Are you a saver or a spender?
Given that I am the managing director of a company that provides retail savings accounts in Ireland, I would have to say I am a saver. This does not come naturally to me, so it is a discipline that I need to work hard at. Some level of savings is essential to cover large necessities or life events, as well as to have a rainy day fund.
Do you shop around for better value?
I always shop around, whether in person or on the internet. I believe in seeking fair value for money, and there nothing as annoying as making a purchase and then finding it cheaper elsewhere a week later.
What has been your most extravagant purchase and how much did it cost?
My car, which is an E-Class Mercedes. The car was expensive, but I will drive it for many years to come, so that in my head I can amortise the cost over a long period to justify the extravagance.
What purchase have you made that you consider the best value for money?
I bought an expensive Scotty Cameron golf putter a number of years ago. This was obviously a hardware solution to a software problem, but it has stopped me coveting other people’s putters and changing every year when I see them performing well with the latest putter.
How do you prefer to shop: online or local?
I shop online for all the usual things, like plane tickets or hotel bookings, but for anything involving a fitting or a particular size, I prefer to shop local.
Do you haggle over prices?
If I think there is scope to haggle, I always will. It can be embarrassing for some but it is not something that really bothers me if I can get a better deal.
Has the recession changed your spending habits?
The recession has been really tough since 2008, but thankfully we are seeing some progress on this front. I certainly like to dine out regularly and I have made good use of vouchers over the last number of years. I do not see that changing even with the progress made on the economic front.
Do you invest in shares?
I learned some expensive lessons about concentration risk when investing in shares after the crash in 2008. Currently, I prefer to trade the stock indices rather than get involved in individual stocks, but blue-chip only if I am buying a share.
Cash or card?
I use a mixture of both. It is nice to have a small amount of cash in your pocket but I always use a card if I am purchasing anything over €50.
What was the last thing you bought and was it good value for money?
I have just booked a holiday for my wife and me to Vietnam and Cambodia in 2017. It is celebrating a significant birthday for both of us and I really hope it turns out to be good value for money.
Have you ever successfully saved up for a relatively big purchase?
My wife and I use one of the Nationwide UK Ireland Regular Saver accounts every year to put money aside to pay our annual subscription to Donabate Golf Club, which is a fantastic and friendly golf – and now also tennis – club in north Co Dublin. This is normally our biggest social and sporting outlay every year, but we get great value for money there.
Have you ever lost money?
I would love to say no, but I was a foreign exchange trader for many years so it goes with the job description. There is no job better than it when you are making money and very few worse when you are losing money. Thankfully, I managed to stay ahead of the market for the majority of the time. The crash in 2008 also proved to be a chastening experience.
Are you a gambler and, if so, have you ever had a big win?
I play golf for a few euro every Saturday morning and do enjoy a calculated risk every once in a while, but I would never call myself a gambler. I enjoy spread-betting on rugby and generally have done well on it apart from when Munster lost in Croke Park in 2009. That was particularly painful on a number of fronts.
Is money important to you?
As a banker, the only possible answer is yes.
How much money do you have on you now?
£20 and €45.
In conversation with Tony Clayton-Lea
