Éabha McMahon is co-founder of Celtic World Forum which takes place from September 5th-7th in The Lark, Balbriggan, Co Dublin. www.celticworldforum.com
Are you a saver or a spender?
In my twenties, I was definitely more of a spender because I was a touring musician, but now in my thirties I am most definitely a saver. I get incredible satisfaction from saving for something in particular and watching the savings pay off. Also, having two children has naturally changed how I spend and save my money.
Do you shop around for better value?
In some cases, yes. I will always look for references or reviews when shopping for almost anything.
What has been your most extravagant purchase and how much did it cost?
When I was 23, I signed my first contract to join a music group that would go on a world tour, and I bought myself an emerald and diamond ring to mark that moment. I never take it off. I can’t remember how much it was, but at the time it was the most money I had ever spent on something.
What purchase have you made that you consider the best value for money?
My home recording studio set-up. It was expensive and at the time I remember not even knowing how to use it, but it allowed me to step into a new chapter of my career. My studio has allowed me to collaborate with other artists, record podcasts and give me autonomy over what I put out into the world.
How did you prefer to shop during the Covid-19 restrictions – online or local?
We were living in Galway during Covid and there was an amazing sense of community around so we shopped local for the most part. I remember buying lots of pyjamas and slippers during Covid because that’s what we pretty much lived in.
Do you haggle over prices?
It depends on what I’m buying. Obviously, I wouldn’t haggle in the local supermarket but in other areas, I’m not afraid to ask for the best price.
How did the Covid-19 crisis change your spending habits?
That time made me rethink what I wanted to do, and it created the time and space for me to realise that I wanted to set something up that would allow me to work for myself.
Do you invest in shares?
No, but I’m fascinated by the prospect.
Do you have a retirement or pension plan?
My parents are both self-employed so they encouraged me to make a pension contribution every year from when I began working. I think every child in school should be taught about the importance of saving and budgeting along with learning about taxes.
What was the last thing you bought and was it good value for money?
Most of our purchases tend to revolve around the children. However, I just bought a pair of pink LK Bennett heels in the Brown Thomas summer sale. I had been eyeing them up for weeks, and I watched the price drop from €500 to €150. There was one pair left and they were my size – it was meant to be!
Have you ever successfully saved up for a relatively big purchase?
My husband and I saved up for the deposit on our first house and it was one of the most fulfilling feelings to walk in the front door knowing that we had worked so hard to make it happen. I was on the road singing at the time and I was missing home a lot, but knowing we were saving for the house kept the fire in my belly to keep going.
Have you ever lost money?
No, not in any great measure.
Are you a gambler and, if so, have you ever had a big win?
I’m not a gambler. I love going to the horse races but that’s more to do with getting dressed up than it is about putting any bets on!
Is money important to you?
It is and it isn’t. I remember getting a taxi in Brazil a few years ago and I was feeling pretty burnt out. The taxi driver said, ‘You can only sleep on one bed, and you can only eat one big dinner, so choose who you do that with wisely’. That stuck with me. Fast forward to now and I think my relationship with money is quite different.
How much money do you have on you now?
I’m answering this question in the car park of Tesco with my daughters in the back seats. I always carry a €2 coin with me in the car for the trolley, so that’s it!
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
