When we think of the Amish, we think about a life that involves little to no technology. In an increasingly technological world, how far do they go to remain analog? Do the Amish use banks?
It may surprise you to find out that the Amish economy is very active. The Amish are notoriously hard-working and frugal, making it even more vital that they store the money they earn safely.
We’re here to answer any questions you have about Amish banking, and we guarantee some of the information we’re about to share will change the way you view the culture!
First, let’s look at some ways the Amish stay so financially disciplined.
What this article covers:
How Do the Amish Save Money?
There are a few ways that Amish people save money, and most of them tie into the Amish having an older, less-modern lifestyle.
They Wear Simple clothing
The Amish aren’t permitted to stand out in any manner, so they all dress quite similarly. Men and women should both dress modestly. Their attire cannot in any manner be provocative or revealing.
The clothing is typically made by the mothers of the Amish household and the material is relatively plain and affordable.
All jewelry and other accessories are also prohibited, so the Amish needn’t worry about spending their money on those items.
They Buy in Bulk
The Amish save money by purchasing products in bulk and preparing meals from scratch in huge quantities.
As a result, an Amish family can eventually save money on their grocery bill overall.
The Amish also spend far less on food because they cultivate their land and cook everything at home.
Amish folks can cook together and produce their food on the land. The Amish keep their costs low by always having enough of what they need.
So not only is farming the task of your average Amish worker, but it also serves as a way to keep their families fed without needing to spend too much money on food.
Do the Amish Invest the Money They Save?
In more modern towns, Amish will put their money into mutual funds, stocks, businesses, real estate, and horses.
You’ll find the richest Amish person in modern towns has successful businesses like construction, woodwork, and farming.
However, the Amish aren’t flashy when it comes to finance, so we don’t recommend trying to spot them.
The older, more traditional towns won’t see many Amish folk investing in stocks, and the businesses they support are typically local, family-owned mini-marts selling items like picnic baskets.
Differences Between the Amish Economy and the Rest of America
While the average American is battling inflation and rising cost of living, the Amish economy is growing. So what sets the Amish apart from the rest of the United States? Here’s what we think.
They’re Debt-free
Since they avoid getting credit cards and taking out personal loans, Amish people may maintain a largely debt-free existence. Amish people avoid taking out loans, which keeps them debt-free.
Additionally, Amish people don’t have credit cards because they think that borrowing money should only be done in dire circumstances to prevent future financial difficulties.
The only time an Amish person might use a credit card is to purchase a farm. Negotiating for such a huge purchase necessitates dealing with a banker.
In these cases, the Amish turn to local banks for assistance.
They Don’t Spend Exorbitantly on Education
Many educational standards are waived for Amish people, and their children only attend school for eight years.
Basic skills are taught in the locally controlled schools, but they also instill ideals that the community feels are lacking in the larger American educational system.
Cooperation is one of these virtues, whereas competitiveness and status-seeking are discouraged.
The boys are taught Amish farming methods and woodcutting, while the girls are taught how to cook and clean.
They Don’t Overspend on Insurance and Healthcare
The costs of healthcare are covered out of pocket, but if assistance is required, the entire community is prepared to provide it by setting up fund-raising activities like auctions.
The Amish place more emphasis on preventing health issues than on treating them once they arise.
The majority of elderly individuals are looked after at home by family members, and they have generally healthy lifestyles.
They often haggle the price down or receive their medical care in Mexico when they need hospital-based treatment.
Compared to other uninsured patients, healthcare providers are ready to reduce their payments for a variety of reasons.
Since their religious teachings forbid lawsuits, they pay their bills promptly, frequently with sizable sums in advance.
This means that healthcare professionals don’t need to worry about malpractice claims.
Conclusion
If an Amish man wanted to buy a farm, chances are that he would need to store his Amish money in a bank to make such a large purchase.
The banks are typically local, and due to the lack of modern-day technology in Amish communities, online banking is a myth for Amish folk.
In recent decades, an additional source of income for the Amish has come through the sale of their expertly crafted products, including their large wicker laundry baskets and storage baskets for shelves. At Amish Baskets, we’re committed to sharing Amish mastery on a grand scale, which boosts their economy vastly.
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