At 78 years old, this Londoner is part of a generation that learned to measure each expense and take advantage of even the most modest budget. With several pensions that cost up to 20,500 euros (18,000 pounds), it might seem that living in London (one of the most expensive capitals in Europe) would be a constant challenge. But, she assures that she enjoys a “very good” life, full of cultural routines and small getaways that allow her to adapt to her pension.
“I always know exactly how much I earn and how much I spend.” On the other hand, she adds that, “I was educated to be careful with money,” she explains. The key, he acknowledges, is not in the amount of the pension, but in how he manages and how we spend that money.
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The situation of this retiree changed when her husband died five years ago. While he was alive, he barely received €51 a week state pension (£40). Today, as a widow, she receives 857.33 euros, which is one (751 pounds per month). Added to this are 458.52 euros (402 pounds) from her husband’s company pension, 132.42 euros (116 pounds) from a pension plan that he set up and another 140 euros (122 pounds) from her own years of work in a council and in the NHS.
She is afraid of all the pensions and benefits she receives. “I still have the feeling that one day someone will come and tell me that I don’t have the right to charge so much,” he comments with British humor.
Although his income does not allow him great luxuries, it is true that not having a mortgage helps (he paid it 20 years ago) and his meticulous control of the budget provides him with a solid foundation. She still lives in the four-bedroom Victorian house where she raised her children, a beautiful but expensive property to maintain. “I want to move to a smaller, cheaper place, but I haven’t done it yet,” he says.
Culture, leisure and affordable meals
His lifestyle is supported by a series of routines that, according to him, do not represent excessive expenses if you know how to choose the right places. He goes to the theater twice a month, always opting for the less popular matinees: “They usually cost 30 euros and they are excellent.” He also goes out to eat about six times a month, looking for local restaurants that allow you to bring your own wine. “A decent meal for 20 euros is not difficult to find,” he says.
Added to this is an important advantage and that is that as you are older, you can use public transportation for free. This allows him to frequently visit the British Library, where he attends lectures for just 12 euros, or the Royal College of Music, which offers concerts and master classes free of charge.
Their favorite activities, however, hardly require any money. He runs a book club that meets once a month and participates in a hiking group whose only additional expense comes if they decide to eat out.
Austerity in everyday life, well-calculated whims
“My generation learned to cook from scratch and not waste anything,” he explains. Her spending on food is modest: she shops at Waitrose because they offer a coffee and a free copy of the Guardianand usually spends around £15 per visit. Since becoming a widow she consumes less meat and less wine, which has reduced her monthly bill even further.
He buys his clothes almost exclusively in charity shops, where “he says” it is possible to find quality clothes at ridiculous prices. When you need something for your home, you turn to the second-hand market. His supplies cost him £90 a month and he maintains a £22 calling plan on his landline.
Your two highest expenses are very specific: the car and vacations. Maintaining your “rarely used” vehicle costs you £370 a year in insurance, but you keep it for the peace of mind it gives you. And, each end of summer, two trips are granted to sunny destinations. An agency organizes one-week packages for around £350. He also allows himself a few weekends in Europe if he finds a good deal.
Despite all these expenses, he manages to save about 100 pounds a month. “It’s a matter of discipline. We come from a time when something was always saved for unforeseen events,” he says. For her, economic security is not so much in the level of income as in consistency.
What for many would be a limited retirement, for her is a full life made of theater, books, walks, free coffees and a trip to the sun. Without great luxuries, but with a satisfaction that, as he emphasizes, “is priceless.”