Spending Habits: I regret not starting a pension sooner

Deirdre Young, co-founder of The Home Moment, is meticulous with budgets at work.

Deirdre Young is co-founder of The Home Moment, a female-led Irish company that produces luxury, sustainable and experience-based products. 

What is your relationship with money?

As a business owner and main bookkeeper of our company (The Home Moment), I am always thinking about projections, cash flow forecasting, and potential earnings/losses. I am optimistic yet still a realist. I don't take chances but I'm definitely not a huge worrier. Worrying doesn't give you anything but stress-induced sickness!

Are you a spender or a saver?

I do have savings and I am not an impulse buyer by any means. But I like good quality clothes, food, and experiences. I like to purchase items that will last so end up inevitably paying a little more.

Do you find it hard to splurge?

If it is an impulse splurge then yes, I find it hard. I won't purchase anything important without doing a good bit of research on it. I have had clothes carts full for weeks before actually going through with the purchase!

What is the best money-related advice you were ever given?

Always have some savings in your account. Once it reaches a certain figure move it into a savings or credit union account and forget about it.

Do you follow a budget and what is your process?

At work, I am meticulous with budgets. I will know how much a project will cost to the last cent before committing to it. In my personal life, I'm not as strict. I know my monthly outgoings and roughly how much I have to 'play with'. However, if I am going on holiday I love a good excel sheet to tally up every detail. My partner loves this!

What's the most expensive thing you have ever bought?

It’s not a ‘thing’ but we went to Costa Rica some years ago and stayed in the most beautiful hidden canopy treehouses up in the cloud forest. It was not in the strict excel sheet but definitely worth it. We were surrounded by a beautiful rain forest full of monkeys and hummingbirds. I have less difficulty spending money on experiences.

What is the most important thing you have ever bought?

Purchasing a laptop all those years ago allowed me to become self-employed so I'd have to say that was one of the most important.

At what age did you start your pension and did you know it was important at the time?

I started a pension later than most because I was self-employed for most of my adult life. It is hugely important to me now.

What is the biggest mistake you have ever made financially and what is the lesson you take from it?

Not starting a pension sooner. We are aggressively trying to rectify this situation with our new company The Home Moment now.