The Amish population has nearly doubled over the last 20 years, increasing by 97% since 2000. Their lifestyle—horse-drawn buggies, farming, and traditional values—presents a curious contrast to the modern world. It leads to an intriguing question: How exactly do the Amish manage their finances, and what can we learn from their thrifty ways to enhance our own financial independence?
Here are 10 money lessons you can learn from the Amish.
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1. The Amish value experience over material goods.
The Amish never fall victim to consumerism and marketing campaigns and only buy things that are built to last and spend their money on value-oriented purchases.
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2. They are avid savers.
Saving is a way of life for the Amish and creating a sense of financial freedom. While the average American saves about 6% of their income, the Amish often set aside up to 20% of their revenue.
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3. The Amish avoid debt and credit cards
As of 2023, Americans owe $986 billion on credit cards, with the average American carrying three to four credit cards. On the other hand, the Amish loathe credit cards and try to stay away from debt as much as possible. However, some modern Amish communities do use credit cards. “They’re literally horrified by it,” Lorilee Craker, author of “Money Secrets of the Amish,” told BI. “When you and I might be awake at night thinking, ‘Oh my gosh, I have so much debt,’ they sleep very peacefully,” she added.
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4. They earn extra through side jobs
When money gets tight, the Amish take up side jobs instead of turning straight to credit to make ends meet. For example, a woman might gather flowers from her garden and sell them at a farmer’s market to earn a few extra dollars. “Their default is not debt,” Craker said. “Their default is, ‘Make it work.'”
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5. They repay debts promptly.
If they do have debts—most often to open a business or to buy farmland—the Amish view it as a moral obligation to repay them quickly and reliably.
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6. Many Amish are skilled tradespeople.
While farming is the bedrock of the Amish lifestyle and economy, many of them go into skilled trades like construction,metal parts manufacturing and furniture building. These products are often sold to those outside the Amish community.
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7. Amish small businesses have a high success rate
Erik Wesner, the author of “An Inside Look at Why Amish Businesses Thrive” found that Amish small businesses have a 95% survival rate during the past five years. To compare, all U.S. small businesses’ pre-pandemic five-year survival rate is about 48.9%. According to Wesner, the key factor to this success is an emphasis on smaller-scale ethics and a willingness to work alongside the average employee.
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8. The Amish take recycling to an impressive level
The Amish followed a “zero-waste” lifestyle long before it was a trend. When clothes can’t be worn or passed down, many Amish will cut them into strips for quilts or rag rugs. They also buy most of their clothes second-hand.
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9. They grow most of their food themselves
The Amish eat often and appreciate a good meal, but many of them use traditional farming practices—which means growing food organically on their farms and gardens.
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10. When they have to do grocery shopping they often buy in bulk
The Amish have large families with six to seven children to feed, so they have mastered bulk shopping to a T. According to Wesner, the average American family can save about $25 a month by buying groceries in bulk.
This article was produced and syndicated by MediaFeed.
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