Are you a saver or a spender?
I think a spender. You are only on this Earth once. I do try to put some money aside for a rainy day but with two daughters, I find I am quickly relieved of any surplus cash.
Do you shop around for better value?
I’m an accountant. Of course I do! I make two or three trips to town each year to buy clothes. I spend the morning surveying the choices and do my purchases in the afternoon.
What has been your most extravagant purchase and how much did it cost?
I spent €800 on premium tickets for Bruce Springsteen and in the end I couldn't go – so I gave them to someone who loves Bruce as much as I do!
What purchase have you made that you consider the best value for money?
I bought a painting many years ago that I liked, and the value of the artist’s work has increased significantly since. Not only has it gained in value, I also value the pleasure it gives me every time I see it.
How do you prefer to shop – online or locally?
I do very little online shopping (except flights and holidays). I like to see what I am buying. My family are involved in the wholesale grocery business, so I also like to support local shops.
Do you haggle over prices?
Sometimes, when I feel the seller has room to move and expects the buyer to haggle a bit. However, the opportunities to do so are less and less in a globalised world with global brands. Also, I believe that cheaper doesn’t necessarily mean better.
Has the recession changed your spending habits?
The recession coincided with my daughters’ second- and third-level education, so it did focus me on putting aside money for their education costs. One positive thing about the recession is that it redefined for most people in Ireland what is important; we regained our sense of values, and who we are – Irish people were never defined by our personal spending.
Do you invest in shares?
I have a very modest portfolio of shares with an equally modest return in recent years. I think you need a lot of time to actively manage a share portfolio and spare time is not something I have a lot of recently, especially since joining the global RSM network earlier this year.
Cash or card?
I like the fact that you have a record of your spending when you use a card. Our involvement in the RSM network also involves a lot of travel; I’m just back from the US, where we were building connections for our clients. Card is definitely king when travelling overseas on a regular basis.
What was the last thing you bought and was it good value for money?
A return flight to Lisbon for €120.
Have you ever successfully saved up for a relatively big purchase?
Yes, my first house, in Rathfarnham, Dublin. I bought it for £38,000 in 1985. Banks insisted then on a savings record, and interest rates on my first mortgage were in the high teens.
Have you ever lost money?
Like many people, I lost money when the economy collapsed in 2008. I was a shareholder in the Irish banks for 20 years and never got around to reducing my exposure.
Are you a gambler and if so have you ever had a big win?
I gamble very little. My biggest wins were £10 bet at 50-1 on José María Olazábal winning in the 1999 US Masters, and Offaly’s win against Kilkenny in 1998, which paid for a subsequent two-day celebration!
Is money important to you?
I have spent a lot of my time over the years talking to businesspeople about their personal goals, and most of them, myself included, work long hours in building our businesses. It’s important to be rewarded for your effort but it’s not my primary motivation. If things go well, it’s an added bonus.
How much money do you have on you now?
€200.
In conversation with Tony Clayton-Lea
