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 Andrew Henderson, 68, who lives in Rhyl, with his partner, Carole, 69, and their dog, Betty Bach. Andrew is facing paying significantly more for heating oil amid war across the Middle East. At one point in his former career, he earned a six-figure sum, before seeing his income plummet and falling into debt.
Monthly budget
Our monthly income: We each have £965 a month coming in from our state pensions. Combined, we also have £691 a month coming in every month from private pensions.
Our monthly outgoings: The house we live in is owned outright. Council tax, £245; groceries and household items, around £700; TV licence, £15; electric, £100; water, £60; car insurance, £21; road tax, £18; car fuel, £100; life insurance for two people, £96; buildings and contents insurance, £20; vet bills and pet insurance, £20; house maintenance, £8; TV package, £58; mobile handsets and contracts, £125; newspapers, £11; pet food, £40. My payment towards my debt management plan is £263 a month. We used to pay about £300 every other month for heating oil, but are now facing much higher quotes. Savings are used to cover any costs above our monthly income.
I grew up in a working-class household along with five siblings in Southport. We lived in a cramped house and money was tight. I started doing paper rounds at 11 and worked at Pontins from the age of 16, as everyone had to contribute. We were close-knit and I learned the value of hard work early on.
After going to university, I got a job as an economist on Fleet Street in London. I thought I’d made it, but in reality the job was mind-numbingly boring and I quit after nine months.
I managed to buy my first home at the age of 22. By 33, I’d built up a portfolio of properties I rented out. Unfortunately, a marriage breakdown, also necessitating child maintenance payments, cost me these properties and I lost the lot.
My main job over the years involved working in the holiday park industry. I started as a sales advisor on £25,000 a year, and at the peak of my career earned £1360,000 at the top of a company. In time, however, my income dropped dramatically as my health started to go downhill and I could no longer work 80 hours-plus a week. The global financial crisis happened and we were a small firm vulnerable to changes. As I reduced my hours and the global financial downturn hit, my annual income dropped to £18,000 a year by 2011.
At this point, I started to really struggle with my finances. I relied on credit cards for my day-to-day expenses and got into £28,000 worth of debt. I started feeling like I was drowning in debt.
I had to stop working for good in 2024 due to my health. I was devastated about it, but had no choice. I have serious vascular problems, and have had two bypass surgeries, and am at risk of having one of my legs amputated. Not being able to work has been crushing for me. I went from being the breadwinner and earning good money to having to draw on my pensions. Emotionally, stopping work was one of the hardest things I’ve ever faced. Work gave me an identity, purpose and financial security. Suddenly, all of that was gone.
I thought I could manage my debts while I was still working, but when I had to quit, the debts became a massive weight hanging over me. I started selling jewellery to try to keep up with the minimum repayments on my cards.
In 2023, I was told I’d receive a share of my late father’s estate, namely £25,000 and a property in Marbella, via his will, but nothing has been paid yet. My money problems affected my sleep, stress levels and relationships.
I had to get help with my finances and contacted Money Wellness in July 2025 to try and get it all sorted out. Money Wellness arranged a free debt management plan as a short-term solution while I await the inheritance from my father. I’m currently paying off £263 a month from my debts, with more than £2,000 paid off to date.
The cost-of-living is astronomically high. I’m a pensioner and have been working and contributing to the system since the 70s, yet my council tax bill alone is more than £200 a month. That’s a large chunk of a monthly state pension.
We have an oil-based heating system for the house and the costs are spiralling out of control. I used to pay £300 every few months for it, but since war in the Middle East started, I’m now being quoted about £900 for the 500-litre tank. As I’m in debit with the provider, they’ve told me they aren’t sure they can supply us as they have other people who need the oil and can pay immediately. We are having to make decisions about whether to heat the house properly or get my debts paid off sooner.
As a couple, we each have £965 a month coming in from our state pensions and £691 from private pensions. There is no way I could survive solely on the state pension. It is inadequate for anyone with even basic living costs. We can just about pay the essential bills, but we can’t actually live. We’d need at least another £1,000 a month to be able to have any sort of comfortable existence.
It’s frightening as you work your whole life, pay into the system and can still find yourself in a position where you’re just getting by. I never imagined my retirement would be like this.
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