Spending habits: I find it hard to splurge and feel guilty about spending money frivolously

Entrepreneur Aisling Kirwan likes to maintain a savings buffer and budgets the same amount each month for food and essentials

Wed, 24 Mar, 2021 - 17:20

Ciara McDonnell

What is your relationship with money?

I'd like to think I'm sensible enough with money. I am a good saver and try not to overspend. It's definitely been harder this year, starting a new business during a pandemic, but I'm still comfortable.

Are you a spender or a saver?

I am definitely a saver. I get a lot of joy from moving money into my savings account. I like to have a good saving buffer that I don't touch, however, that got eaten into considerably when I had to get home at the last minute from Chile, where I was living before the pandemic hit. I had to spend a lot on lost deposits and expensive flights. I'm still trying to build my buffer back up again.

Do you find it hard to splurge?

Day-to-day I would find it hard to splurge. I feel guilty about spending money frivolously. However, if there's a big occasion coming up like Christmas or a birthday, I go all out on presents and celebrations.

What is the best money-related advice you were ever given?

I think funny enough the best advice I've ever gotten is about spending more money. My Mam always says "There'll be money when you're dead and gone" which is helpful when I'm being stubborn about paying for something. I try to think if I really want or need something I should just get it, I can always earn that money back again.

Do you follow a budget?

On payday, once I've paid rent and bills, I set aside the same amount each month for food and essentials. I try to put away the same amount every month into savings (and try not to dip back into it during the month, but I will if something important comes up). The rest is discretionary spending, during lockdown that has just meant more takeaways than usual.

What's the most expensive thing you have ever bought?

I love to travel so flights to and from South America are probably the most expensive thing I have ever bought.

What is the most important purchase you have ever made?

Definitely my cat, Bowie. He's a year old and he has been a source of endless entertainment, especially during the lockdowns. I don't regret spending a cent on him.

What age did you start your pension?

I only started a pension this year after starting the business. I think at 30 I'm probably a bit late to the game. I knew it was important I just wasn't in a position to do it earlier. It was always the goal to have it set up at this stage.

What is the biggest mistake you have ever made financially and what is the lesson you take from it?

Not shopping around has cost me a bit. I buy something without first checking if I can get it somewhere else cheaper and then end up losing out. I've gotten better in my personal spending but I always make sure to shop around when buying anything for work.