Most of us know by now that the Amish increasingly participate in mainstream work rather than just isolate themselves on farms.
Maybe, as we work with and observe them, we could pick up a few tips on money management.
Here are some Amish money habits you could benefit from adopting:
1. Budget wisely
Constantly having to prioritize wants and needs means members of the Amish community get adept at budgeting.
For example, it’s not always about scrimping and saving. When the Amish want to launch a business or remodel a house, they practice prioritizing.
This starts with learning to estimate time and money. Then, it’s down to sticking to a plan.
2. Nix debt
Debt is considered a particularly serious moral weakness in many Amish circles, which helps keep them out of debt.
In these same circles, taking on a mortgage is rare. It’s actually fairly common for Amish workers to pay off their homes within 10 years.
3. Offer helping hands
Go to any Amish community and you’ll see it happen all the time.
Amish markets are typically filled with loyal customers. New construction is often met with donations of time, workers, equipment and building materials.
Whether it’s sponsoring a local event or offering cheaper first-time service, there are many ways to spread goodwill and, in turn, benefit financially in the long run.
4. Live below your means
Amish make a habit of seeking simplicity and controlling the desire to one-up their peers in finance.
Amish church leaders often arbitrate over new purchases and technology, including tractors, cars and health insurance.
Many Amish forgo certain large expenditures. For example, participants in one study didn’t understand why an English neighbor would put a pool in their backyard.
And while some spend hours preparing dinner, they can also stick to hog-roast and spaghetti.
This is because raising an eyebrow at someone else’s finery or expenses took the form of humility rather than neighborly competitiveness. Additionally, over-extravagant activities often eat up family time.
5. Save for the worst-case scenario
According to sociologists, farm wealth enables Amish to support their communities in case of disaster.
That’s pretty much how much wealth they’re sitting on.
And while businesses often take a hit from a community engagement, the fact that multiple households are helping means that every individual is slightly more insulated from the worst-case scenario.
That’s not even mentioning the literally informal networks that connect people together, forming mutual aid and trust between both families and businesses.
This naturally includes care for member’s finances too.
Or if a wedding gets too expensive, it helps to have venues be free, no?
6. Discipline is your biggest friend
Self-control comes in many forms. An internal sense of discipline makes life easier for the Amish.
Rather than trying to crescendo social media hysteria, a lot of time is spent mediating FOMO. By keeping TV and other digital devices from being overly intrusive, FOMO shrinks.
Now members build strong support networks without extra outputs of energy.
For example, you could delegate chores for food preparation to family members and make it a rule against eating on the job.
7. Work hard
Family too young to work? Throw them in daycare.
Family too old? Let them retire to Florida.
If the description isn’t clear, the Amish families work side by side. Even grandpa still helps the office, workshop, mill or field in his and ten more pairs of hands.
Products of these families include homemade goods often outperformed by national chains.
But in their markets, buyers aren’t simply consuming a metal hammer — they’re consuming an heirloom tool crafted by a people who pride themselves on the virtues of hard work and grit.
8. Understanding team
While some learn not to burden their church deacon too quickly with their financial problems, others think it’s a guaranteed safety net.
Leaders see their geographic and economic role as one that should grow in trust, not assumptions.
There’s also little trouble communicating generational advantages. Knowing where one stands financially over time helps weed out resentment.
9. Control your emotions
Amish etiquette involves self-denial and managing emotions to protect relationships.
This extends to finance to the point the Amish don’t think of debt and wealth as sources of emotional comfort or stress.
Ultimately, this control paves the road toward never-ending goals of financial solvency.
10. Putting faith in spirituality
Amish people that have their faith tend to see decisions like going into debt in a much less taunting light.
For example, buying a newer used truck on the cheap sure beats one bought on credit.
Or in another household, what does it matter if one person’s willing to wear durable, better-looking and cheaper clothes?
Well, heaps.
According to some, this disregard over short-term inconveniences leads to long-term wealth accumulation.
And while faith itself is not the central factor, it’s sure seen as an important one.
Mature and practical approaches to resource conservation, charity and finance are prevalent among committed members who, in turn, understand themselves more.
This phenomenon is hardly unique to the Amish community, but their beliefs afford practical expressions that can serve as an example.
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