Remigio is an ordinary farmer planting rice, vegetables and corn in a 1.5 hectare farm in Central Luzon. While most of his fellow farmers in his town have to borrow money to buy seeds, fertilizers and other inputs for the next planting season, Remigio does not have to borrow money. That’s because he has a practical way of saving for the next crop.
What does he do? He maintains two ATM cards. Whenever he has a big sale of his main crop and his other crops, he splits the income into two. He deposits half of the money in one ATM card and the other half in the second. The first ATM is in the hands of his wife for the daily expenses of the family. On the other hand, Remigio keeps the second ATM card from which he alone can withdraw cash.
Come planting time, Remigio does not have to borrow money. That’s because he would have enough to finance his next crop with what he saved in the ATM card he keeps. A very simple technique that works, if you ask us.