TV presenter and children’s author Konnie Huq thinks people who buy brand names are wasting their money and should be spending their cash either trying to make society more equal – or saving lives.
Huq, 44, who made her name as the longest-serving female presenter of Blue Peter, says she doesn’t need any more money and is planning to donate most of it to charity when she dies.
From her home in West London, she spoke via phone to Donna Ferguson, interrupted occasionally by her sons Covey, eight, and six-year-old Huxley.
Her latest book, Cookie And The Most Annoying Boy In The World, is out now and she is broadcasting activities for children via her YouTube channel, Science, Scribbles And Stories. She is married to TV presenter Charlie Brooker.
Home truths: Konnie Huq overstretched herself to buy a five-bedroom house in London, which is her pension
Have you been affected by the coronavirus outbreak?
Workwise, yes, in terms of cancelled events. Apart from that, no I haven’t, touch wood. My husband Charlie and I have been well, and so have the kids.
What did your parents teach you about money?
To respect and value it – that there are people out there who don’t have it, and to use it wisely. My mum did clerical work, first for a book company and then for BT. My dad was originally an actuary, but then he opened an Indian restaurant in Soho in London. He worked long hours and would come home at two o’clock in the morning.
Money wasn’t exactly tight, but my parents made sacrifices to put all three of their daughters through private school. I was the poor kid at the rich school: the child who didn’t get to go on the school skiing trip.
I took part-time jobs selling ice cream and peddling shoes from the age of 14 to earn some extra cash. I think I mostly spent it on Levi’s 501s. Those jeans were highly sought after back then.
Have you ever struggled to make ends meet?
No, I’m good with money and have always lived within my means, even at university when I was living on a grant. I don’t have extravagant habits. I don’t gain any particular happiness from buying consumer goods. I feel no need to go on loads of swanky holidays and drive a Ferrari.
Have you ever been paid silly money?
Yes, in general for corporate gigs. You get paid silly money for not doing much. Sometimes it involves presenting or endorsing something, or hosting an evening event. My fee is typically a few thousand pounds an hour.
Konnie Huq made her name as the longest-serving female presenter of Blue Peter
What was the best year of your financial life?
Probably 2008 – the year after I left Blue Peter. When you’re on Blue Peter, you can’t do other work – you’re just on a handsome contract. So for all those years, I hadn’t done corporate work. I’m not sure exactly how much I earned, but it would have been a couple of hundred thousand pounds. The following few years were good too. I earned consistently good money until I had my first child in 2012.
What is the most expensive thing you bought for fun?
It was a Mitsubishi hybrid electric car. I chose to purchase it because it’s better for the environment, not just for fun. It cost £28,000. I have never bought myself anything expensive like a nice watch or jewellery just for fun, and I’m not into fashion and fast cars. I’m quite anti-consumerist.
In my opinion, spending more to own a brand name is a waste of money. It’s ridiculous. It’s part of the problem with society where we have so much inequality – you could actually save a life instead of buying something with a brand name on it.
What’s the best money decision you have made?
Getting on the property ladder in the late 1990s when I was in my 20s. In those days, you could borrow a mortgage really easily at four times your salary. I managed to save up a big deposit, then overstretched myself and bought a five-bedroom house in West London that needed everything doing to it.
It was a shell of a house. I can’t remember how much I paid, but it turned out to be a really good investment. I still own it – I rent it out now. It has appreciated a lot in value. It’s probably worth a few million pounds.
Konnie Huq doesn’t save into a pension, but says her five-bedroom house in West London is her pension
Do you save into a pension?
No. That five-bedroom house in West London is my pension. My dad advised me to see it like that. I was so busy on Blue Peter when I was younger that I wasn’t interested in listening to financial advisers and investing in a pension. So when my dad suggested I look at that property as my pension, I agreed. As a former actuary, he knows about that sort of thing. Since I have that investment, I have no plans to start saving into a pension.
Do you invest directly in the stock market?
No. It doesn’t interest me particularly. I’m happy. I don’t need more money. Whenever I do make more money, I don’t really have anything to spend it on.
When I die, apart from leaving a small amount to my children, I will be giving all of my money to charity.
So I guess in theory, it would be good to invest in the stock market in order to make more money that I could then give to charity. But then again, I’d probably lose it all because I know nothing about how it works.
Do you own any property?
Two: my investment property and my home, a nice house with a garden, which is also in West London.
My husband and I bought it together in 2013. We are very happy there and what brings us happiness is not the value of the property, it’s how much we enjoy living in it.
Treat: Konnie Huq loves truffles, pralines and ganaches
What is the one little luxury you treat yourself to?
Chocolate. I love truffles, pralines and ganaches. I’ll treat myself as and when I feel like it – often, in the evenings. But it’s not expensive chocolate. I just buy whatever I can find in the supermarket.
If you were Chancellor what is the first thing you would do?
I would raise taxes on the super-rich. I think there’s a certain amount of money beyond which you really don’t need any more.
I think the super-rich would be better off helping other people and giving back to society.
I’d spend the money I raised on education. If you can get kids right, the future is bright.
We should teach kids the values that we want the grown-ups they become to have – like the idea that happiness comes from helping each other, not helping yourself.
Then, they won’t grow up to be greedy, mindless consumers. They’ll be people who want to save the planet, have good friendships with other people, and invest in making the world a better place. That could save everything: the economy, the environment, everything.
What is your number one financial priority?
To be healthy and happy, especially at this time. That’s my only priority right now. If you’re healthy and happy at the moment, you’re winning.
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