Are you a saver or a spender?
It depends on the situation. While I would never be mistaken for an ascetic, I have no huge desire to spend money on things. That said, I am also of the view that life is too short to drink bad wine (literally and figuratively), so it’s a bit of a balancing act. On occasion, I might stray too far into profligate country.
Do you shop around for better value?
Sometimes the need for convenience will override any need to get the best deal, so to speak, but this depends on what it is I am buying, naturally enough. Also, I have a strong view that value and price are hugely different things.
What has been your most extravagant purchase and how much did it cost?
I remember deciding to do the Trans-Mongolian Railway with a pal of mine years ago. He was gainfully employed and I was doing my Masters in UCC. I remember opening the email attachment with the price of the trip and nearly falling over when I saw the figure. Relative to what I was earning at the time, this could be seen as extravagant, but my costs were very low. Plus, an experience like that brings lifetime value.
What purchase have you made that you consider the best value for money?
My second last car was a Jeep Grand Cherokee, which I bought for €10,000. My work took me to Poland for a period of time and we drove the Jeep from Cork to Krakow, zigzagging across Europe. All told, we must have driven it in 10 countries in all sorts of conditions. Back in Cork it became the car in which we brought our first child home, so it was a much cherished – and great value – investment.
How did you prefer to shop during the Covid-19 restrictions – online or local?
I have made a renewed effort to always look for a local source first and only go beyond this if I can’t get what I am looking for. On the food front, we would always have been big advocates of local.
Do you haggle over prices?
I tend not to on small transactions when I get a sense the difference means more to the other person than to me. I find it quite distasteful to see people pushing for every euro on a transaction if there is a significant power imbalance.
How has the Covid-19 crisis changed your spending habits?
Like a lot of people who were lucky enough to maintain an income during Covid-19, I found that my spending decreased because I wasn’t going anywhere. Things like diesel, coffees, lunches, and so on, were all immediately eliminated. It did feel like what we were saving was being spent on tea bags for us and arts/crafts supplies for the kids after a while, though!
Do you invest in shares?
Not in the sense of playing the stock market. My involvement in 3SIXTY is my investment focus for the foreseeable future.
Cash or card?
I love the convenience and hygiene of the card. Since Covid-19 kicked in, I could probably count on two hands the number of times I have used cash.
What was the last thing you bought and was it good value for money?
I changed my car four weeks before the March lockdown so it has been largely ornamental for significant chunks of time! That said, I do feel it was value for money.
Have you ever successfully saved up for a relatively big purchase?
Saving for the deposit for our home was strangely satisfying. I remember our mortgage adviser telling us that, if anything, we were saving too much, which I chose to take as a good sign.
Have you ever lost money?
Like most people who were at a certain age when it was the thing to do, I invested in property. While I haven’t realised any loss, I think I will be waiting a very long time to make money on anything I did back then.
Are you a gambler and, if so, have you ever had a big win?
Not in the literal sense. I was in a bookies once in my life, and I would need to be shown how to buy a Lotto ticket.
Is money important to you?
It’s important in the sense that it gives options and flexibility. I don’t see it as important as an end in itself and I strongly dislike how it is seen by many as a true measure of worth and impact.
How much money do you have on you now?
There might be a tattered fiver or three in my wallet, the cash compartment of which has been a largely no-go area since Covid-19 came to town. Other than that, I have three debit cards for personal/work use.
- In conversation with Tony Clayton-Lea
