Challenging economic times inspire people universally to make sound financial decisions. One culture that has always lived an austere but significant existence is the Amish. Increasingly, people are inspired by their lifestyle; and look for ways to simplify their own lives.

Lorilee Craker is the author of the new book, “Amish Money Secrets: Finding True Abundance in Simplicity, Sharing, and Saving.” Examine their practices, extravagant in peace, family and community closeness. For them, thrift is a muscle that is exercised regularly.

Craker interviewed Amish people in Indiana, 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 money-saving habits of the Amish stand out: delayed gratification and spoiled children.

Delayed gratification. Delayed gratification is an admirable quality of the Amish, as they are important long-term thinkers. They are taught to work, save, and pay for the things they want.

Delayed gratification is challenging because the brain struggles to accept compensation for instant pleasure (i.e., eating or spending) for abstract and distant goals, like saving money for a rainy day.

To curve your impulse buying, define your goals. Clarity of purpose can help you say no to all kinds of things.

What is worth skimping on for you, a spring break? A new car? Once defined, you can hope to have it one day by saying no to yourself regularly on a day-to-day basis.

Experts say that our ability to practice delayed gratification begins when we are young and parents establish rituals that force us to delay gratification on a daily basis.

Here’s a simple formula to calculate the true value of an item or experience before purchasing:

  • Imagine a $ 100.00 item.
  • Record your income before taxes, example: $ 40,000.
  • Subtract 25 percent from taxes ($ 10,000).
  • Divide the remainder ($ 30,000) by 2,000 (the hours you work in a year).
  • At $ 15.00 an hour, you would need to work 7 hours for the item.
  • Is it still worth it?

Small indulgence. “There is no need to stop spending all at once, just Brilliant Turkey, “says Craker. Control spending and say no often to frivolous purchases. Buying something occasional and delicious can help you stay long-term.

Amish money makeover. Examine your bank statement and see how much money you are wasting on impulse purchases.

Demy children. Children can be a money pit. The Amish pass on their financial wisdom, including self-control, delayed gratification, and a sense of money from generation to generation. The children of the English (anyone who is not Amish to the Amish) are raised in an individualistic society, which promotes materialism and consumerism.

Amish parents have the community to support them when they say no, you don’t.

Building satisfaction. The Amish teach their children to be content with what they have. Kids do they want things perpetually, but they can be redirected. Amish children are not subject to advertising messages on television, as they do not watch television.

The Amish teach their children to be careful with their belongings and to pay attention to how they treat their things.

“Generation X parents don’t want to cause their kids a moment of discomfort,” says Craker. “And saying no to what they want is uncomfortable.”

Say no Sometimes, it’s just not no. A parent does not need to explain why they say no. The Amish believe that a gift given too easily robs children of the joy of earning it themselves.

Keep the kids busy. They will not have free time to think about all the things they want. The work is formative for children.

Craker shares his six-point plan to “De-spoil” his children:

  1. Teach them to be happy with what they already have.
  2. Show them how to discover savings and gifts.
  3. Help them distinguish between wants and needs.
  4. Say no with some regularity.
  5. Encourage delayed gratification.
  6. Teach them that hard work won’t kill them and that it pays off.

Practice delayed gratification like the Amish and discover that you make wiser financial decisions. Teach your children to appreciate what they already have rather than yearning for more possessions. Simple acts like these will improve your family’s life regardless and help you thrive in today’s economic conditions.

For more information about the Amish, visit http://www.AmishAmerica.com.