Personal Finance

9 Best Financial Secrets of The Amish

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 4 minute read

Financial Secrets of The Amish

In my early 20’s I spent a few years living amongst the Amish and Mennonites in rural Montana. I learned a lot about finances from living amongst them and watching them make smart choices.

9 Smart Financial Secrets of The Amish - Image of Horse

The Amish aren’t writing books or doing podcasts on how they stay out of debt and save money, but they have a reputation for this kind of simple life. As a community, the Amish are known to be excellent cooks, skilled craftsmen and hard workers who know how to take care of each other and themselves. I think it would do our modern world some good to learn from their simple way of living that seems to be full of common sense. So here are a few frugal lessons from the Amish lifestyle.

Live Debt-Free

Live Debt-Free is one of the financial secrets of the Amish. The Amish strive to work for what they need. They save for the things they want and think long and hard before buying something that is a want, not a need. This prevents them from going into debt, by being frugal.

Cook From Scratch

As I said earlier, the Amish are known for being excellent cooks because they make everything from scratch. Not only does their food taste better, but they are spending less on it than us because they aren’t buying convenience foods. Anything that you can learn to make from scratch like the Amish, will save you money. Click here to read “30 Items You Can Make at Home to Save Money”.

Grow & Preserve Your Own Food

Another reason the Amish aren’t spending as much on food as us is because they grow it themselves and then put it up for the winter. Growing your own food is a great way to cut down your grocery bill. Click here to read “10 Resources for the Beginner Gardener”.

Become Skilled

The Amish possess certain skills which naturally save them money. They know how to sew and mend their own clothes, preserve their own food, knit their own mittens, construct their own buildings, take care of their own livestock, bale their own hay, make their own furniture, etc. Any kind of life skill that you can teach yourself will save you money because you don’t have to pay someone else to do it. If you are looking to learn a new skill then you may want to check out Craftsy’s 800+ online craft classes. They offer classes in sewing, quilting, knitting, cooking, gardening, etc. and you get lifetime access for each class that you purchase.

Buy In Bulk

If you’ve ever been to an Amish store then you know they sell everything in bulk. As long as you don’t let it go to waste, buying in bulk saves money. A 50 lb bag of oats is going to be cheaper per oz than a small canister from the grocery store. Also, things like oats, flour, etc. can be frozen until needed. Buying in bulk can save you a lot of money, especially when you are cooking everything from scratch.

DIY Everything

The Amish spend less than us because they do almost everything themselves. Need a gift? Make if yourself. Broken faucet? Fix it yourself. Empty cupboard? Grow your own food. The next time you think you need to go buy an item or hire someone to fix something consider how you could make it or fix it yourself first. I bet you will be surprised at what you can do on your own without spending any money.

Save For a Rainy Day

The Amish aren’t out spending all the money that they have, instead they are slowly and steadily saving. Proverbs 13:11 says, “Wealth gained hastily will dwindle, but whoever gathers little by little will increase it.” So try to be like the Amish and live on less than you make saving the rest for rainy day because the rain will come. Click here to read “6 Tips for Living Well on One Income”.

Work Hard

The Amish are known for being hard workers. I think this is an overlooked quality in our culture today, but working hard can get you far in life. Most people today aren’t willing to put in the effort to do what it takes to succeed. Don’t be like most people. Working hard and living below your means is a sure-fire way to save more money.

Find Contentment

The Amish are known for being minimalistic. They are taught to be content and happy with what they have and not waste their lives worrying about things. Find contentment in what you have right now. Need less. Spend less. Life isn’t about collecting things, but collecting memories.

For more articles, check out Elfi Student Loan Review.

Curated posts

Someone from Minneapolis, MN just viewed Best Online Colleges for Journalism