Me & My Money: Rachel Doyle, chief operations officer, PIBA

Are you a saver or a spender?

Recently I’ve become a saver, although I’ve been known to indulge in a clothes shopping spree now and again.

Do you shop around for better value? Yes, especially for utility items such as electricity, gas and phone.

What has been your most extravagant purchase and how much did it cost?

My home in Carlow – it cost an awful lot, although I bought it in 2010, so I still feel it was quite good value.

What purchase have you made that you consider the best value for money?

A Kindle – at the rate I go through books it was a great investment and saves me a fortune in the long term.

How do you prefer to shop – online or local?

It depends. Sometimes shops offer discounts if you shop online. For larger purchases or electronic equipment such as laptops or televisions I like to shop local as you can avail of the expertise of the sales staff.

Do you haggle over prices?

I’m very bad at haggling, even in countries where you are in a market and it is expected – especially when I convert the price of the item back to euro and it seems like a good deal already without haggling it down any further.

Has the recession changed your spending habits?

Yes, certainly. I’m much more cautious with my spending now. I wouldn’t buy as many luxury items as before and I definitely shop around for cheaper alternatives such as own-brand food products.

Do you invest in shares?

No, not at the moment. I’m currently saving for a forthcoming event so shares wouldn’t be an appropriate savings vehicle for me right now. For long-term savings I save in a unit-linked savings plan with a financial broker through an insurance company. I also save for my pension by contributing to a PRSA, which I have done for over 10 years now. As far as I’m concerned you can never be too young to start planning for your retirement.

Cash or card?

Card all the way. These days I never seem to have change, which can be a good and a bad thing. Good because you’re inclined to spend less on small items, but once I break a €20 note it just seems to disappear.

What was the last thing you bought and was it good value for money? A dress, and I think so because I'm planning to wear it on lots of occasions.

Have you ever successfully saved up for a relatively big purchase?

Yes, the deposit for my home. It’s tough going but if you sit down and work out a plan it helps keep you on track.

Have you ever lost money?

Not that I can recall. Maybe €5 in the wash, but that’s about it.

Are you a gambler and if so have you ever had a big win?

I like the odd flutter on horses but I’d never bet big. No more than €5 would be the extent of it, so I’ve never won big.

Is money important to you?

It would be lovely to say that money isn’t important, but I believe it’s very important to be financially comfortable in life. Of course, other things are even more important, such as happiness and health.

How much money do you have on you now?

€60. Since I’m on a tight budget it will have to stretch and take me through to the weekend.

In conversation with Tony Clayton-Lea