Your Money: Emma’s Story – Impulse Buying & How To Avoid This Habit

Your Money: Emma’s Story – Impulse Buying & How To Avoid This Habit

Sarah Riegelhuth

Finance Expert

16/03/2014

The Carousel’s Finance Expert Sarah Riegelhuth hits the streets to find out how you’re managing your money…

Emma Petterwood from Abbotsford VictoriaPoser Yoga, 30

What’s your worst money habit?
Wasting it! Impulse buying without thinking things through, I’m abit of an emotional response shopper, could be anything, happy, sad, stressed – I just like that instant gratification. The result is I end up with 10 tops that all look similar and that I probably don’t need.

What’s your best habit then?
I saw a financial adviser a few years ago and it really altered my perspective, my habits have changed because I don’t look at things week to week anymore, I look at things over the whole year and put money aside so that it’s there when I need it for bills and other things. Also, when I started Poser Yoga I kept the finances totally separate from my personal finances and I have never dipped into this, it’s there purely for business growth, that’s probably my best habit actually.

The biggest thing your parents taught you?
Dad taught me to know where your money is going, he always checked every transaction on his credit card, even though he was a bit of a spendthrift at least he knew where it all went. Mum is a good saver, and she always said ‘if you don’t have the money for something, don’t buy it’. That stuck with me.

What’s your perspective on charity or community stuff?
I don’t have an ongoing relationship with a charity, but I’ll always throw a few dollars toward good causes when I’m out and about. For me, if it’s something that effects my community I’m inclined to do more. In 2012 I hosted Yoga Aid and we raised $10K for Black Dog Institute through, it’s definitely on the cards for me to do this again, I’m really into seeing how I can link yoga to causes that are close to my heart.

If you could talk to your younger self?
Don’t get a credit card! It’s not just free money, which is kind of what I thought when I was young, I was spending above and beyond what I was earning.

My tips: Emma is definitely not alone when it comes to impulse shopping or emotional shopping. I have a really simple rule to curb this, and it’s basically stay away from the shops. If you’re someone who likes to shop it is so easy to justify purchases and the extra money you’re spending really starts to add up. Emma has even identified that she doesn’t need a lot of the stuff she buys so checking in with yourself at each purchase with the question: ‘Am I 100% happy with the value I am receiving in return for this purchase?’ is a great habit to get into.