If you are only going to buy one specialist guitar making tool, this is the one to have. Made by Crown Tools in Sheffield, UK. 250mm long steel blade, 20 teeth per inch and precise 0.022" kerf (slot) width, rigid brass back and varnished rosewood handle.
This will cut exactly the right width slot for your fretwire. It's pleasure to use and will last you through many guitar fretboards. Properly used and looked after, I've found that it will easily cut 100 - 150 full length guitar fretboards, outperforming and outlasting cheaper tools.
Best used with a simple mitre box to achieve accurate results. The blade is drilled, so it is simple to affix an adjustable depth stop gauge with a couple of bolts and wingnuts (not included).
I know many people try to cut fret slots with cheaper alternatives, but my advice is don't waste your time and money, use the tool that is purpose-made for the job.
Made in the UK.