Spending Habits: The older I get, the more frivolously I spend

Grainne Walsh, Managing Director of Metalman Brewing says that she is a 'considered splurger'

Grainne Walsh says her new bed has been one of her best purchases. Picture: Patrick Browne

What is your relationship with money?

It's probably pretty good overall, but I don't really think about it that much. I'm definitely not someone who is motivated by money.

Are you a spender or a saver?

I would say a bit of both! I tend to spend on experiences rather than things, so travel and hospitality are my biggest indulgences. There hasn't been too much opportunity for either this last year though! roll on 2022...

Do you find it hard to splurge?

I'm probably a considered splurger. I don't splurge all that often, but once I've rationalised the splurge and justified it to myself - here, take my credit card! Mind you, the older I get, the more frivolously I spend. Maybe I find it easier to convince myself I deserve it.

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

My mother helped me (or rather, made me!) buy a flat within a year of leaving college and it really helped me understand so much about the cost of renting, and investing in my future. I was lucky with my timing though, if I'd left it for a couple of years, it might not have been feasible.

Do you follow a budget and what is your process?

Not really, I'm afraid. I try to keep an eye on what's coming in and going out, and try and make sure the first one is always bigger than the second one!

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

I would say my house, except the bank owns that! That's a hard question, as I don't really spend a lot on material things, although last year I bought a new bed and mattress and that was definitely money well spent. As close as you can get to buying a good night's sleep!

What is the most important thing you have ever bought?

That's definitely my house. We were fortunate enough to be able to move out near the sea on the Copper Coast back in 2017, and it's been absolutely amazing, one of the best decisions we've ever made. It's very peaceful, and has made lockdown a lot more bearable, as we have space and incredible outdoor amenities on our doorstep.

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

It was started for me when I took my first job straight out of college, and I know at that time, I really just considered it another tax out of my paycheque! No-one can (or should) be taking pensions seriously at 21 though. (Or maybe they should, but I know I definitely didn't!) 

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

Always put aside money for tax. After setting up Metalman Brewing, I became liable for self-assessment for tax purposes as a company director. However, because there was so much else going on those first years, and despite continual reminders from the accountant, I neglected to keep an eye on it. Every year, October would roll around and I would get a not-very-lovely surprise...Definitely not an approach I would recommend!