Jodie Rankin is an associate in the regulatory and litigation team at Pinsent Masons, Belfast, specializing in commercial disputes and contentious insurance matters.
A little of both. I set aside money each month for major purchases, like vacations, furniture, or home improvements. It means that when the time comes to part with my money, it won’t be a huge shock to the system. That being said, life is for living and my mother always says “you can’t take it with you”, so I spontaneously splurge from time to time.
How much is in your wallet?
I use Apple Pay for everything I buy, so I don’t always carry a wallet. I try to keep a £20 note in the glove compartment of my car or phone case for emergencies.
Does it fit a budget?
All my bills come out of my checking account shortly after payday. After paying my direct debits, I stick to a budget for the rest of the month. I’ve always wanted to try a “no spending” challenge for a week or a month and commit to not spending money on things that aren’t necessary. I haven’t managed to do it yet, but I think the result of such a challenge would be really interesting.
Do you have a loyalty card?
Aside from the usual supermarket loyalty cards, my most used loyalty card is the one for my monthly manicure appointment.
Cash or card: what is your preference?
While I always hear that “cash is king,” my preference is definitely card, and especially Apple Pay.
What’s the best deal you’ve ever had?
Outside of my law career, I am quite creative and artistic. I love looking for second-hand furniture to recycle. My house is definitely a mix of vintage and modern, so I really enjoy giving my used furniture a new home. My last big deal was a beautiful solid oak coffee table, which I bought from a local charity shop for just £15. After a bit of TLC, it fits perfectly into my living room space.
What is the most important financial lesson you have learned?
Whenever possible, I try to buy with longevity in mind. I spend a lot of time researching and trying to find timeless, long-lasting pieces, which may be more expensive, but much more sustainable in the long term than cheaper, or “will do for now” items, which don’t tend to last. Sometimes buying cheap means having to replace items over and over again, but you only need to pay once for a good quality item. The environmental and social implications are also huge and I always love supporting small businesses by shopping locally.
What is the most expensive thing you have ever bought?
My 1960s house has definitely been the most expensive thing I’ve ever bought. Older homes often require some renovations and upgrades, but that has allowed me to design my home to my liking. Other than that, the most expensive thing I purchased was a recent bathroom renovation, which was worth every penny.
If money were no object, I would buy…
A cozy little holiday home in Donegal, in the middle of nowhere but also close to a pub/restaurant, because I’m a big foodie. I’ve always thought I’d like to have a holiday home abroad, but it would be great to get in the car on a Friday afternoon after work and go somewhere quiet and peaceful for the weekend.