Challenging economic times inspire people universally to make sound financial decisions. Whether it’s choosing to repair a vehicle over buying a new one, or investing in simple vs. opulent outings, these behaviors are proliferating. One culture that has always lived an austere but meaningful life is the Amish. Increasingly, people are intrigued by their lifestyle; and they wonder what aspects of their life they could comfortably emulate.
Lorilee Craker is the author of the new book, “Amish Money Secrets: Finding True Abundance in Simplicity, Sharing, and Saving.” She examines their lifestyle, which is extravagant in peace, family and community closeness. For them, thrift is a muscle that is exercised regularly.
Craker interviewed Amish people in Michigan and Pennsylvania, including an Amish banker whose clientele is 95 percent Amish. During the Great Recession of 2008, your bank had the best year in its history. Amish experts and englishers’ (Amish reference to anyone who is not Amish), the financial perspectives emphasize the book as well. Here, two of his money-saving habits are discussed, bartering and rethinking gifts.
Barter. Bartering was a popular social behavior from the 1880s until the Great Depression. Today it is common again. The Amish, who have a long history of living outside of a cash economy, love to trade goods for goods, goods for services, or services for services. When it comes to bartering, ask yourself, “What are you good at and what could you trade for something worthwhile?”
Unfortunately, Americans may be too proud to barter, but it is popular in foreign countries. Barter, and you:
- Build relationships and community.
- Participate on a deeper level when it comes to expressing your needs.
- Think of your assets first before your needs.
If you are not comfortable bartering, start with your friends and acquaintances; and look for barter opportunities. Post what you need on social networking sites.
Rethink gift giving. The Amish give one gift per child for birthdays and Christmas. Gifts are often helpful, need-based, and handmade, regardless of the recipient’s age. The first step in rethinking gift giving is downscaling. Consider giving gifts that are: to. charitable experiential gold, gold B. homegrown somehow.
Experiential gifts. Give a unique experience, shared or not, of knowledge, skill and, most importantly, memorable. Examples include tickets to sporting events, museum memberships, or riding lessons. Experiential gifts can be expensive or cheap, as it’s more about investing in the relationship.
- Gifts that cannot be wrapped. They can be fun, frugal, but meaningful. Give away coupons for services that include babysitting, house cleaning, or yard work.
- Give away coupons. Consider giving the gift of time, which will allow you to create priceless memories. Coupon giveaways are also something to anticipate usage.
- Make a donation on behalf of the recipient to a worthy charity.
Homegrown. Examples include painted pottery, made candles, garden stones, and soap.
- Cook, can, bake. “In a way, a kitchen gift has something that is infused with much more than the cost of the ingredients,” says Craker.
Second hand. Aim for 20 percent of your gifts to come from resale, consignment, or thrift stores, Craker suggests:
- Resale stores. May include children’s jewelry.
- Consignment stores. Look for branded clothes, baby showers, and newborn gifts.
Buy gifts in your own home. One person’s trash is another’s pleasure:
- Re-gift. This practice gets a bad rap, but if you have something in good condition that someone else would appreciate much more than you, why not give it to them?
- Practice gifting again beyond Christmas time. Sometimes gifts have additional meaning for both the giver and the recipient. Parents can gift special household items to their older children. These objects are valuable, emotional connection points with their upbringing.
Amish money secrets illustrates that gift-giving and bartering can be practical and modern. And you don’t need to wear a hat or suspenders to thrive.