or present debt and a new Fair4all Finance study shows around 6m women hold less than £500 in savings.

In fact, GH data suggests that only two in five of us are confident decision-makers when it comes to finances. These worries can come with a huge mental burden. ‘Traditionally, many women have been brought up to view money management as a man’s responsibility, explains therapist Dr Belynder Walia. ‘Financial insecurity can be a source of immense shame and worry, having a detrimental impact on our self-worth’.

Even among those women who feel financially secure, half worry they won’t have the same financial freedom in the future. But with some realistic planning, we can turn this around. Sure, some things are out of our control (like the wider economy). But doing what we can, not only help us make better decisions but also make us feel more confident, responsible and ultimately in control. So let’s do it…

In your 20s

In a recession, those most recently employed, often the youngest, are the first to be made redundant, leaving you with rent you can no longer afford. ‘Recession-proofing means saving to build up your emergency cash buffer,’ says Lisa Conway-Hughes, an independent financial adviser. ‘Put whatever savings you can afford in a cash ISA or easy access savings account in case of redundancy’.

If you can, without burning yourself out, then get another source of income – a bar job, side hustle or freelance remote work. Faye Watts, a business coach, partner in accountancy firm FUSE and a tax adviser, advises that you: ‘have enough saved to pay off at least three months of bills. List all your monthly expenses and separate them into essential and non-essential columns. Tot up your monthly expenditure and multiply by three – this is your first savings target. Always have your eye on your essential and non-essential overheads and be very clear what you will forfeit in case of an emergency’.

Nearly have enough to put a deposit down on a property? Be ready to act. ‘In a recession house prices go down. Saving in a LISA (Lifetime ISA) will give you a 25% government bonus to your savings (up to £1,000 a year) towards your first property. Ensure that you can afford that property come rain or shine – and beware purchasing a depreciating asset that could leave you in negative equity,’ says Lisa.

Then start recession-proofing your future old age. ‘It doesn't matter how much you're putting away in a pension, just start as soon as you can - one day you’ll reap the benefits of that long-term investment,’ says Lisa.

In your 30s

‘The stakes are higher in your 30s, especially if you have a mortgage and kids. So, your cash buffer needs to be bigger - ideally, six months’ worth of cash so if you find yourself out of work, you don’t have to move back in with your parents,’ says Lisa.

Beware the 'spending drift’. ‘After the frugal years, if you’re earning more in your 30s you might have loosened the belt a bit. As you earn more, you should also put more into your pension,’ says Lisa.

Tightening your belt doesn’t mean living joylessly, just carefully. Go through your bank statements and be ruthless about memberships you don’t use. Do you need all your TV subscriptions? Can you get a cheaper phone contract?

If you rent your home, now’s the time to check you’re on a tenancy agreement that suits a sudden change of circumstances – read that small print.

In your 40s

Be ready to take advantage of house prices falling in a recession to get on or climb further up the property ladder. ‘If you have one of the 1.8 million mortgages that need to be renewed this year, talk to a mortgage broker now to find the best deal based on your equity. Take advantage of the falling interest rates that usually come with an economic downturn by locking in a mortgage now for the next six months,’ says Lisa.

‘Low interest debt can be a real financial saver in times of crisis,’ says Faye. ‘Just ensure you have a robust plan of how you can pay it back and stick to it. Be less concerned with paying down your mortgage if the interest rate is low but you’re sitting on credit card debt, owed tax and vehicle finance with much higher interest rates that need paying off more quickly’.

If you have multiple debts don’t hide and hope they’ll go away - sit and write out a clear summary. This will help you identify opportunities to repay the worst ones. ‘The more familiar you are with your financial affairs the less likely you are to feel anxiety about them,’ says Faye.

In your 50s

‘If you have pensions, make sure they are aligned with your risk appetite,’ says Lisa. ‘If recession hits just before you retire, it’s going to impact the amount you will have to spend – this is called ‘sequencing risk’, and it can have a drastically negative effect’. Speak to an independent financial adviser to make sure that your sequencing risk is managed.

Employment can get rocky at this life stage. According to Totaljobs, one in seven over-50s have been rejected from a job explicitly due to their age. With ageism a barrier and more than one in 10 (11%) over-50s leaving the workforce after being made redundant, now would be a good time to invest in career counselling and retraining.

If you're still working, keep squirreling your income away in a pension and benefiting from the tax relief. ‘If you defer your retirement by five years, you're going to give yourself at least 10% more to live off a year,’ says Lisa.’ It might also mean you’re able to help your children financially – and, unlike with inheritance, gifting them out of income has no tax consequences’.

In your 60s

If you need money from your pension to clear your mortgage before retirement, ‘You can use your tax-free lump sum – 25% of your pension pot – to pay down the rest,’ says Lisa.

That lump sum may also come in handy if you’re caring for elderly parents. According to Carents, a platform for people looking after elderly parents, 57% have experienced financial challenges as a result of those responsibilities. The things we often spend on the most on as we age, such as gas and electricity, are the things that increase in price, and with the cost of a carer going up by more than inflation each year, this is a time when a financial buffer will really come into its own.

If you’re retiring soon, use a retirement calculator like the ones at Aviva Standard Life and Lloyds Bank to work out what you will have to live off the rest of your life. Nearly 3m retirees return to work, a third doing so to meet rising living costs. ‘If there’s a recession every 10 years during your retirement, can you still afford your lifestyle? And what if you live to 100, as experts predict many of us will?’ asks Lisa.

In your 70s and beyond

Retired? Try to keep one year’s worth of costs in an easy access bank account or cash ISA. ‘This will ensure you don’t have to dip into investments that could be declining during a period of recession,’ says Faye. But retirement isn’t for everyone. Last year, it was estimated
that more than two in five of the poorest pensioners have no private or workplace pension. If you don’t have a healthy retirement income, companies such as Boots, B&Q, Next and Sainsbury’s have age-friendly employment policies, or try the job boards at Rest Less and 55/Redefined.

‘Inflation is your enemy, so renegotiate everything you pay for and set a realistic budget, so you feel in control over what you spend,’ adds Lisa.

Meanwhile, setting up lasting power of attorney could prove essential. ‘If you became unwell for a period, this means someone you trust can step in and ensure you don’t incur penalties for defaulting on bills, as well as ensuring funds are available for care and medical support,’ says Faye.