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 Renford Marsden, 63, who lives in West Sussex with his wife, Helen, 60. Renford has money coming in from a work pension and runs his own small business, Wordsmith & Paper Limited. After resigning from a corporate role, Renford had a tough time financially in his fifties and took on a job at McDonald’s. He believes attitudes towards older workers need to radically change.
Monthly budget
My monthly income: I have £217 coming in from an old work pension. I am currently taking a salary of £40 per month from my business, which operates via The Trainer Explainer® website.
My wife works as an IT systems administrator and has been with the same company for 34 years.
My monthly outgoings: Life insurance, £83; mobile phone, £35; train travel using senior railcard, £20; donation to veterans charity, £10.
My wife pays for the following on a monthly basis: Groceries, £600; council tax, £159; heating bill, £144; electric, £101; water, £10; waste water, £8; house insurance, £37; TV licence, £13; broadband and landline phone package, £120; car fuel, £160; car insurance, £15; car breakdown insurance, £20. We own our property outright.
I grew up in New Malden, Surrey, in a working-class family. I left school when I was 17 and started working straight away.
Fast forward to 2005 and I was working as a procurement systems manager, on a salary of £40,000 per year. As part of my job, I took on a civilian role in Afghanistan and delivered training on systems to military personnel. In 2008 I resigned from my job. I was stressed and had been bullied at work. I was also struggling with what I had witnessed and experienced in Afghanistan.
After resigning from my job, I started to worry about money and began selling my personal possessions. Eventually, in 2015 we put our four-bedroom house up for sale and downsized drastically to a one-bedroom house, costing £141,000. Our existing outstanding mortgage was paid off and we incurred a penalty fee for early repayment.
I attended the job centre, which was a depressing and woeful experience. It was clear they did not have systems in place for people in my age group. I was advised to dumb down my experiences and skills. Employers are fickle about people in my age group. Many are looking for younger and cheaper staff. Older workers are not interested in job hopping and are cheaper in the long run, as they stay on and are committed.
I went from one temporary job to another. Nothing felt right and it was utterly soul destroying. Eventually, at the age of 57 I took on a job at McDonald’s. I had to put my pride in my pocket and get on with it. I’d often do the breakfast shift starting at 5am, and would end up doing the washing-up as the youngsters didn’t want to do it. Between April to October 2017 I earned £1,494 a month from this job, working two or three days a week.
At the age of 59 in 2019, I decided to complete a diploma course in digital marketing. I saved up and paid £3,000 in instalments to complete it. I wanted to increase my skills set and be attractive to future employers. It was hard work, but worthwhile.
I started my own business, Wordsmith & Paper Limited, in 2017. I help business owners create digital assets, so things like videos and infographics, for their companies. Before the pandemic, sales were reasonable. However, Covid-19 hit and I am severely immune-suppressed, so I had to stay inside for a long period of time. Lockdowns crashed the business. I have been steadily building it back up and now take a salary of £40 a month from it.
I had a few private pensions which I’ve made use of since turning 55. Lump sums taken out helped clear loans and debts and pay the bills. At present, I get £217 per month from one old work pension. I do not think younger people will be able to rely on the state pension when they reach retirement age. They must start earlier with their private pension provision.
I have learnt to live frugally, but would like to earn more. I am just surviving financially. However, I am proud to have my own business and never want to have to visit a job centre again.
Since experiencing a difficult time financially in my fifties, we’ve not been on holiday for over a decade. Looking ahead, it would be nice to have a holiday somewhere in England, just for a change of scene.
The Trainer Explainer®, a brand of Wordsmith & Paper Limited, is the sponsor of a veterans event at Baron’s Hall, Arundel Castle, on 1 July 2024.
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