A budget is a very powerful tool. When you create a budget and track your spending, you have insight to where your money is going and where you need to cut back. Living on a budget does not mean you can never have any fun, it means the fun you do have will not prevent you from paying the bills.

When creating a budget, the first thing to do is to list the total income. Subtract expenses from the total income to see if the budget makes sense. If the expenses outweigh the income, figure out how to cut unnecessary expenses. This is where the categorization of wants and needs can be helpful. It is crucial to develop a savings strategy if there is leftover money. If you do not have a savings account, see the below savings options.

One of the most powerful money moves you can make is spending less money than you earn. When you have an excess of cash each month you can invest in your future and make purchases without the stress of taking on debt. If you want to be a millionaire, look at what your typical millionaire does: they spend less than they earn!

For more information and tips on personal finance management, Old Mutual has an On The Money Programme, a financial education initiative created to teach you how to best manage your finances.

The importance of having an emergency fund cannot be overemphasized. Emergency funds are essential for optimal financial health. You never know when your car will break down or when you will have an unexpected medical bill.

If you are working on paying down debts, start a small emergency fund with as little as E1, 000. Once you pay off your debt and start earning more money, you can increase your emergency fund.

Think about your future now and create goals and work towards them. If you think you will be purchasing a home in the next few years, create a down payment fund. If you will be purchasing a car, start saving for that. Try to save as much cash as you can for those big purchases where possible.

The finance industry in Eswatini offers a lot of saving options for all groups of people, from children, to working class and seniors. FNB boasts of Savings Accounts with transactional capabilities that allows you to start growing your money by earning competitive interest rates. There is a Future account for children under the age of 18, and a Supersave account.

The Nedbank Savings accounts help groups or individuals save money and earn interest. Nedbank has the Call deposit account where your funds are available on demand and no notice is required to deposit into or withdraw from this account. The Minor Savings Account is a card-based account aimed at young people aged 0 to 18 years old. The Ngeyakho Ned Account is a card-based entry level savings and transmission product which is designed for transactional convenience of salaried employees who earn E1500 or less. This also includes pensioners. The general Savings account offers a banking experience that supports your aspirations, while the Club Savings Account is a product that enables Clubs and groups to save towards a common goal while earning interest at a competitive rate.

Standard Bank has the PureSave Account, a simple card based savings account that enables you to save your spare money and earn competitive interest. The Fixed Deposit Account allows you to save a lump sum over a fixed period at a fixed interest rate. A Call Account gives you immediate access to your funds with a higher minimum balance and better interest rates than any normal savings account.

Eswatini Bank also has a wide range of savings account with information on their target Markets, minimum balance, monthly maintenance fees, deposit fees, withdrawal fees and account opening requirements.

Credit cards and buying on credit or hire purchase can be useful financial tools but can also be very dangerous. These can be in the form of bankcards or consumer shop accounts card. Limit the number of credit card accounts you open or avoid them altogether, and always pay on time to keep your credit record clean.