Every January, millions of people worldwide make financial resolutions. By February, most have abandoned them. The same pattern plays out in Rwanda, where good intentions about saving more or spending wisely often fade within weeks.

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But here’s the truth: the problem isn’t your willpower. It’s your approach to goal-setting.

Why most financial goals fail

Think about the last time you set a financial goal. Did it sound something like "I want to save more” or "I need to spend less money”? These vague wishes aren’t goals. They’re just hopes.

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Without specific targets, timelines, and action steps, financial goals remain abstract dreams. And abstract dreams don’t change bank account balances.

The Rwandan way: from umugambi to reality

In Kinyarwanda, umugambi means a plan or project. But a true umugambi isn’t just an idea. It’s something concrete that you execute step by step. Your financial goals need this same clarity and structure.

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Here’s how to transform wishes into achievable financial goals:

Make your goals specific and measurable

If you’ve been accustomed to saying things like "I need to save more money in the new year,” try transforming your language into: "I plan to save Rwf500,000 by the end of December 2026 to put towards a business investment.”

The second goal gives you a clear target. You can track your progress weekly or monthly and know exactly when you’ve succeeded. Specificity creates accountability.

Set realistic timelines

Many Rwandans underestimate how long wealth-building takes, then get discouraged when results don’t come quickly. Be honest about your timeline.

If you earn Rwf400,000 monthly and want to save Rwf1,000,000, that’s not happening in three months, because you still have bills to pay. A realistic timeline might be 10 months, saving about Rwf100,000 per month.

As the saying goes, step by step, the journey is made. Sustainable progress beats unrealistic sprints every time.

Break big goals into small steps

A goal to save Rwf1,200,000 feels overwhelming. But saving Rwf100,000 this month? That’s likely more manageable.

Break your annual target into monthly, weekly, or even daily mini-goals. If you’re striving to save Rwf1,200,000 this year, that’s Rwf100,000 per month, or Rwf25,000 per week, which works out to about Rwf3,300 per day.

Suddenly, your big goal becomes a series of small, achievable actions.

Link goals to your values

The most powerful financial goals connect to what matters most in your life. Are you saving for your children’s education? Building a home for your family? Starting a business that will employ others in your community?

When your goal reflects your deepest values, you’ll find the ubushake (will or determination) to keep going when motivation fades.

Write down your goals and review them regularly

Research shows that people who write down their goals are significantly more likely to achieve them. But don’t just write them once and forget them.

Keep your goals visible. Write them in your phone’s notes. Post them on your bedroom wall. Review them every Sunday evening as you plan the week ahead.

This regular review keeps your goals fresh in your mind and helps you adjust when life throws unexpected challenges your way.

Create accountability systems

Tell someone you trust about your financial goals. Better yet, find an accountability partner working toward similar objectives.

Traditional ibimina (savings groups) work precisely because they create built-in accountability. When your group meets monthly, you’re motivated to make your contribution. Apply this principle to all your financial goals.

Track your progress visually

Create a simple chart showing your progress toward your goal. Use your phone, a notebook, or even marks on a calendar.

Seeing progress—even small progress—builds momentum. Celebrating small wins keeps you motivated for the long journey ahead.

Start today, not tomorrow

The best time to set clear financial goals was last year. The second-best time is today.

Choose one financial goal that matters to you. Write it down right now using the principles above. Make it specific, realistic, and meaningful.

Then take one small action today, even if it’s just opening a dedicated savings account or calculating your monthly target.

Your future self will thank you for the clarity and commitment you show today.

What financial goal will you commit to achieving? The journey of a thousand miles—or in this case, a million francs—begins with a single, well-planned step.

Lynnette Khalfani-Cox is a personal finance expert, speaker, and author of 16 books including the New York Times bestseller "Zero Debt.” She and her husband Earl Cox are expanding their financial education firm in Rwanda to support financial literacy, entrepreneurship, and economic empowerment.

Money Moves is a bi-weekly column providing practical wisdom and strategies for building wealth and financial security in Rwanda’s evolving economy.