Emma Farrelly is a qualified financial adviser who works with clients on investment strategies, retirement planning, and sustainable finance. www.futurefinancialplanning.ie
Are you a saver or a spender?
I strongly believe in saving, and I think about it in terms of short, medium and long-term goals. But I also enjoy spending, especially on clothes and travel; they’re my real treats and make the savings worthwhile. I am now saving for a trip to Thailand for my 50th.
What was the first job you ever received money for, and how much were you paid?
RM Block
My first job after college was in the late 1990s as a cabin crew member with Aer Lingus, and I earned around €20,000. It was a glamorous job in many ways, though the salary didn’t quite match the image. Let’s just say the uniform felt more first-class than the payslip.
Do you shop around for better value?
Yes, always. I regularly compare deals on utilities like TV, broadband, phone services and health insurance. It takes a bit of time and is not very exciting, but it’s so worth it for the savings. I think most people underestimate how much those small switches can add up over the years.
What has been your most extravagant purchase ever, and how much did it cost?
A few years ago, I bought a Range Rover. I really enjoyed it at the time, even though it wasn’t the most practical choice. I think there’s room for a splurge when you’ve saved and worked hard, but that doesn’t mean you can’t later decide that what you really value is the savings and ease that come with something simpler.
What purchase have you made that you consider the best value for money?
It’s not really a purchase, more an annual membership fee. I joined my local tennis club four years ago, and it’s the best money I’ve ever spent on myself. I love it, I’ve made great friends, and it’s something that’s just for me. In terms of return on investment, the fee is around €450 a year, but for that I get a couple of hundred hours on the court exercising, playing a sport I love, and a whole community off the court. It’s worth every cent.
Is there anything you regret spending money on?
Nothing substantial. Like everyone, I make the odd small purchase I don’t really need, but on bigger decisions, I try to be careful. I’m only human. Most of my larger spending goes on my children and their future, which I see as money well spent.
Do you haggle over prices?
Not really. I’m much more of a shop-around type than someone who asks outright for a discount. I’ll compare offers and switch if it makes sense, but the idea of haggling at a counter or in a shop just isn’t me. I’d rather know I’ve done my homework in advance and feel comfortable that I’m getting good value.
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Do you invest in shares and/or cryptocurrency?
Yes, I invest in shares and pooled funds. I think it’s important that at least some of your money is working harder than inflation. Cryptocurrency isn’t for me, although I have heard of some positive stories over the years.
Do you have a retirement or pension plan?
Absolutely. I’ve had one since I was 26, and it’s the best financial decision I’ve ever made. Now, at 49, I feel I have good control over it and it doesn’t cause me any worry. I’m a big advocate of starting as early as possible.
What was the last thing you bought, and was it good value for money?
A pair of brown winter boots. I’d had my eye on them for a while, so when I saw they were 20 per cent off, I decided to go for it. They’re comfortable, practical, and will last me a few seasons, so yes, definitely good value for money.
I’m very determined when it comes to financial goals, so I don’t borrow unless I absolutely have to, and I don’t use a credit card. If I want something, I make sure I can afford it first
Have you ever successfully saved up for a relatively big purchase?
Yes, our children’s education. My husband and I set up a savings account many years ago and have been adding to it ever since. With four children close in age, including twins, the costs have always tended to come at the same time, so having that pot put aside has been a big help along the way. For me, supporting their education feels like the biggest and best purchase we could make. And, of course, saving for the deposit on my first house was an enormous milestone at the time.
Have you ever lost money?
Yes, in the 2008 financial crash. I held shares in the company I was working for at the time, which was part of a banking arm, and I lost nearly €30,000. It was tough to take, but I wasn’t alone; many colleagues lost money, some far more than I did.
Are you a gambler, and if so, have you ever had a big win?
I wouldn’t even win an argument, never mind a bet. I’ve never been drawn to gambling. I prefer to keep my money for things I can plan, do my homework on and enjoy, rather than leaving it to chance.
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What is your best habit when it comes to money? And your worst?
My best is that I’m very determined when it comes to financial goals, so I don’t borrow unless I absolutely have to, and I don’t use a credit card. If I want something, I make sure I can afford it first. My worst habit is probably being a bit too serious about it at times. I can find it hard to switch off from thinking about money, even when I should just relax.
How much money do you have on you now?
I’m not really a cash person. I use cards for almost everything. Like the Queen, I don’t carry cash, although now that I look, I’ve got €24 on me.
In conversation with Tony Clayton-Lea
