Money saving, austerity measures, and honesty in business among key tactics to reach far

As we mentioned it in the last article [ https://www.dhirubhai.net/post/edit/7058760907845230592/], the following article would focus on “money saving”, explaining how it helps people to achieve great achievements but of course after going through austerity measures. To illustrate it, we will use advice provided by different people connected with business and financial literacy. They supplied the advice for Musanze district women in last October, as clarified in the last issue.

These people include, among others, a senior management member of Icyerekezo cy’ Ubukire [Direction of Riches] Cooperative located in Rubavu district. She first said “We have been working with ADEPE since 2016. Ah, we cannot talk exhaustively now about the importance of ADEPE for us; if we decide to do so, you cannot leave, you can end up passing the night here! Some of us were street vendors and unemployed; for instance, I didn’t have occupation, I remained at home. But ADEPE has come and exhorted us to form a saving and loan group, and also funded us to establish it. Our group has now become a cooperative of 23 members. We have already attained great progress. We get food and all other necessities for our families. For instance, I have been able to pay school fees for my 3 children who have already graduated from university in different years. Per year, I paid the school fees of 450 000RWF for each child for four years, all of them pursued their secondary education courses where I paid 85 000 for each per trimester from the 1st form to the 6th form. It’s only remaining one child who is still studying at secondary school. I have bought a plot on which I’m having a house constructed, and it’s 100 000RWF [nearly 100 USD] from ADEPE that I have exploited.”

She then explained a key technique which has enabled her to reach those achievements. “But a key technique I have employed is an austerity measure for a certain period of time. There are certain gratifications I decided to forsake at the beginning. My husband abandoned me while our first born child was studying in the 4th form at secondary school. But she has been able to even complete her university studies and I have never requested the husband for even 100RWF to fund her education. It’s 100 000RWF [100USD] from ADEPE which has allowed me to satisfy all school needs of children. ?Don’t downplay this amount of money; instead, shun luxurious life, eat modest food till you attain success. While you are at the embryonic stage as a group, there are in fact certain sacrifices and commitments by the members for them to succeed in having basic shares. For example, I have joined various saving and credit groups so that I might secure the basic share. I initially endured self-privation too and sacrifice to reach where I am. I currently bring shoes to Rwanda from Uganda; which generates big profit. When you develop the courage to go there, the minimum amount of money you get from a pair of shoes is the double of the cost. A pair of shoes I purchase at 2 500RWF, I sell it for 5000 to 7000RWF. First of all, work and accumulate profit from which you will eventually satisfy your pleasures.” ADEPE is the abbreviation of Action pour le Developpement du Peuple, a Rwandan non-governmental organization headquartered in Rubavu district.

Jeanne Rwabutogo is president of COVEFRUITS cooperative also based in Rubavu and dealing in vegetables and fruits. She told the Musanze women “Don’t underestimate yourselves, don’t disregard an amount you have received from ADEPE. We started working with ADEPE before 2005, it then gave us 30 000RWF each. ADEPE also trained us on small business management. After 3 months, I had increased the amount to 200 000RWF so that I started going to purchase fruits in Uganda. That’s what has permitted us to reach where we are now. So, never lose confidence; instead, remain self-confident and apply honesty. Even these people, you see, who own story- buildings; it’s because of loans and of course honesty. If you receive a loan from your group, remain committed to repaying it as correctly as agreed upon. If a person supplies you with merchandises by credit, honor the promise. I have managed to maintain my 8 children, owing to the support from ADEPE, and you have seen that we are working. I also echo my colleague who has cautioned you against luxury, don’t buy new clothes, just because you have received the money.”

Domitile Nyirambangutse is a prominent businesswoman in Rubavu who has been practicing business for 30 years. She figures among businesswomen who addressed the Musanze women. She started, recommending them not to waste cash. “You avoid squandering money, you don’t’ say ‘Let me abandon this type of clothes worth 20000RWF for one costing 80 0000RWF.Wait until you have advanced to the extent that buying this fabric won’t affect your business even little. For instance, I started business with only 10 000RWF.?I then decided not to return to a hairdressing salon, and my head scarf stayed irreplaceable till I possessed enough financial capacity.”

?“My advice involves self-privation for some time- not expending money on items which are currently unnecessary because of the insufficiency of money you have, hard work and praying since I believe that God also helps us on our journey of success. There are numerous people whom I have given this advice so that they have even surpassed me. For instance, there is a woman in Musanze whom I have advised to desist herself from the comfort zone of continuing to be a secondary school teacher, for her to be a successful entrepreneur. At the beginning, she was hesitant but I insisted and she now possesses a very successful nursery and primary school which serves a 1 000 pupils. One of the techniques I have recommended her to use is marketing. When she initiated the school, I advised her to hold a ceremony to promote her school. But, since she didn’t have enough money, she was reluctant, yet she finally decided to do it. It’s after this event that she suddenly registered 1000 pupils, because the participants of the event communicated the school’s brilliance as almost all its pupils had just passed the national examinations. Attempt to also market your business.”

She additionally advised them to nurture the culture of money saving. This educational visit conducted by the Musanze women in Rubavu was organized by ADEPE.

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By Jean Baptiste Ndabananiye

ADEPE Deputy-Programs Manager, with a demonstrated history/experience of involvement in women’s empowerment, project/program management, peace-building/conflict transformation, training, public awareness campaigns, governance and budget transparency, advocacy, documentation, the broadcast media industry, and community justice, among others. He is skilled in English and French, Project& Program Management, Media Production, Peace-building, Leadership, Advocacy, and Kinyarwanda- English-French Translation, among others. Strong management, media and communication professional with a Bachelor's and Master's focused in Journalism& Communication and MBA-Project Management respectively from University of Rwanda and Mount Kenya University.