Sanjay Patel has more than 30 years of experience in the hospitality sector. His career began in the UK, at venues such as the Royal Festival Hall, Wembley Stadium, Lord’s Cricket Grounds, Arsenal FC and Ascot Racecourse. He is currently chief operating office at corporate food service provider Compass Ireland.
Are you a saver or a spender?
For years I was a spender and thought, like many, that saving was for another day. I spent my wages on travel and eating out, having a nice car and going to concerts. While this hasn’t changed that much in recent years, I am now saving for when I retire and for college fees for my two children.
What was the first job you received money for, and how much were you paid?
I was around 14 years old, and my first job was delivering newspapers every morning at 6.30. My round would take around 90 minutes and I was paid £3.50 per week.
Do you shop around for better value?
It depends on whether I believe the price I have been quoted represents value to me, and that I am happy to pay it. My time is worth more to me, and supporting local businesses is even more important, as otherwise towns and villages will soon be filled with empty retail units and soulless multinational brands.
What has been your most extravagant purchase and how much did it cost?
I’ve never really been one for extravagant purchases – I get stressed by how much my kids will pay for a pair of runners! We have had some great family holidays that you could say were extravagant including, in the last couple of years, “once-in-a- lifetime” trips to Mexico, Bali and Singapore.
What purchase have you made that you consider the best value for money?
Our family trip to Mexico was by far the best value purchase. The trip was booked on the back of a particularly stressful time for our family and was an opportunity to get away, forget our troubles, spoil ourselves, reconnect and just focus on having a good time, whatever the cost.
Is there anything you regret spending money on?
Like many others, I spent a fortune on garden furniture towards the end of Covid. Unfortunately, the weather over the last few years has meant that we have hardly used it.
Do you haggle over prices?
Never, not even when I am on holiday. If there is any haggling to be done or a bargain to be sought, I have to rely on my wife, Breege, to step in. Then I walk away pretending not to know her and looking a bit embarrassed.
Do you invest in shares/cryptocurrency?
No. Deep down, I am quite risk-averse. I bought some crypto shares a couple of years ago, but let’s just say it didn’t work out too well as I am down around 50 per cent.
Do you have a retirement or pension plan?
I don’t have too many regrets but I wish that I had listened to my parents and started my pension earlier, and not waited until I was in my late 30s.
What was the last thing you bought and was it good value for money?
Apart from some clothes recently, my last purchase was to pre-order the new album by The Cure, Songs of a Lost World. The purchase also entered me into a draw for a one-off concert in London. If I do indeed manage to win tickets, it will probably be ranked as the best-value purchase I have ever made!
Have you ever successfully saved up for a relatively big purchase?
I am lucky enough to not have to save up specifically for one item currently. However, I have done so in the past, for a car, a holiday, or things for the house. My first real experience of having to save was in my mid-20s when buying a car. I saved up and bought an Audi GT Coupe. I think it cost me half my annual wages at the time.
Have you ever lost money?
Only on the small number of those crypto shares.
Are you a gambler and, if so, have you ever had a big win?
I have never really understood gambling, or those who gamble, but I am sure the thrill of the win is great, especially if it’s a big win. Ultimately, it’s only the bookie, or the house, that wins.
What is your best habit when it comes to money? And your worst?
My best habit is that I have learned over the years to be less impulsive and wasteful. I ask myself, “do I really need this?” before making any large purchases. My worst habits? When it comes to holidays and eating out, regardless of any budget that I have preset, I nearly always find myself ignoring it and convincing myself that “I deserve it” to justify the spending in my head.
How much money do you have on you now?
None. I only carry cash if I am eating out, as I try to make sure tips are in cash.
In conversation with Tony Clayton-Lea
- Sign up for Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Find The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
