How to retain your lifestyle in retirement

The 50p has been in circulation for over fifty years. It was the world’s first seven-sided coin and was introduced to replace the ten shilling note. The humble 50p was no stranger to controversy upon its entry into the pockets of the population, with one headline, back in the 60s, referring to it as ‘a monstrous piece of metal’. 

Olympic sports, Beatrix Potter characters and even Paddington Bear have graced the tails side of the coin, leading to a whole host of different coins for collectors to get excited about. As with many collectible items, the rarer the item, the more value it holds. This then begs the question, which coins are the most valuable? 

Kew Gardens 2009

The rarity of the original 2009 coin has only increased since the coin’s re-release this year as part of the Royal Mint’s celebration of 50 years of the 50p. Many collectors have sought to get their hands on this rare find as they can now fetch around £100 when sold to the right buyer. A mere 210,000 of these coins were produced in 2009 to mark the botanical garden’s 250th anniversary. Just be sure to check the date if you happen upon one. 

Sports coins

There are many different sports-themed coins out there, with a large number produced for the 2012 Olympic Games in London. The rarest and most sought after of all the sports coins depicts an explanation of the offside rule. Other sports coins have been valued by the Scarcity Index as follows:

• Triathlon – around £10
• Wrestling – £7
• Judo – £7
• Tennis – £4
• Goalball – £3

Character coins

The Royal Mint released another large collection of commemorative coins on what would have been author Beatrix Potter’s 150th birthday. The title of the rarest in the collection belongs to the Jemima Puddle Duck coin, which can fetch around £15 online. 

The other coins, however, hold little resale value, as there are a large amount of them in circulation. The next rarest in the collection is based on the character Squirrel Nutkin, which can sell for between £1 and £3, depending on the buyer. 

The rarest of them all

Although the Kew Gardens 2009 50p is considered one of the most sought after coins, it is by no means the rarest. While political relationships with Europe are currently frosty, back in 1992, a new 50p was released celebrating Britain’s entry into the Single European Market – which would later become the European Union. 109,000 of these coins were released into circulation before the decision was made to replace the larger 50 pence piece with the smaller, lighter design we know and love today.  

And there you have it… 

Of course, as with many collections, the value of a particular item is based purely on the value attributed to the item by the buyer. For some, the sentimental worth of a particular collectible may vastly outweigh the numerical value attached to it. But still, it may be worth checking behind the sofa or in a few lesser worn jackets, as you never know what hidden treasures you may find. 

If you’ve got a son or daughter at college or university, you could have some stark financial lessons ahead. Getting the grades may have dominated the household up to now but budgeting for their life as a student can require just as much focus.      

Tuition fees and student loans are usually top of the agenda. Most universities charge £9,250 for tuition fees but the financial help available to students for their living costs will differ. Maintenance loans are calculated according to where the student is going to study, where they plan to live and how much their parents earn.

As an example, the maximum maintenance loan is £11,672 if the student is an undergraduate,  studying in London and not living at home, but this would only apply if the gross household income was below £25,000 (after pension contributions). If the household income is greater than £67,000, the maximum a student can borrow for their living costs is £5,812. You would be expected to provide a parental contribution of £6,000 to make up the shortfall.              

A recent survey revealed that parents of students could be found to be contributing an average of £360 a month. Half of them said they had not anticipated that they would have to give as much financial help. Luxury items such as new cars and exotic holidays were sacrificed while six per cent of respondents said they had taken a second job.

Despite this, students faced an average monthly shortfall of £267, according to the 2019  National Student Money Survey. Although some had taken part time jobs, 49 per cent relied on  overdrafts and 14 per cent on credit cards.

Not surprisingly, the main expense is accommodation.This has soared in recent years due to the increasing amount of university accommodation being provided by commercial operators, which costs significantly more than traditional halls of residence. Students can find themselves paying up to £9,000 a year on rent in London and £6,366 elsewhere.

Students also get tied into lengthy commercial tenancies of up to 46 weeks. Some landlords may even charge for 51 weeks. To make things even more difficult, the rent may be due before the maintenance loan arrives.         

Despite the high costs, demand is high so students may be expected to start a tenancy in June for the forthcoming academic year. That can mean deposits of three months’ rent need to be paid in advance before the Easter term.

Parents are often called in to meet these costs and act as a rental guarantor. One advantage is that large providers like the Unite Group will allow you to pay by credit card so you can stack up lots of loyalty points. 

It’s an exciting new chapter of life and with a bit of careful ongoing planning and budgeting, you can make sure you minimise any surprises.