‘When I lived in London and was buying a flat, I had to sell my car so I could afford to buy a parking space’

Ralph Benson is head of financial advice at Moneycube.ie and also co-founder of Pensions Awareness Week, which this year takes place September 25th-29th. Visit pensionsawarenessweek.ie for further details.

Are you a saver or a spender?

If you’re spending money on stuff that will be with you for many years, there’s no difference. It might be a new shirt, a holiday or an investment that will grow for you: in each case you’ll need to spend in order to save.

Do you shop around for better value?

Yes, definitely. When I lived abroad, I was amazed at how frank people were about money compared with Irish people. We are far too indirect about money and the cost of things. I hate when I walk into a shop and get asked ‘How much do you want to spend?’ Surely there is only one answer: as little as possible.

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

In 2006 I flew to Beijing and took the train home through Mongolia, Russia, Finland, Sweden, and Denmark. It took weeks and it cost a lot. My boss at the time told me I’d remember the trip long after I forgot the cost – and he was right. Not that you could even take that trip today if you wanted to, but it was certainly a treat and a fascinating trip.

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[ ‘I’ve yet to find anyone better at haggling than my granny’ ]

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

I’ve two dishwashers in the kitchen: one dirty, one clean. I figured that a dishwasher costs about as much as a cupboard and it cleans itself.

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

I’m doing my best to forget the days of Covid-19 restrictions, but I’m grateful to those who had little choice but to show up to work in our local shops. It made us appreciate things like the beautiful bread from local bakery Gaillot et Gray, and the essentials from our local Mace, where the staff were so good to my kids. But the restrictions also made other businesses local to us – like Star Seafoods’ weekly deliveries of fresh fish from Kenmare.

Do you haggle over prices?

No. Sellers are entitled to name their price. If it’s too much, I’d rather shop elsewhere than grind them down.

How has the Covid-19 crisis changed your spending habits?

I’ve definitely made adjustments since the increase in inflation that Covid-19 triggered. I’m overpaying my mortgage and thinking hard about what to do when my fixed rate ends in December, now that interest rates are higher. And it’s been 10 months since my last avocado toast.

Do you invest in shares?

I invest in funds that have holdings in international shares, bonds, and alternative asset classes. I believe the vast majority of people in Ireland have far too much money on deposit in the bank or tied up in property on a rainy island on the edge of Europe. Once you have a house to live in and cash for an emergency, there’s a lot more investment opportunities that can provide diversification and growth.

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

Cash or card?

To receive: cash. To give: a card.

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

A sail bag from McWilliam in Crosshaven, with blue and white stripes and red handles. It’s a thing of beauty and designed to last forever.

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

Of course. In our financial lives, we often have to take a step back to take two forward. When I lived in London and was buying a flat, I had to sell my car so I could afford to buy a parking space.

Have you ever lost money?

Yes, plenty of times. Risk assets have their ups and downs – right now, for example, many investments are mispriced. It’s about being clear on how much loss you are prepared to tolerate and for how long.

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

No – I prefer a calculated risk. A game of poker in Marseilles back in 1998 did not end well.

Is money important to you?

Anyone who answers no to this is lying or has never been without it.

How much money do you have on you now?

€95.

In conversation with Tony Clayton-Lea