How I Manage My Money: Retiree, on £3,500 a month, has £380,000 in savings

In our How I Manage My Money series we aim to find out how people in the UK are spending, saving and investing money to meet their costs and achieve their goals.

This week we speak to Robert Parker-Jones, 73, who lives in Telford, Shropshire, with his civil partner, Christopher, 72. Robert, a retired teacher, now works as an equestrian judge on an ad-hoc basis. He has £300,000 in savings bonds and does not think people can live comfortably on the state pension alone in later life.

My monthly income: I get £1,689 a month from my teacher’s pension. I also receive £817 via the state pension each month and £975 via interest from various investments. Christopher has a state pension and money from interest on investments. 

Our monthly outgoings: Our property is owned outright. Groceries, £300; council tax, £217; gas and electric, £85; water, £26; broadband and TV, £26; mobile, £8; estate fees for property, £22; TV licence, £15; eating out, £200; Netflix, £6, lottery, £9. I try to add £1,500 a month to savings each month. 

Car hire for holidays, £46 a year; house insurance, £170 a year; travel insurance, £152 a year; car insurance, £253 a year; Amazon Prime, £95 for the year. We spend about £4,000 on holidays a year. 

After leaving school, I completed a three-year teacher training course, before starting as a teacher at the age of 21. In my first year of teaching I was paid about £5,000 a year, teaching things like art and general studies.

I then got a different job at a secondary school, just at the time when the age for leaving school was increased, so lots of the kids didn’t want to be there. I hated that job. In time, I left teaching to focus on equestrian work for nine years.

I decided to retire in 2010 but it did not quite work out. I went back to teaching again and in my last main job was the deputy head of a school for children with additional needs. My annual pay in this full-time job was about £36,000 to £40,000 a year.

But staff say many people treat their shops like a tip.

Here they share the most useful donations they get, and the
ones that drive them mad.

The quality of donations over the last year has diminished.

Claire Stockman, head of retail for St
Luke’s Hospice [pictured], says many donations include used items from fast fashion like Boohoo and Primark, which they cannot sell for more than £2, if at all.

of what comes into St Luke’s Hospice is unsellable, Stockman says.

She adds its soiled, damaged beyond
repair or smelly.

Harriet, a volunteer at Crisis in Dalston,
says people bring in clothes that are dirty and stained – things that they cannot sell
on Vinted.

She also sees dirty kitchenware and technology that no longer works.

There was a box donated after someone’s family had passed and in it were all these medals. I researched them and the whole collection ended up going for £2,340…

A good donation is anything new with tags on, anything that hasn’t been opened, or higher quality items.

Items that have been well looked after are more likely to sell and generate a better price for charity too.

Harriet adds that knick-knacks and wine glasses are surprise hits in her branch.

Here, psychologists, career consultants and sleep experts give their best advice on how
to beat the gloom that the
work week is looming…

Pave the way on Friday

Psychologist Maria-Teresa Daher-Cusack says to wrap up tasks and not to leave big or difficult things for Monday. And write a to-do list for the next week so you know what to expect when you return after the weekend.

Get outside early

Doctor Naheed Ali says getting out on a Sunday morning – not sleeping late – helps regulate the circadian rhythm that can become skewed over the weekend.

On Sunday spend time away from technology to allow yourself a personal reset away from doom scrolling.

Put yourself in the best position to rest by avoiding large meals, screens and caffeine.

If possible don’t stack your Mondays with high-pressure tasks.

Don’t just save joyful things for the weekend. On lunch breaks, try to do something you enjoy.

If the Sunday scaries are constant, listen to them. If every Sunday fills you with dread and nothing seems to quell it it’s worth asking if it’s the job, the culture or the career itself. No one should spend half their weekend bracing for impact… ” says Victoria McLean

But no country’s energy system is 100 per cent secure and large-scale blackouts, although rare, are possible.

Here’s how to prepare, and what could happen, if we do have a blackout.

If the UK’s power went down tomorrow, these are the ways it is likely to impact you first.

For EV owners that are already on the road, Professor Keith Bell, who works in electricity planning, recommends that those with an EV with reasonable charge use it as a generator, like your own store of electricity.

In the case of the power system going down, petrol isn’t a totally safe option as queues at petrol stations could be huge and places are likely to run out of fuel.

The longer the power takes to return the worse things are likely to get. In 2021 Storm Arwen physically damaged power lines across the UK.

During the 1977 New York blackout, which lasted 25 hours, there was civil unrest, resulting in widespread looting and arson, although intense heatwaves are thought to have exacerbated the situation.

To get updates during a power cut – a car radio can be used, but in severe weather it might be safer to stay inside.

A minimum of 2.5-3 litres of drinking water per person per day is recommended.

The Government recommends opting for torches over candles, for safety reasons.

Using screens in a way that benefits your child’s development is key and balancing educational content and entertainment with offline activities ensures a well-rounded routine.

For younger children, try scavenger hunts, garden games and nature walks. For older ones, hikes
and biking trips.

Designated screen-free times helps children develop a routine that balances screen use with other activities.

It’s an excellent way
to bond and develop critical thinking skills.

Getting creative, through drawing, painting or model construction, enhances cognitive skills and offers an alternative to screens.

Arrange playdates or group activities with friends, or for older kids try an overnight camping trip in the garden.

Showing that you value offline time encourages your children to do the same.

Implement a reward system where screen time is earned through positive behaviour. 

Discuss the importance of balancing screen time with your children so they understand the reasons behind the rules.

Some studies suggest so.

These are the eight brain-boosting foods registered dietitian Fareeha Jay
recommends people consume as part of a weekly diet…

They contain several nutrients thought to support brain health, including choline, vitamin B12 and iodine.

Caffeine can reduce inflammation and
slow the degeneration
of brain cells.

It’s packed with antioxidants and high in vitamin K, which is essentially for healthy brain cells.

Your brain uses Omega-3s to build brain and nerve cells – so a diet rich in them may slow age-related mental decline.

These improve heart health markers, which is linked to a lower risk of neurological disorders.

They contain compounds which have been shown to improve blood flow to the brain, cognitive function, and memory.

There’s this assumption about being put out to pasture… but now that we’re living and working longer, we have to challenge myths around ageing and remember that over-50s are a crucial part of the workforce…

Yet more than a third of those between 50 and 69 believe that their age puts them at a disadvantage when they apply for jobs. 

The Age Without Limits study from 2024 shows that 37 per cent of workers between 51 to 70 felt badly treated in work because of their age.

We need the same level of career planning in
our fifties as our twenties. It’s possible to reinvent yourself again.

It’s nonsense that older people can’t pick up how to use new tech.

Do you need a pay rise? Could you trade some of that money you earn, to work a bit less, and do more things you enjoy?

Become full-time childcare

Grandparenting on the horizon? If you don’t want to do childcare, have the conversation early – even before a child becomes pregnant – that you plan to continue working and love your job.

Accept redundancy too quickly

It’s going to be so much harder to get back into work if you don’t have a plan before you take that leap.

Everybody thinks early retirement is the dream but the reality can be different. There can be loneliness, lack of purpose and a sense of invisibility. 

Boneless chicken thighs are all meat and a much tastier product.

If you plan every meal all week, there’s no leeway for necessary last-minute changes of plan (or leftovers).

There are so many products that children want to fill the trolley with – all kinds of exciting eye candy. It’s cheaper to go alone.

Consider a vegetable box delivery

Having a Riverford box delivery helps Morris avoid impulse buys and go to the shops
less – even though the box is pricey. “It is expensive, but of great quality and organic”.

Track your spending

It doesn’t need to be an elaborate spreadsheet but without some kind of metric, it’s impossible to spot where you
can or must make cutbacks.

You can save plenty
over a year by never buying branded products at full price.

Do a quick cupboard stocktake. You might find you already have three jars of one thing.

Packing fruit, biscuits, and nuts etc into a Tupperware to take out is more cost effective than buying tiny packaged portions.

“Faking” a takeaway at home can sound like a cheaper option, but if it’s something you don’t usually cook – that needs new ingredients – it could work out pricier.

Returning a few things to the shelves that you won’t need in the near future can save you a healthy amount.

Every time you make do with what’s at home,
you save big.

Try a week or a month of shopping local,
and you might be surprised at the results,
in terms of cost and other benefits like supporting local businesses, and
avoiding car journeys and traffic.

Rebecca Jones has tried most cleaning products in her
decades-long career.

She shares the ones she can’t
live without.

Henry is a classic.
It has fantastic filters, sucks up pet hair quickly, and is great at cleaning up fine dust. 

The Vileda H2PrO set is light, manoeuvrable and keeps clean and dirty water separate.

The HG Glass and
Mirror cleaner removes stains without leaving smudges or streaks.

Best multipurpose cleaner

Method’s multi-surface cleaner is plant-based, cruelty-free, and works great on grease, sinks, sealed wood surfaces, hobs, bins and sealed laminated floors.

Best toilet brush

Unlike a regular toilet brush, nothing gets stuck in the bristles of Ibergrif M34152 Silicone brush. It also dries quickly, so
there’s less odour.

Jones uses the HG Mould Spray on walls, tiles, grout, windows and outdoor furniture.

The Seep Eco Bamboo clothes have a streak-free finish and last.

Every home should have a bottle of Dr Beckmann’s stain remover, says Jones.

Best stain remover

The Mr Siga Multi-Functional Eraser Sponge acts like fine sandpaper to lift
dirt, stains, and scuffs using only water.

Best kept secret

Jones uses Bar Keepers Friend Cleanser to polish stainless-steel, scour sinks and clean her fridge and cookware.

I then retired at the age of 60. I’d paid off my mortgage by this point and was fairly comfortable financially. Although I’m retired, I still do equestrian work as an ad-hoc judge. This work has taken me all over the world. I get paid expenses and hotel accommodation only, but it’s something I enjoy doing. I sometimes do equestrian teaching, which is paid, but the sums are small.

I add £1,500 to savings a month. Most of this goes into an easy-access cash savings account. Some also goes into a cash savings account with a higher interest rate. I try to add £20,000 a year to my cash ISA. In total, I have £80,000 across my ISAs. I have about £300,000 in fixed-rate saving bonds.

In terms of what I’m saving for, who knows. We do enjoy going on holidays though and it is important to keep money aside in case my health takes a turn for the worse. I’m also thrifty and like to get discounts at the supermarkets and don’t turn the heating on necessarily. We have the hot water off for most of the day.

Saving money in pensions was a priority for me throughout my career. I saw people struggle financially in later life and knew that once I retired I wanted to ensure I could afford to live. As recent Kent Reliance findings show, young people are saving more than older people.

In my opinion, this is probably because young people are so unsure about what later life has in store for them financially.

Many younger people will need to work for longer than I did and will be driven to set up a private pension alongside their workplace one. People my age could often live comfortably at an earlier stage, whereas many young people are worried about how much they will have in pensions or when they will be able to buy a property.

I got a £40,000 lump sum from my teacher’s pension and now get £1,689 a month from it. My state pension is £817 a month. I could not survive solely on the state pension alone and don’t think anyone can live comfortably on it.

I live in a fairly new four-bedroom house owned outright which we purchased in 2014 for £193,000, though it had an asking price of £210,000. We moved to where we are now as it’s a cheaper area.

I don’t envisage moving house again and feel quite comfortable financially. If I continue with my savings regime, I’m pretty confident I will have enough money to take me through to the day I pop my clogs. I want to stay healthy and fit. I’m not keen on benefits and don’t think people should get something for nothing.