I saved my first ever tennis cash prize… and was 16 when I started my pension

This year’s Strictly Come Dancing season has just kicked off. And one of the celebrities competing for the famous glitterball prize is Wimbledon commentator and former top tennis player Annabel Croft. Annabel tragically lost her husband Mel Coleman, a banker, earlier this year. But she bravely fulfilled her commitment to Strictly because both her daughters love dance and ‘to help take her mind off things’, she has revealed. In an earlier interview, Annabel told us her financial habits. And in many ways, (though not all), she is a model of financial common-sense. She saved her first prize money in the post office – and started her pension at age 16.

How much was in your first wage packet?

I’ve never had a wage packet as I’ve always been self-employed. My first winnings were £10 when I won an under-12 tennis tournament. I was so proud. I put it in my post office savings account. I hadn’t even realised there was prize money. Even when I turned professional, the money never figured when I was on court.

What was your best financial move?

When Mel and I were buying our first house, I put my flat on the market. The buyer fell through and some friends suggested we rented it out. By remortgaging the flat and rejigging our finances, we scraped together enough to buy the house. It was during the property boom in the mid-Nineties so we had two properties in Wimbledon, London going up in price.

And your worst?

Funnily enough, it’s similar to my best move. We bought a tiny house on [England’s] south coast, purely as an investment to do up and sell. It was in the late Eighties just before interest rates doubled [to 15% in 1989]. The mortgage was crippling and we’d bought at the top of the market. We sold it for around the same price we’d paid for it. It was a complete and utter disaster.

How much did you pay for your first home?

I bought a three-bedroom maisonette above a toy shop in Wimbledon village with my brother when I was 20 for £144,000. I bought him out about two years later and lived there for eight years. I sold it about three years ago to pay £500,000 for building works on our current home. We bought a 1960s house with an acre of ground near Wimbledon and demolished it to build our Georgian-style modern house.

It took 10 months. It has six bedrooms and an all-weather tennis court. It was one of the best things we ever did.

Credit or debit card? Do you pay credit card bills in full?

I use the debit card more often than the credit card. I use the credit card only to book flights or pay for massive purchases. I can’t think of any time I haven’t paid it off in full on time.

How much cash do you have in your purse?

It varies from around £10 up to £100. I never carry it around any more as I worry I’d lose it or it’ll be stolen.

How are you saving for your retirement?

My dad [James] was really sensible. He started a pension for me when I was 16 and earning money from tennis. I look back and realise how smart that was… I’m proud that I’ve been paying into a pension since I was 16.