Me & My Money

Are you a saver or a spender?
I would consider myself a saver by nature – something that was ingrained in me from a young age.

Undoubtedly, this benefited me hugely when I was just starting out in my jewellery design business. Now, thankfully, I have a little more freedom; though when I see something that I really like, I will always question ‘Is this something I actually need?’

Do you shop around for better value?
Not really – I prefer to get in and out quickly from a store, because I do not often have the luxury of time. I always shop alone, and tend to know my own mind, and what I like. Being in business in Ireland, I also tend to buy Irish. Ultimately, we're all better off if we can keep local business going!

What has been your most extravagant purchase and how much did it cost?
The most expensive personal purchase I bought for myself was a diamond ring, which cost about €4,000. It's a treasure that is never far from my hand – literally. Of course, I got a discount, so that's okay!

What purchase have you made that you consider the best value for money?
When we built our house in Clare, I bought a new suite of furniture from Glaslough Furniture at an excellent price. All of the pieces were designed and made to our spec, and it is beautiful accomplished craftsmanship. I suppose being in design myself, I appreciate something well made.

What ways do you prefer to shop – online or local?
I much prefer local; I like to support indigenous business, and the economy certainly needs it. I have no problem with online shopping, and will buy from Irish companies online, if it is the type of product that I don't feel I need to see and touch before I buy.

Do you haggle over prices?
Occasionally, especially if I think the shopkeeper has a good margin on the product. Before establishing Seoidín, I cut my teeth in the retail industry for many years – an experience that provided an education in quality and value that I have never forgotten.

Has the recession changed your spending habits?
It has made me more aware of the cost, value, and quality of items. My objective in opening Seoidín was to sell quality products and materials at reasonable prices. I still buy high quality metals and stones, because I know they will last, and that represents value to me. Every single item of jewellery I design is made with the intention of lasting many, many years.

Do you invest in shares?
Yes, just recently we have started, as a company, to invest in shares.

I don’t know what the outcome will be, but then there is little alternative in the banking sector at the moment.

Cash or card?
Card mainly – it's so handy, but I regularly seem to find myself without change when filling up the parking meter!

What was the last thing you bought and was it good value for money?
I bought a Ted Baker pair of trousers. They were expensive at €150, but they have been widely admired, and I love them.

Have you ever successfully saved up for a relatively big purchase?
Yes, I saved for four solid years in order to start my business 19 years ago – thankfully, it was a sacrifice well made, and proved to be the making of me.
Have you ever lost money?
Thankfully, no I have not, and I hope it stays that way.

Are you a gambler and, if so, have you ever had a big win?
No, I am not a gambler. I am conservative, I suppose, and also a solid believer that a real entrepreneur creates their own luck.

I don’t have faith in placing my fortune in the hands of others, and my experience has been that the harder I work, the luckier I get.

Is money important to you?
Money is the most basic necessity that makes everyday life possible. From providing for my family, and their desires and needs, to nurturing my (thankfully) growing business, money – and what it provides – is extremely important.

How much money do you have on you now?
Only €10. I don't carry too much money at any time – just enough for a small purchase like a coffee or The Irish Times!

In conversation with Tony Clayton-Lea