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

Lorilee Craker is the author of the new book, “Money Secrets Of The Amish-Finding True Abundance in Simplicity, Sharing and Saving.” She examines her practices, extravagant in peace, family and community closeness. For them, saving 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, his bank had its best year ever. The financial perspectives of the Amish scholars and of the English (Amish reference to anyone who is not Amish) also punctuate the book. Here, two Amish money-saving habits are highlighted: delayed gratification and spoiled children.

Delayed gratification. Delayed gratification is an admirable quality of the Amish, as they are great 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 the exchange of instant pleasure (ie, eating or spending) for abstract, 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 sorts of things.

What’s worth skimping on for you, a spring break? A new car? Once defined, you can hope to have it one day by regularly saying no to yourself 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 is a simple formula to calculate the real value of an item or experience before you buy it:

• Imagine a $100.00 item.
• Record your income before taxes, for example, $40,000.
• Subtract 25 percent tax ($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?

little indulgence. “There’s no need to stop spending cold-turkey-just Cold turkey,” Craker says. Track spending and say no often to frivolous purchases. Buying something casual and charming can help you sustain yourself in the long run.

Amish Money Makeover. Take a look at your bank statement and see how much money you’re wasting on impulse purchases.

Spoiled children. Children can be money pits. The Amish pass down their financial wisdom, including self-control, delayed gratification, and money sense 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.

building satisfaction. The Amish teach their children to be content with what they have. Kids do they perpetually want things, but can be redirected. Amish children are not subject to television marketing messages since 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 give their kids a moment of awkwardness,” says Craker. “And saying no to what they want is awkward.”

say no Sometimes no is just no. A father does not need to explain why he says no. The Amish believe that a gift given too easily robs children of the joy of earning it for themselves.

keep the kids busy. They won’t have downtime to think about all the things they want. The work is formative for the children.

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

1. Teach them to be content 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 on a regular basis.
5. Promotes delayed gratification.
6. Teach them that hard work will not kill them and is beneficial.

Practice delayed gratification like the Amish and find you’re making wise financial decisions. Teach your children to appreciate what they already have instead of yearning for more possessions. Simple acts like these will improve your family’s life and help you prosper regardless of current economic conditions.

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