‘We clashed on the value of private school’

Married parents Lauren and Huw Jones enjoy a night without the children to discuss what to do with some extra cash. Amelia Murray reports

Huw and Lauren Jones have been happily married for four years and say they are both sensible with their cash. But an unexpected windfall, and a second child on the way, mean they have big decisions to make – and some crucial differences of opinion to overcome.

They managed to haggle down the price of their three-bed cottage during the pandemic and saved £15,000 in tax from the stamp duty “holiday”, and as a result, have a pot of cash they need to decide what to do with. Should they use the money to renovate or should they sell up and use it to buy a bigger house for their two-year-old daughter Aneira and her sibling?

Telegraph Money sent Huw and Lauren for a date night to Sartoria, in Savile Row, central London, to dig deep and interrogate how they really feel about the big-money issues.

Spending a few hours together, without any toddler tantrums to distract them, the Joneses were able to take a deep dive into their finances. Their goal was to decide how best to spend the money they saved on their house – but they also discovered they disagreed about private education.

Huw says: “When we spoke about private schools, and whether we thought they were a good idea, I was surprised with how strongly Lauren felt about them. Even if we could afford to send our children to one, she wouldn’t want to.

“Neither of us went to private school and in principle are not sure it is morally right that some children get the leg up it provides, but I want the best for my children so I would consider private education if we had the means. But Lauren is all about fairness – when we feed the ducks at the pond, she makes sure every duck gets a piece.”

Lauren, who works for the NHS, says: “I didn’t go to a private school and it didn’t hold me back in life. We’re lucky to have some good grammar schools in the area, so I don’t feel we need to spend the money on private education.”

As they enjoyed their mushroom lasagne (Lauren) and seafood linguine (Huw), the couple discussed their most expensive purchases – and how they feel about them now.

Huw’s was a £ 90 ornamental dragon that blows smoke out of the nose if you burn incense out of it.

“I think it’s a priceless work of art, but Lauren thinks it’s hideous,” he says.

Whereas Lauren says the £150 she paid for a couple’s spa day just after their wedding was well worth it. She adds: “Huw would probably say my biggest expense is clothes, but I don’t think I have too many, it’s just more than he has.”

On the money advice they’d give to their younger selves, Huw says it would be to have started his commercial pilot training earlier and Lauren says she would spend a bit more on enjoying herself whilst still young.

The Joneses say they are happy with their current financial set- up. Both have their own bank accounts but most of their income goes into a joint account – and this conversation led on to a discussion about wills and life insurance.

Huw has to be medically fit to fly and he’s seen many pilots lose their licence because of illness. Huw and Lauren have both agreed to get a will in the next few weeks and research life insurance cover.

Natalie Kempster, head of client and proposition at wealth management firm Argentis, and a chartered financial planner, says rather than life insurance, she suggests buying an “income protection” insurance policy.

Rather than paying a lump sum on death, like life insurance, income protection pays out a proportion of your income (typically 50pc) should you be too unwell to work. Income protection should be considered by all workers, not just those with children.

By the end of the meal, the couple had decided to use the extra money on home improvements – without borrowing any money. This will include a side extension, including a new bathroom, and a new kitchen, which should add value to their house.

Overall, Huw and Lauren say their money date night was a success. Lauren says: “With the new baby coming along, we won’t have time to do it again – we’ll have to wait at least another two years.”