Dr Paula Gaynor: 'We bought our site at the height of the Celtic Tiger, we paid way over the odds'

Spending Habits: "...having said that, we live in the heart of the countryside in West Cork..."

Paula Gaynor, SOMEGA supplements.

What is your relationship with money?

I have what I would consider to be a healthy relationship with money. Without a doubt, I wouldn’t mind having more money, but I am very happy with what I have and truly believe that health is wealth.

Are you a spender or a saver?

If I am to be honest, probably both! I definitely like to have money put away for big-ticket items such as the kid’s third-level education and for retirement, whenever that may be. I have no difficulty spending money either though. I prefer, where possible, to spend money on items that are of higher quality be it clothes, food or health supplements. 

I try to choose eco-friendly and sustainable products where possible. I like to support local and Irish brands. Occasionally this may involve a slightly higher price tag, but I am willing to pay that extra bit to support local employment and the economy.

Do you find it hard to splurge?

At the moment, yes, I do. My husband, Mark Clifford, and I are co-founders of health supplement business SOMEGA and being a relatively new company, we are at the stage where we use profits to reinvest in and grow the business as opposed to taking excess money out for our own personal use.

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

The best financial advice I was given was to start saving for retirement as soon as you start working. My first job was in the US and this advice was given to me on my first day of work. At the time, I was in my early twenties and thought it was a little crazy to be saving for something so far into the future. But looking back now, I’m really glad I took the advice on board and would encourage everyone to do the same. The earlier you start, the better.

Do you follow a budget and what is your process?

I do my best to follow a monthly budget for the household expenses. It helps me to balance income and the monthly expenses and see what money is left over as “extra spending”. As part of the budget, I save regularly, not only for the kids' third level education and retirement, but also for more immediate items such as family holidays and Christmas.

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

The most expensive thing I’ve ever bought is our house. It was a self-build and we bought the site at the height of the Celtic Tiger, unfortunately, so I know we paid way over the odds. Having said that, we live in the heart of the countryside in West Cork and find the location idyllic. It’s a great place to raise children, as well as keep hens, bees, and an energetic dog.

What is the most important thing you have ever bought?

When I was a postgraduate student, I bought my first car, a 1977 Mini, and to me that was so important at the time because of the freedom and independence it brought. Right now, our house is the most important thing we have ever bought. It is our family’s safe haven.

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

Unfortunately, I was one of those many Irish people that invested in Eircom shares. I bought them naively thinking they would make me rich one day. The lesson I learnt is that if something sounds too good to be true, then chances are it probably is!

• Dr Paula Gaynor and her husband are founders of Bandon-based supplements firm, SOMEGA supplements. Their products are stocked in health stores nationwide and on gosomega.com