Financial Lessons We Can Learn From the Duggars

When you hear the name “Duggar” there are usually strong opinions and feelings that come to the surface. The family, which starred in the reality television show “19 Kids and Counting,” has been in the spotlight for a variety of reasons (not all of them good). However, whatever your feelings about the family and their children may be, there may be some valuable lessons you can learn from Duggar family.

Buy Used

The Duggars often recite the line, “Buy used and save the difference.” This is a good note to take from the family. Thrift stores, secondhand stores, garage sales and even free hand-me-downs are all ways to save money. Even Facebook and other social media can help with saving money in this way. Many areas have “Facebook Yard Sales” where people post items for sale. You can get anything from clothing to furniture and appliances used “and save the difference.”

Pay Cash

When you can, you should pay cash. This doesn’t mean you have to take physical cash out of the bank. It simply means that you should only pay for items that you have the money for in your checking account and not on credit cards. Even though the credit card point accrual may be tempting, it usually isn’t worth the debt that will likely ensue.

Avoid Debt

This was kind of touched on in the last point, but avoiding debt at all costs should be a priority if you are looking to be financially free. Even though they have 19 children, the Duggars can claim to be “debt free.” How? Well, when they bought their house, they paid for it in full. They also stick to their “buy used and save the difference” mantra as well as paying cash for all of their purchases which definitely cuts down on debt.

DIY

When you can do it yourself, you should. The Duggars are huge do-it-yourselfers. They have been able to cut down on costs in their home as well as avoid debt by figuring out how to build things for themselves. They also take on different projects around the house. Every once and a while, they will hire someone else to do the work, but it will be so that they can look on and learn how to do it themselves for the next time. Of course, if they have to hire someone, they pay in cash.

Help Others

When you help others, other are more likely to help you when you need it. On the show “19 Kids and Counting,” the Duggars could usually be seen helping a fellow large family, the Bates. By helping the Bates, the Duggars knew they always had someone to rely on if they ever needed help. This way of thinking and doing keeps the Duggars from having to pay for workers.

Tell the Kids No

Don’t be afraid to tell your kids no. If it isn’t in the budget and there is no wiggle room, you just have to say no. Michelle Duggar, the mother of the 19 kids, said there was a time she had to tell her daughter that she could not buy her a pink blanket simply because they didn’t have a lot of money coming in and it just wasn’t in the budget.

Delayed Gratification

Plenty of successful people say that delayed gratification is a huge part of securing a stable financial future. Sometimes, you may really want something, but you have to wait for it. For instance, the Duggars were living in a small, cramped home and wanted to move into their large, spacious home. However, they knew they wanted to have it paid in full before they could move in. The house took quite a few years to finish, but it was worth the gratification of the home and the financial security having it paid in full provided.

Photo: Wikipedia

Alexa Mason

Alexa Mason is a freelance writer and internet entrepreneur. She is also a parent to two beautiful little girls. She chronicles her journey as a single mom working on building financial security.