Editor,

RE: "BDF tips on savings culture, self-reliance” (The New Times, July 7).

The author forgot that most people who open (bank) accounts target borrowed funds (loans and/or cash advances) of financial institutions.

This culture is the main barrier to the taking root of the savings in Rwanda because it (working with banks for borrowing only) puts the citizens into financial imbalance and an unnecessary stress caused by borrowed funds; if you borrow funds, you will pay extra cost (interest and fees) on top the principal borrowed.

As an advice, we should use banks to improve the convenience in using resources (cash). Even though we have debit/credit cards, spending cash would be easier than withdrawing from a bank account; this helps us to avoid unnecessary expenditures.

Secondly, people should learn to be patient and live a modest lifestyle to increase their propensity of saving some resources for investing and/or spending in the future; this one is the most effective way to have peace of mind due to little or no financial stress/difficulties and timely expenditures and investments.

Note: Loans were primarily designed to ease business operations, not consumer ends (purposes).

Anastase Muligande