Are you a saver or a spender?
I am more of a spender. While I don’t live beyond my means, I enjoy travelling, live music gigs and eating out. However, I am systematic about ensuing a recurring transfer to my pension plan from my salary before the money is visible or available for me to use for day-to-day living expenses.
Do you shop around for better value?
For larger purchases I do, and I am strategic about carrying debt for larger purchases. If I need to carry debt, I will shop around for better interest rates and I then accelerate payments so as to avoid paying interest on something that depreciates quickly in value, such as a car.
What has been your most extravagant purchase and how much did it cost?
I have a boat moored on the Irish inland waterways. It regularly needs upkeep, so I know why you see boats on the water with names such as Broke but Afloat, Frozen Assets and The Last Cent. As a family, we use it regularly, and it was a blessing to have when Covid struck.
What purchase have you made that you consider the best value for money?
I bought a polytunnel about 10 years ago and it is a delightful sanctuary. I grow salads all year round and love the fact that it gives me a much longer season for growing fruit and veg than I would get with our spring and summer weather. In addition to keeping me physically healthy, it’s also great for my emotional wellbeing.
How did you prefer to shop during the Covid-19 restrictions — online or local?
Local. I doubled down on local spending: bakeries, butchers, delicatessens, coffee shops and restaurants that pivoted to takeaway options. I truly value how small businesses strengthen a community, as they were an amazing lifeline for so many during the lockdowns.
Do you haggle over prices?
I tend to be stronger in seeking a discount when I am abroad. I’m unsure why that is. Perhaps I am of the opinion that when the price isn’t displayed, oftentimes there is a separate price for the tourists. At home, I love supporting local artisan traders. I am respectful of smaller entrepreneurs and the price point they have set and the pressures they are under, so I wouldn’t haggle there.
How has the Covid-19 crisis changed your spending habits?
I have moved more towards contactless payment because that’s what many of the shops promoted. I’m more thoughtful about my spending and if I purchase a luxury item, it’s usually something that the family can use for recreational purposes, such as kayaks.
Do you invest in shares?
I dabble. I have a select number of long-term investments that don’t leave me exposed if they prove loss-making. I tend to know the industries that I invest in and it’s generally tech, given my background.
Cash or card?
In addition to a card, I always like to carry some cash.
What was the last thing you bought and was it good value for money?
I have just done a grocery shop and with the prices rising so sharply in recent months, I can’t say that there is great value for money. Key staples such as milk, bread and butter have had steep price hikes. We are much more expensive than the EU average and product lines have been reduced, so it’s frustrating to watch this trend right now.
Have you ever successfully saved up for a relatively big purchase?
When I was a teenager, I used to sell mayflies to fishermen during the mayfly season. Over a couple of seasons I saved up for a tenor banjo handmade by Tom Cussons in Clarinbridge, Galway. I still have it and it’s an amazing piece of craftsmanship.
Have you ever lost money?
I’ve acted too hastily and sold stock earlier than I should have. My personality is not to dwell on the past, so no regrets.
Are you a gambler and, if so, have you ever had a big win?
I’m not a gambler, but I enjoy a flutter if I am at the races, for example. A couple of days before I got married I won about €5,000 in a lotto syndicate I am involved with. That was amazing timing.
Is money important to you?
I’d like to be in a position to be able to provide for the key needs of my family, including education, and to be able to afford all essentials. I don’t think or dream about being affluent — my priorities are very much health and happiness.
How much money do you have on you now?
€100 in cash.
Elaine Murphy is vice-president and site lead of US healthcare platform Signify Health Ireland
