26 May 2011 GAZETTE 21
GazetteBUSINESS BUSINESS
Supported by AIB
Interview: Sarah Carberry, Secretchic.ie
No secret to Sarah’s online dress success SARAH Carberry, of Secretchic.ie, an Irish Online Designer Dress Rental service, grew up in Malahide and now lives in Portmarnock. She went to school in Scoil Iosa in Malahide and then to The Institute on Lesson Street. Sarah started her career in PR six years ago with McGovern Public Relations, one of the longest established marketing and PR firms in Ireland, and is an industry she is still involved with. “PR is a passion and I love what I do but, like most girls, I love fashion!” Two years ago she was at various events and weddings and was spending a lot of money for dresses she usually only wore once. “I thought to myself, there has to be a way you can rent dresses.” But, at that time, she was not aware of any other options. It was then she came up with the idea on an online rental store – and www.secretchic.ie was born. No one seemed to be doing it in Ireland, but it is big business in the USA and UK. Secretchic.ie features casual and evening styles (sizes 6-16) from labels such as Just Cavalli, Vivienne Westwood, John Galliano, By Malene Birger, Juicy Couture, D&G and many more.
ANSWERS TO YOUR PERSONAL FINANCE QUESTIONS SAVING FOR YOUR CHILDREN Q – We have two girls aged seven and five. We have not made any provision for their education, though they will both be going to a non-fee paying local secondary school. But already the extra-curricular activity costs are mounting up and we need to motivate ourselves to start saving. What do you suggest ? Colette – Lucan Co Dublin A – According to a recent UK insurance company study, it will cost over € 246,000 from the time your child is born until the time they finish their third level education. You have already spent a great deal of money on your girls – since they were born, probably, around € 130,000, but are unaware of it! €10,000 a year per child is the estimated ongoing cost. It is no wonder you cannot save.
Q&A
However, it is not going to get any better for the next few years so you MUST start saving, and now.
Q: When you were a kid, what did you want to be? A: A singer – mind you I don’t
Q: What air carrier do you use when going on holidays? A: I am not really loyal to any
have a note in my head.
particular air carrier. I always try to get the best deal I can
Q: What was your first job? A: Worked in a coffee shop in
A recent bank report stated third-level costs alone, from start to finish, at € 42,000 for ONE child, and that’s without the fees. To put this into perspective, if you save the Sarah Carberry, of Secretchic.ie
Malahide.
Q: What car do you drive? A: Mercedes
for you. My favourite drink is a Cosmo… yum, love them.
Q: And your first pay cheque? A: Blew it on clothes.
Q: Can you swim? A: Yes – I love it and should do
Q: How many people do you have to talk with every day? A: Up to 20 people.
it more often.
Q: How many times each week do you go to the ‘hole in the wall’? A: Too many!
Q: What is the greatest thrill of your working week? A: To hear someone loved the dress or hat that they rented.
Q: And what part of your job do you dislike the most? A: There isn’t really much I dislike. There will always be likes and dislikes of running your own company, but that is what makes it interesting.
Q: Would you ever bungee jump? A: I used to want to do one but now I don’t think I would – way too scared.
Q: Do you play any sport? A: I run and go to Curves and Hot Yoga
Q: What is your favourite food and drink? A: I don’t really have a favourite food. I love most food and, in particular, food that is bad
Q: How many times each year do you shop for clothes? A: I shop for clothes on a regu-
current € 140 monthly Child Benefit for your five-
Q: Where is your favourite holiday destination? A: Italy – amazing, love the food, scenery and the people. Really interesting place.
Q: What other job in the whole world would you really like to have? A: I would like to possibly be a
lar basis.
marine biologist.
Q: What is the name of your favourite shop? A: River Island and Forever
Q: When do you wish to retire? A: I am not sure.
21 – I can’t choose which is my favourite!
Q: What do you plan to do when you retire? A: I am not sure but I will have
Q: How many pairs of shoes do you own? A: Over 20, and I don’t even
to be doing something, as I get bored quite easily.
wear most of them.
year-old, add € 110 per month to it and keep saving until your child is 18, at 3% interest rate each year, over those 13 years, the monthly saving of €250 will amount to that target of €42,000, and that’s just for ONE child. Therefore, you have to plan and plan to save. Just like Christmas, birthdays and anniversaries – they come around every year and you have to provide for them. You certainly do not want to be the parent that stops your daughters going on that special school trip, those two weeks in Irish College, that summer camp – even that hockey stick costs at least € 70! I would recommend that you immediately start putting the Child Benefit into a Regular Saver account (saving between € 100 and € 1,000 per month for 12 months and attracting rates up to 4% - most deposit takers offer them) and when you have accumulated at least € 2,000, deposit this into a high-yielding, 12-month fixed rate
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Remember also the Money Doctor mantra – STOP
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Look for savings on everything from careful budgeting to looking for bargains – everywhere. SPENDING, AND IF YOU MUST, ENSURE BEST VALUE. Ask yourself when buying a product or service, do you really need this and, if you do, is there a better or cheaper alternative ? The best of luck with your saving. Contact John with your money questions at jlowe@moneydoctor.ie or visit his website at www.moneydoctor.ie. John Lowe, Fellow of the Institute of Bankers, is founder and managing director of Money Doctor