The Power of Saving

Mrs Keuorn was working in the rice paddies all day to earn a living for her family.

Together with her husband and two children, she lived in a hut and spent her spare time growing cucumbers, pumpkins, watermelons and morning glory in the garden to earn extra income.

Five years ago, Mrs Keuorn heard about a savings group from our local partner, the Cambodian Women’s Crisis Center. The savings groups encourage women to pool their resources and allow them to take out micro-loans with low interest so they can start their own enterprises.

Mrs Keuorn was one of the first to join the group, together with 20 other people from her village. Because these people were her neighbours, they trusted each other to contribute savings regularly.

Achieving her dreams

Mrs Keuorn began to save 5,000 riels every month, or about $1.70. She also took out a small loan of $170 to buy seeds and machinery, and started her own business growing and selling vegetables.

“With the money I borrowed, I doubled my vegetable yields as well as doubled my income,” said Mrs Keuorn.

She then took out a second loan of $350 to expand her business with more crops. With the extra income, she paid off her loans and built a new house made of concrete – a lifelong dream that means her family no longer has to live in a hut.

Paying it forward

Although Mrs Keuorn says that she can no longer do much work due to her age, she is very happy to help other people achieve success through savings.

“The reason I am still a member of the savings group is to help other group members get loans and receive some interest,” she said. “I am happy to share the little money I have with other families so that they have some budget to expand their work.”

Donate now to help women like Mrs Keuorn access finance to change their lives.

 

Sustainable Development Goals

1. No Poverty  5. Gender Equality  8. Decent Work and Economic Growth  10. Reduced Inequalities

17. Partnerships for the Goals

Related Stories