Sonya O’Dwyer is co-founder of Cork Whiskey Fest. The fourth edition of the festival runs from Friday, March 27th, until Sunday, March 29th.
Are you a saver or a spender?
I’m more of a saver than a spender. My mum opened a credit union account for me when I was very young and this instilled the importance of having a little aside for a rainy day. That credit union account has come in very handy over the years.
What was the first job you received money for, and how much were you paid?
My first paid job was babysitting for neighbours, and I was paid £5 or £10 per night. Even at a young age, I realised that having some money gave you a little independence.
Do you shop around for better value?
When time allows. I will do a little research on a product before committing to purchase. I was much better at this when we were first married. Purchasing our first home had a huge impact on our disposable income, so getting better value was a must.
What has been your most extravagant purchase, and how much did it cost?
As part of last year’s Cork Whiskey Fest, we ran a historic-whiskey tasting event in Collins Barracks, for which we purchased very rare whiskey bottles from the late-1800s/early-1900s. One of them cost €2,000. We opened it to share with those who would truly appreciate it.
What purchase have you made that you consider the best value for money?
My car. I love a road trip, and my current vehicle is a dream to drive.
Is there anything you regret spending money on?
I am not a great sleeper, so whenever a new product comes around which is supposed to aid sleeping, I tend to try it. Last year, I purchased sleep buds that cost €300. They were excellent, but the battery only lasted for a couple of months.
Do you haggle over prices?
In the right circumstances, I would attempt to haggle on big purchases, but I’m not very good at it.
Do you invest in shares and/or cryptocurrency?
I don’t understand enough about them, to be honest. We invest in whiskey, though, and own a number of casks.
Do you have a retirement or pension plan?
I have a pension plan, but while I’m an avid saver, I was very late starting a pension. I suppose when I was younger, I didn’t see the need. I wish I had taken advice earlier though, and I will certainly be encouraging our son to start a pension early in his career.
Have you ever successfully saved up for a relatively big purchase?
We saved a fairly large deposit for our home, which allowed us to apply for a much smaller mortgage. This was at a time in our lives when my mum’s teachings on how to manage money were very useful. We still wanted to be able to have little treats and holidays with our son while we were saving, so I became an expert in bargain hunting and booking fun, affordable trips.
Have you ever lost money?
We had to pull the plug on a business venture last year as it wasn’t performing as expected. It was a very tough decision to make and, although we lost money, we didn’t lose the respect of the people who worked with us, and that was far more important to us.
Are you a gambler and, if so, have you ever had a big win?
No, but I always enjoy a flutter when going to the dog track with family and friends. Nights like these, however, are more about the company for me. I am not very good at picking winners!
What is your best habit when it comes to money? And your worst?
My best habit is allocating money weekly for specific bills so that when they come in, the payment is always there. My mum also taught me this. My worst habit? I have a propensity to buy an expensive handbag once a year. Although it’s my worst habit, I enjoy these purchases. I don’t hide them in boxes, and I use them regularly. You could argue that these, also, are an investment, as some of them increase in price over time.
How much money do you have on you now?
I have a couple of €5 and €10 notes in the back of my phone, which I use to tip staff when we are in restaurants. I get really frustrated if we eat somewhere and the service is great, but I don’t have cash to tip.
In conversation with Tony Clayton-Lea