Financial discipline essential for personal devt

ON SATURDAY, the First Lady, Jeannette Kagame urged Rwanda youth to handle finances responsibly so as to develop a healthy relationship with money and ensure frugal utilisation of scarce resources. Mrs Kagame made the appeal while launching the 21st edition of the Imbuto Foundation Youth Forum Series at Gabiro military barracks in Gatsibo district.

ON SATURDAY, the First Lady, Jeannette Kagame urged Rwanda youth to handle finances responsibly so as to develop a healthy relationship with money and ensure frugal utilisation of scarce resources. Mrs Kagame made the appeal while launching the 21st edition of the Imbuto Foundation Youth Forum Series at Gabiro military barracks in Gatsibo district.

The First Lady’s message should be embraced by every Rwandan since when it comes to money, many of us are guilty of failure to control our spending habits and living beyond our means. This is financial indiscipline, a cancer that can bring down even billionaires if it is not tamed in time. 

Strange as it may sound, it is difficult for many people to save money for a rainy day, but easy to buy unnecessary luxuries. However, this entrenches the habit of living from hand to mouth and exerts needless pressure on individuals, especially the youth, who fuel today’s consumer society. 

But this kind of lifestyle is not good for the economy or personal development. That’s why every Rwandan should aspire to learn prudent money habits, save money and invest to support the country’s development objectives. This also means that cases of corruption and fraud will be reduced or the vices uprooted altogether as people will be satisfied with what they have. 

This is the huge challenge that today’s youth must face because success in life and prosperity depends on one’s relationship with money. For governments or nations, prudent money management ensures people get services. It is a fact that lack of financial discipline means development at personal and community levels will not be achieved.

Parents and families can support the process of financial discipline by training their children on money matters at an early age. This entrenches the savings culture at an early age and subsequently raises a generation of financially conscious people. Also, it is important for parents to teach values that help children to grow up as responsible people, who believe in themselves and accept who they are and are satisfied with the little they toil for.