Spending Habits: Investing in AIB shares in 2007 was my biggest financial mistake

Founder of FitPink athleisurewear, Jenni Timony saw her sales rise by 700% in January of this year. She is philosophical about the flow of money in a business

Founder of FitPink Jenni Timony tries not to get stressed by money 

What is your relationship with money?

I'm quite easygoing in terms of my approach to money. As an entrepreneur, money comes and goes so I try not to get too stressed either way.  

Are you a spender or a saver?

A bit of both, but the pandemic has really taught me how easy it is to cut back on unnecessary spending and save. It really brought my personal finances into focus and I realised I was spending too much on eating out. That being said, I will be straight on the phone to book tables the minute indoor dining opens up!

Do you find it hard to splurge?

No. If I see something I really want, I'll get it. I dont really impulse spend, so a splurge will have been analysed to bits before I do it! I really believe in buying quality pieces and I have a few designer items I bought over 15 years ago that I still wear.

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

'Turnover is vanity, cash flow is sanity'.  

Do you follow a budget and what is your process?

No, I just try to make my salary last as close to the next payday as possible!

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

My house in Donegal. Luckily for me, it's one of the few counties left in Ireland where property prices are not too high (for now!).  

What is the most important thing you have ever bought?

Probably my phone - I can literally run my business from my phone if I have to.  

What age did you start your pension and did you know it was important at the time?

I dont have a pension. Disgraceful - I know! My thinking is that investing in my business will eventually provide me with an income stream if I retire. I dont plan on ever fully retiring though.

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

Investing in AIB shares in 2007. They went from €24 a share to less than a euro in the space of a year. The lesson was not to invest what you cant afford to lose.