"In business, you're not going to win all the time "

ME & MY MONEY:Louis Copeland: Tailor/gentleman's outfitter

Are you a saver or a spender?I'm a bit of both. I try to be a saver, particularly in business, but in my personal life I don't mind spending a few quid sensibly. If people stop spending money businesses just can't survive, so I like to contribute where possible.

Do you shop around for better value?Definitely. In business, it is key to our survival that I shop around with our suppliers, so we can remain competitive for our customers.

What has been your most extravagant purchase ever and how much did it cost?Probably buying our shop on Capel Street, Dublin, back in 1991. It used to be the old Allied Irish Bank, so it was always at the back of my mind, "God, am buying the bank? Am I taking on too much?"

What purchase have you made that you consider the best value for money?See above! Capel Street has been a fantastic purchase. It gave us the extra space and presence we needed to grow our business into what it is today.

Have you ever crossed the border to shop?Never. As a retailer, I understand how important it is for people to spend their money locally. Without regular customers, businesses like mine wouldn't survive – it is the lifeblood of our business. We'd never survive on just tourists' spend. That being said, I understand that there are a lot of families struggling, and, well, you do what you have to to provide for your family.

Do you haggle over prices?No, I'm not keen on haggling. But again, when it comes to business, we have all had to learn how to become hagglers. If I can squeeze my suppliers to the max, it means I can offer better value to my customers. And in this day and age, with information being so freely available online as to what your competitors are doing, this is vital.

Has the recession changed your spending habits?Definitely. I weigh everything up now before buying. The days of being flippant are well gone.

Do you invest in shares?I used to, but not now. My father used to say, "stick to the knitting." I think he was right.

Cash or card?Bit of both. I'd always have a few bob in my pocket, but for anything bigger I'd use plastic.

What was the last thing you bought and was it good value for money?I bought a pair of grips for the outside of my shoes during the recent snow, and they were brilliant. No slips, so yes, good value for money.

Have you ever successfully saved for a relatively big purchase?Yes, the family home, more than 20 years ago. It was a big investment at the time, but it has served us well. Especially considering the huge mortgages young couples have nowadays.

Have you ever lost money?Haven't we all? In business, you're not going to win all the time. You'd be a foolish man to believe otherwise.

Are you a gambler, and if so have you ever had a big win?I do the lotto every week, but outside of that, I'm not much of a gambler.

Is money important to you?Not really – as long as I have enough to keep my family, I am happy enough.

How much money do you have on you now?About €85.

In conversation with Tony Clayton-Lea