Are you a saver or a spender?
Some months of the year, I am a saver, but other months, like summertime and around Christmas, I end up on more of the spender side.
I am good at organising my money for upcoming things such as holidays, birthdays and allocating €100 here and €100 there.
What was the first job you ever received money for, and how much were you paid?
I started working in a fast-food chain when I was 16. I worked Saturday and Sunday, taking on more hours during the summer and school holidays. I believe I started at €7.50 per hour, and I think I worked about six hours per shift.
Do you shop around for better value?
Absolutely. I am better at shopping around for services rather than goods. I monitor my electricity and phone/wifi bill, but with year-long contracts or sometimes two-year contracts, it’s not as often.
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I would always check car insurance and review insurance policies annually. With shopping around, I would generally review three to four places for services before purchasing, if I had the time to weigh up the cost.
With goods like clothing, shoes, and so on, I find I am usually last minute, which leads me to pay the first price I see.
What has been your most extravagant purchase ever, and how much did it cost?
I got braces in 2018, and the cost was €3,800. The instalment payment plan didn’t have any additional charges, so I didn’t have to hand over a lump sum.
I look back now, and I still think it was worth it. I mind my teeth and love my smile, so I can still justify the price.
What purchase have you made that you consider the best value for money?
My car. I have a Ford Focus, and it wasn’t an extravagant purchase, relatively speaking. I’ve had the same car for three years and don’t have the desire to upgrade. I’m happy to keep the Focus going until she stops.
[ All’s fair in love, war and the Rose of TraleeOpens in new window ]
Is there anything you regret spending money on?
Back in 2018, I bought a particular phone brand new. I think it cost me over €800. I got caught up with having the newest model, and I think I justified it to myself because I used my phone for both personal and work use.
I remember paying for it online and instantly thinking, “Oh, I don’t think I should have done that.”
Do you haggle over prices?
The only time I’m likely to haggle is on holidays at markets. I’ve got nice deals that way in the past, and I feel less self-conscious about it because it’s all good fun.
Do you invest in shares and/ or cryptocurrency?
I don’t invest in individual shares or cryptocurrency. I invest through a savings or pension plan as part of an investment fund.
Even with long-term planning, cryptocurrency is too volatile and hard to predict. I prefer to have a clear view of where my money is going and what my expected return will be.
Do you have a retirement or pension plan?
I started paying into a pension at the beginning of my career. I am fortunate to also have an employer contribution, which helps to increase the amount going in.
I think starting a pension at a younger age takes a lot of pressure off when it comes to busier stages in life. Once you get used to the initial amount you are saving, and your net balance is for everything else, it’s easy to increase by small amounts.
[ ‘How we saved €100k in four years’Opens in new window ]
What was the last thing you bought, and was it good value for money?
It was food from a supermarket. I bought a chicken to cook for a roast dinner. It was €6 and I made roast potatoes, carrots, broccoli and stuffing.
It probably wasn’t the greatest value, because there was a cooked chicken on sale in the same shop for €7. Had I purchased it, I would have saved on time and electricity. That said, it was delicious!
Have you ever successfully saved up for a relatively big purchase?
I am currently in the middle of saving for a wedding. It’s crazy when you sit down and look at all the things that you need, the things you don’t need but would like, and the things that people tell you are needed. I’ve set a budget that I am determined not to exceed.
Have you ever lost money?
I don’t think I have ever lost a large sum of money.
Are you a gambler, and if so, have you ever had a big win?
I wouldn’t call myself a gambler – now and then for the craic, but it wouldn’t form part of my normal routine.
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What is your best habit when it comes to money? And your worst?
My best habit is budgeting. I know what it costs each month to run my household, and I consider the one-off expenses that happen every now and then.
I use Revolut Pockets for petrol and groceries, so the money goes in there and I can keep track. I am very organised when it comes to budgeting, and at this stage it feels like second nature.
In the beginning, it was hard to remember, but it just takes practice. My worst money habit is what I spend on takeaways.
There are some weeks when I could spend €100 on takeaways. I get cross with myself because I know it’s a waste and comes about through moments of laziness.
How much money do you have on you now?
In my pocket I have €23.45, which is change from getting milk, bread and essentials in the shop.
Leah McMahon will represent Limerick at this year’s Rose of Tralee festival.
The event takes place from Friday, August 15th to Tuesday, August 19th and will be broadcast on RTÉ One.
