Your Money

‘The oil change would have cost me $75; the new car cost $40k’

Me & My Money: Capt Matt Lynch, senior master, Stena Estrid

Capt Matt Lynch, senior master, Stena Estrid

Tony Clayton-Lea's face
Tony Clayton-Lea
Tue Mar 3 2020 - 05:20

Are you a saver or a spender?

I wish I was a better saver. I save regularly and put money away monthly for my children, but if I want something or want to do something and I can afford it then I will spend.

Do you shop around for better value?

Always! I am the guy that walks round the shops with my phone in one hand frantically googling to see if I can find whatever it is I am looking at cheaper elsewhere. Any renewals, such as for home or car insurance, energy for the home, through to bank charges and fees, I will hunt down the best deal at each and every renewal.

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

When I lived in Pennsylvania, I took my Mitsubishi Shogun to the garage for an oil change. There was a new model, Endeavour, which had just been launched on display and I liked that even more. While my car was being serviced, I got chatting to a salesman and took the Endeavour for a test drive. The oil change would have cost me $75, the new car cost $40k.

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

My first house in the UK. Two years of DIY and we were able to turn it round and make a tidy profit on it.

How do you prefer to shop, online or local?

I pretty much shop for everything online except for clothes and food.

Do you haggle over prices?

Not usually, I actually find it a bit embarrassing, to be honest. Generally, if I am going to make a particular purchase, I am buying it at that particular time from a particular seller because I believe it is a fair and reasonable price – and I usually have checked and confirmed that in some way.

Has the recession changed your spending habits?

Not really. While I kick myself for not saving enough, I have always worked out a monthly budget and stuck within it.

Do you invest in shares?

Once I bought some shares in a well-known cruise company as I was convinced it was a sure thing. Unfortunately, it was sold shortly afterwards, and my shares ended up being worth less than I paid for them. Thankfully, I lost only a small amount of money but, as a result, I have not dabbled again since.

Cash or card?

Definitely card. I am converted. What is the point in carrying cash anymore? Cards are clean and easy and can also save time when you have self-service areas.

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

I bought a sandwich and some fruit from a motorway service station on my way to join the ship. It was most definitely not good value for money.

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

After my negative experience with investing in shares, I decided to invest in rental properties in the major cities of the northwest UK. My brother and I are pretty good at saving the necessary funds over a two- to three-year period to enable the purchase of another property.

Have you ever lost money?

Fortunately only on the previously mentioned shares and the odd £5 or £10 note. I once worked for a company where every year we would have a company trip to Chester races. I lost my set betting “budget” of £20 each and every time!

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

I play the lottery but, apart from that, I don’t gamble. As for big wins, I went on a trip to Atlantic City about 15 years ago and gave myself a budget of $100 to lose in a casino. With my last $20, I won just over $1,900 on a slot machine. Then after dinner I tried another similar slot machine and won just over $300. I figured that was my time, though, and I have never stepped foot into a casino since.

Is money important to you?

Only in so much that I need it to live. I like to feel secure and that I have enough saved to provide a safety net for my family.

How much money do you have on you now?

I am genuinely shocked to have found £10 in my wallet and 26p in change.

In conversation with Tony Clayton-Lea