Wednesday, April 4, 2012

Money Secrets of the Amish

Money Secrets of the Amish, Finding True Abundance in Simplicity, Sharing and Saving was the result of writer Lorilee Craker investigating why the Amish were thriving during the economic downturn. It consists of a dozen tried and true financial habits the Amish have followed for many years to help your cash go further.

Some of the habits discussed in the book are:

UWMW – Use it up, Wear it out, Make do or do without.
Pay on time - It may not seem like a lot getting charged a minimal amount if you don’t pay a bill on time, but if you do it consistently with a number of bills it can add up.
Saving – Saving money will protect you from the “drizzle,” acting as an umbrella of sorts.
Dead horses smell bad, but debt smells even worse- One of the quotes in the book that struck me was “Making interest payments is like paying for a dead horse/”
Shopping secondhand- Sometimes you can find items at secondhand stores for a fraction of the regular price you would pay.
To buy in bulk or not – In some cases, buying in bulk may save you money. You need to consider if you will use the product before it spoils. You will not save money if you end up throwing a bunch of it out.
The Best Things in life are free – “The truth that transcends Plain and Fancy; chasing after money and things is meaningless, because the best things in life are free.

Another quote I saw recently is "Too many people spend money they haven’t earned, to buy things they don’t want, to impress people they don’t like" – Will Rogers.

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