Paula Stakelum trained in professional cookery at Cork IT and in culinary arts at GMIT, Galway. She has worked at Ashford Castle since 2010. She is now global director of chocolate & patisserie at Red Carnation Hotels/Ashford Castle. In 2018, she represented Ireland at the final of the World Valrhona Championships.
Are you a saver or a spender?
I’d say I’m a balance of both. I prioritise saving, but I also enjoy treating myself to nice things. It’s all about balance.
What was the first job you received money for, and how much were you paid?
The first job I ever earned money for was working in my parents’ drapery shop when I was quite young. Each morning I would negotiate my pay for folding and tidying jumpers, and during busy periods I managed to secure a percentage of the day’s takings. Even at a young age, I had a knack for business and negotiation.
Do you shop around for better value?
I always prioritise quality over price when making a purchase. While I do look for the best value, I won’t go out of my way to find a cheaper option as I believe time is more valuable than money.
What has been your most extravagant purchase, and how much did it cost?
Last year I took a trip to Paris with a close friend, where we stayed at two magnificent hotels – The Ritz, and Le Meurice. It was an extravagant experience but absolutely worth it. These are the kind of trips that feel like once-in-a-lifetime moments.
What purchase have you made that you consider the best value for money?
Running shoes. I don’t consider spending €300 on a quality pair of running shoes expensive because they motivate me to get out and run regularly. The mental clarity and wellbeing that come from running are priceless.
Is there anything you regret spending money on?
I really regret the money I spent on rent when I was younger.
Do you haggle over prices?
At work, I’m very focused on staying within budget and I always negotiate to get the best possible price – especially when it comes to chocolate! Outside of work, though, I don’t tend to haggle as much, and I hark back to my earlier answer: quality is king.
[ ‘You have to be able to afford to lose what you are willing to bet’Opens in new window ]
Do you invest in shares and/or cryptocurrency?
I don’t invest in shares or cryptocurrency. I prefer to put my money into more tangible assets or experiences that bring me value in the present.
Do you have a retirement or pension plan?
I have a pension plan because, while I value the present, one has to plan for the future!
What was the last thing you bought, and was it good value for money?
I bought a pair of runners last night for my next race. They are great value for money. You run faster, or at least I like to believe so!
Have you ever successfully saved up for a relatively big purchase?
We purchased our first home almost 10 years ago and that meant no more rent, which in and of itself was a success.
Have you ever lost money?
I’ve definitely lost money on a night out – does ordering half the menu at Supermac’s and only managing to eat one chicken burger count?
Are you a gambler and, if so, have you ever had a big win?
I’m not a gambler, but I like the social aspect of going to the races.
What is your best habit when it comes to money? And your worst?
My best habit when it comes to money is saving. I’m quite disciplined and I don’t tend to impulse buy, as most of my purchases are well thought out. My worst habit? Losing my bank card – it’s always somewhere in the house, playing hide and seek with me.
How much money do you have on you now?
Nothing – I never carry cash any more. I have a €2 coin in the car and that’s for the shopping trolley.
In conversation with Tony Clayton-Lea
