New year, new habits. Starting the year taking care of your financial health is half the battle to ensure a more peaceful future. Make 2023 the year of new financial habits and try to maintain them in the long term. One thing's for sure, saving takes a lot of practice, patience and discipline.

Nancy Mafundza, Head of Retail at FNB Mozambique, says: "The first step to building a secure financial future starts with drawing up a budget that allows you to pay off any existing debts, meet current expenses and have financial availability for non-projected costs.

When drawing up a budget, you need to be realistic and make sure it fits your reality. You should also consider cutting back on non-essential expenses such as eating out regularly, impulse buying, spending on luxury items and so on.

"To avoid being burdened with unnecessary expenses this new year, identify ways or areas where you can save and invest your money. Unplanned spending can easily lead to accumulating unnecessary debt," says Nancy.

Nancy shares quick and easy-to-implement financial tips to get the year off to the best start:

1. Automatic transfers: activate the automatic transfers feature for the payment of fixed expenses, in your Internet Bankingcan help you save money by reducing possible late payment penalties. Payments are made on time, giving you peace of mind about your financial commitments.
2. Using a budget control method: using a budgeting method, such as a simple Excel sheet (there are also many simple-to-use applications on the Internet), adapted to your reality, can be an efficient way of keeping your expenses under control. By adopting this financial discipline, saving becomes more natural, helping you to identify areas where you can reduce unnecessary spending and redirect that money into a savings account or term deposit.
3. Take out a term deposit: to save for possible emergencies: a term deposit earns interest on the amount you save, making your savings grow over time. In view of the current inflationary trend in our economy and worldwide, adopt savings methods that will help you face the future with peace of mind. Having a savings fund equivalent to between 3 and 6 months of monthly expenses (or equivalent to between 3 and 6 months of your salary) is a rule of thumb.
4. Save your change: old habits like putting your coins in a piggy bank are wise and very effective. Put your coins in a jar and, after a few months, you'll be surprised at how much you've saved. For FNB customers, the Trocos® product allows holders of active bank accounts to save a portion of their change every time they make payments with their FNB debit or credit card.
5. Save any extra money: in some situations, we have the possibility of receiving or earning some extra money, from the sale of an item, a bonus, etc. If you don't have a solid plan for this kind of income, don't spend it. Keep the money in a savings account so that it earns interest.

"We live in a difficult economic climate and we encourage our customers to understand the enormous importance of saving over time. Cultivating savings habits and taking control of your financial future are attitudes that make all the difference in achieving financial freedom. If you haven't started yet, it's essential that you start saving now. With dedication and discipline, this could be the year you've always dreamed of," concludes Nancy.