Tracey Kenny is the group director for business development at Motion, which is the umbrella brand for three of the most influential names in the Irish automotive marketplace: carzone.ie, carsireland.ie and Cartel.
Are you a saver or a spender?
At the moment, I’d say a spender. Coming off the back of summer with holidays, social events and camps all landing at once, plus small kids in childcare, saving can be a challenge. We don’t save much during the summer, but we put enough aside the rest of the year to allow us to enjoy summer and Christmas. We only really focus on saving if we’re planning something big.
What was the first job you received money for, and how much were you paid?
My first job was in the local greasy spoon, clearing tables and stacking the dishwasher. I can’t remember the hourly rate but it definitely wasn’t much. One advantage was getting to eat there, although, looking back, I’m not sure that was always a perk.
Do you shop around for better value?
Yes, especially on bigger things like utilities or insurance. I’ll often use comparison tools to make sure I’m not overpaying. For household bits or one-off purchases, I’ll usually do some online research before buying to make sure I’m not overspending unnecessarily.
RM Block
[ ‘I’m an insurance company’s dream customer. If something works well, why change?’Opens in new window ]
What has been your most extravagant purchase, and how much did it cost?
I don’t tend to splurge often but the most extravagant things I’ve bought for myself would be a designer watch for about €1,000 and a TV that cost around €2,500. Most of our bigger spends go on family holidays or home projects. I find it easier to justify putting money into experiences or the house than into luxury items just for myself.
What purchase have you made that you consider the best value for money?
My laser eye surgery. It was about €5,000, which felt like a big spend, but when I think of what I would have spent on glasses or contact lenses over the years, it’s more than paid for itself.
Is there anything you regret spending money on?
In my twenties, I built up a significant credit card bill, which took me quite a while to pay off, albeit with a bit of help from my mum. It was definitely a lesson learned and it’s the reason I now keep my credit card limit very low. I only ever use it for things like booking hotels or flights, so I don’t fall into the trap of overspending again.
Do you haggle over prices?
Not really. It would never cross my mind unless I was buying a lot of the same thing or in a market. Even then, I’ll usually enlist my husband, as he loves a haggle.
Do you invest in shares and/or cryptocurrency?
Not at the moment. With crypto, I feel like the real winners were those who got in early and I don’t know enough about it to be comfortable. I did have shares in a previous company I worked with, but I sold them when I needed cash for a house move. Investments are something I’ll look at again in the future, but I’d want professional advice before taking the plunge.
Do you have a retirement or pension plan?
I’ve invested well in my pension and will probably review my contributions when I look at other investments, just to see what makes the most sense overall. Some solid advice I got in my late twenties was to start my pension early. Time is money, and unless you’re encouraged when you’re younger, it’s easy to lose valuable years.
[ Don Wycherley: ‘Eircom put me off investing in shares for life’Opens in new window ]
What was the last thing you bought, and was it good value for money?
Art supplies for my son. He had a blank canvas and wanted to paint a night sky. We picked them up in Mr Price, so they were great value and pretty good quality, too. You could ask me this on any given day, and the answer would probably be something for the kids, or food.
Have you ever successfully saved up for a relatively big purchase?
The biggest ones have been the deposit for our first house and our wedding day. Outside of that, we usually save over the winter months for holidays or family plans. That said, if something big comes up that’s unexpected or urgent, I’m not against a short-term loan.
Have you ever lost money?
I feel lucky not to have lost money on anything significant like property, especially as my generation was hit badly during the crash. I put it down to timing more than anything, but I don’t take it for granted.
Are you a gambler and, if so, have you ever had a big win?
Definitely not, although I’m in a lotto syndicate if that counts. I’d make a terrible gambler, anyway. On one holiday, my husband and I tried roulette. I consistently picked the wrong colour, which became a running joke and pretty much put me off gambling forever.
What is your best habit when it comes to money? And your worst?
My best habit is treating money as a balance: covering essentials, planning for the future and giving back, while still leaving space to enjoy life. My worst habit is not sending back things I buy online that I don’t like, particularly if the returns process is awkward or comes with a cost.
How much money do you have on you now?
I rarely carry cash, but I do keep some accessible for emergencies.
In conversation with Tony Clayton-Lea
