Me & My Money: Nichola Beresford of Anchor Spirits Ireland

Are you a saver or a spender?

I used to be more of a spender, but I’m trying to become more of a saver – although that’s hard with a start-up business. I’m drilling into my young nieces and nephews the importance of saving a minimum of 10 per cent of anything you get from an early age. All kids should be shown how to save and invest from the moment they understand what money is.

Do you shop around for better value?

Within reason, of course, but sometimes you can waste time and energy which is effectively money at the end of the day.

What has been your most extravagant purchase and how much did it cost?

Extravagance is relative. My granddad had this saying, “A good hat is a cheap hat at any price”, and I’ve kind of lived by that. So I honestly don’t think I’ve ever made an extravagant purchase. Maybe I should just for the experience.

What purchase have you made that you consider the best value for money?

The deluxe feather-bed mattress topper – and you just can’t put a price on a good night’s sleep.

How do you prefer to shop – online or local?

Local. Obviously, online is convenient when you know exactly what the item is but when it comes to most shopping I’m all about how something looks, feels and even smells up close. You just don’t get that experience online.

Do you haggle over prices?

With business purchases, I would tend to negotiate when appropriate but on a personal level and generally speaking I just don’t have the haggle gene.

Has the recession changed your spending habits?

It’s made a big difference on the big-ticket items like holidays, houses cars, and the like. The spontaneity has definitely gone out of those purchases and they are much more considered these days.

Do you invest in shares?

Not to any great extent, and what we’ve done is toe dipping at best, but it’s something I know I would really enjoy if I had the time to dedicate to it.

Cash or card?

I probably use my debit card more these days, but that’s effectively cash, isn’t it? I do have a credit card with a modest balance but I clear it at the end of every month. When I was in my early 20s I was a disaster with credit cards, so I have a bad association with them.

What was the last thing you bought and was it good value for money?

Very unexciting, I’m afraid. Today I bought new tyres for my car. Very good value for money, though, if they’ll keep me safer on the road.

Have you ever successfully saved up for a relatively big purchase?

Yes, my husband and I saved for the deposit on our home and I’ve often saved over a few months with some friends to go and see art exhibitions abroad. That’s worked out really well, as it means everything is paid for corporately beforehand, so it almost feels like it’s a free trip.

Have you ever lost money?

I lost a substantial amount on a business deal that went south in 2007-2008. Huge learning curve, though, and it’s such a truism that you learn more from failure than you will ever do from success.

Are you a gambler and, if so, have you ever had a big win?

I love gambling so I don’t do it. As odd as that sounds, I’m very aware of my addictive personality. I love the idea of horse racing, betting shops, casinos and late-night card games – therefore I don’t go there at all.

Is money important to you?

Now that I’m older and, hopefully, wiser, I can honestly say yes, it absolutely is. I don’t have my trust in money but it is very important. You just can’t live without it in this world. Money is freedom and it can also change lives for the better. I think society teaches us that it’s not right to say it out loud, but that’s ridiculous. I think we need to be more comfortable around money and stop apologising for needing it.

How much money do you have on you now?

A few coins and a €5 note. Maybe in my case this column should be titled “Me and What Money Might That Be?!”

In conversation with Tony Clayton-Lea