‘I don’t think anybody can say money is not important to them’

In 2009, Luke Saunders cofounded Studyclix, which is now Ireland’s largest study and teaching website.

Are you a saver or a spender?

Spender. Over the course of my working life, I have worked in a variety of jobs, everything from labouring on a building site, working as a teacher and now running my own business. I have found that whether I am on low income or high income, I tend to adapt my spending to a level, which means there is not much left for saving.

Do you shop around for better value?

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It depends on what I am buying. There was a time when I would shop around for absolutely everything. As I have grown older, I put more value on my free time and so spending half a day pricing up a lawnmower across three different shops in order to save €30 is no longer something I will do.

What has been your most extravagant purchase ever and how much did it cost?

I just turned 40 last year. I have been lucky to be part of loads of once-in-a-lifetime trips. Last year, we went to the Mentawai islands in Indonesia, where you will find the best waves in the world for surfing. I have also recently returned from a trip to climb Mont Blanc in France.

What purchase have you made that you consider the best value for money?

Sixteen years ago, I left a job as a copywriter in an advertising agency and bought my bike for about €900. I put a tent and some bags on the back and cycled the whole way around the coast of Ireland on a journey that took over four months. Since then, I have put a child carrier on the back and have spent the last decade cycling around with each of my three children on it. The bike is still going as well as ever!

What ways did you prefer to shop during the Covid-19 restrictions – online or local?

During Covid-19, most of my shopping was done locally in our village of Strandhill, in Sligo. Luckily, we have loads of really nice cafes and restaurants that all served takeaway options during the pandemic.

Do you haggle over prices?

In my 20s I would have haggled a lot when backpacking overseas. These days, I haggle way less. However, when booking hotels or buying services for the business I will always haggle for a better price.

How did the Covid-19 crisis change your spending habits, and was there something in particular that you either stopped buying or started buying as a result?

In the first weeks of the country shutting down, there was a lot of hysteria caused by a fear of running out of food. I remember going to our local cash and carry to buy supplies, only to find that all the pasta was out of stock from other panicked shoppers. I came home with 24 boxes of lasagne sheets that we slowly worked through over the course of the pandemic!

Do you invest in shares?

I feel I don’t know enough about financial markets and trading to make educated investments in shares. I feel that it is better to instead invest in industries or businesses that you do understand.

Cash or card?

Prior to 2020, I predominantly used cash. However, like many people I moved toward using the card during Covid. In more recent times I am finding myself using my phone to make smaller purchases, although I always keep a stock of €2 coins in the car for our local beach car park.

What was the last thing you bought and was it good value for money?

In recent times, I have moved away from surfing and begun a different related discipline called hydrofoiling. It is still a relatively niche sport, so the equipment is very expensive. I recently bought a new hydrofoil wing which, while dear, is something that has given me a lot of joy. I believe that if you will use something a lot then it will prove valuable regardless of the cost.

Have you ever successfully saved up for a relatively big purchase?

Yes, my wife and I saved for our house in Sligo.

Have you ever lost money?

I have not lost any significant amount of money, thankfully, but I have lost something that has a lot of value. When I was a young child my mother cared for an ex-NASA employee. When that person died she left me a gift of a stamp that was franked on the moon. My 11-year-old self wrote up some notes about it and put it in a box in a safe place. The problem is that I can’t remember where that safe place was!

Are you a gambler and if so have you ever had a big win?

As a former maths teacher, I don’t like the odds of winning at gambling and hence I don’t do much of it. When we had our first child nine years ago, my father-in-law handed me a winning betting slip as a gift to celebrate. When I went to the bookies to claim it the lady behind the counter said that she would have to go to the bank to get more funds before she could pay out. It turned out he had won an accumulator bet on a series of horse races worth €1,300.

Is money important to you?

I don’t think anybody can say money is not important to them because it becomes exactly that when you don’t have enough of it. I have always made a point of reminding myself of how lucky I am to have a job, and later to be able to start my own business. Once you have enough money to cover basics like paying a mortgage, raising a family and running a car then the real value of money is that gives you the ability to make choices: where you choose to live, how much free time you have and whether or not you can pursue your hobbies.

How much money do you have on you now?

None!