Spending habits: I track all of my spending with dated diaries

Are you a spender or a saver?

I’m a bit of both, to be honest. I like to save quite aggressively and spend when I’m in a position to. Working for myself means that monthly payments aren’t always consistent, so I have to stay on top of it and save when possible. Catch me on a night out (pre-Covid) and I had spender written all over me - but all in the name of having a good time, so that’s ok!

Do you find it hard to splurge?

No, definitely not. If I’m splurging, I’ve thought long and hard about it, so when the time to buy comes around - I’m itching to get it over with.

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

I have a few nuggets that I live by. Avoid borrowing unnecessarily if possible. If you can’t afford it three times over, then you can’t afford it. After that, it comes down to being really honest with yourself about whether you need something or not. Finally, in business, know your worth and then charge VAT!

Do you follow a budget and what is your process?

I don’t follow a set budget at the moment. I do have a full overview of my outgoings each week and month though, so I have a sense of what I can afford in terms of excess niceties. I don’t have a mortgage, children or any major financial burdens/commitments so I’m enjoying that reality right now.

I do track all of my spending with dated diaries though. I keep every receipt and staple them in on the corresponding date. It makes life so much easier when it comes to VAT and income tax returns and general self-awareness.

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

Definitely my car. After that, it’s a tie between my couch and a favourite handbag of mine. (Both will be lifelong companions and completely worth every cent in my eyes!) 

What is the most important thing you have ever bought?

Probably a boring answer but I have two parts to it. The most important thing that I’ve bought in terms of an object is probably my car - simply because for me, it’s absolutely essential but still expensive so that’s why it sticks out. Then in terms of something that I regularly spend on, it would have to be my monthly pension contribution.

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

I started my pension last year, at 28 years old. I had known for a long time that it was important. I worked in New York a few years ago and my company were so hung up on getting everyone’s 401k (employer-sponsored retirement account) started, which was definitely a good thing. I learned back then that the younger you start, the more beneficial it is as you’re naturally saving for longer. That was when I first learned all about it, I really think we should be drilling this sort of info into students either in school or in college. Unfortunately, I still chose to kick the can down the road when I returned to Ireland and get it sorted. After speaking with a financial advisor, I regret not starting sooner!

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

I once paid for a holiday that I didn’t go on. Long story short, the small print in the cancellation policy got me and I missed the date for a fully refunded cancellation. I’ve gotten better with organisation since then, thankfully.

• Niamh O'Sullivan creates food and lifestyle content for a number of brands on her growing social platforms and blog, niamh-osullivan.com.