Strictly’s Paralympian Will Bayley is a keen supporter of the NHS heroes battling coronavirus

Paralympian Will Bayley was born with arthrogryposis, a condition that affects all four limbs, and was diagnosed with cancer when he was seven. 

He began playing table tennis during his recovery and went on to represent Great Britain at the Paralympics, achieving world number one ranking in 2012 and winning a silver medal in London that year. 

The athlete, 32, competed on TV show Strictly Come Dancing last year. He is a keen supporter of Great Ormond Street Hospital for children and the NHS heroes battling coronavirus. 

How do you feel about the Paralympics postponement? 

From a personal perspective, I tore my knee ligament on Strictly and it takes a year to recover from that, so I am in rehabilitation. An extra year will be brilliant for me but I know it’s upsetting for very many athletes. 

What did your parents teach you about money? 

Not a lot to be honest. They split up when I was aged one and I grew up with Mum. 

She’s not that good with money and is the sort of person who, when she’s got money, spends it. Her attitude is: if it’s there, it should be spent. 

I’m more of a saver than she is – I try to live within my means, but I occasionally splash out if I really want something. 

I wouldn’t say I came from a well-off family. My mum’s a beautician and my stepdad, who I call my dad, was a photo-booth engineer. 

We were a normal working-class family and I had a good childhood, but I was aware that my parents had money worries a lot of the time. I grew up thinking I don’t want to struggle as much as they have. 

I suppose that taught me to respect the value of money. I know how hard it is to get.

Have you ever struggled to make ends meet? 

Yes, between the ages of 16 and 23. I was playing table tennis professionally but I wasn’t making money. I was losing it. 

All I had to live on was a £5,000 annual grant from the Talented Athletes Sponsorship scheme. Luckily,

I didn’t have to pay a lot of rent because I lived with my manager. To keep costs down, there were times when I ate nothing but pasta. 

Mostly, I had it plain with a bit of cheese. Some weeks I had it for both lunch and dinner. Those were hard times. 

But when you’re training from 7.30am until 7pm, it makes you happy and you’re so busy you don’t really think about having no money .

Have you ever been paid silly money? 

Yes. During the London 2012 Olympics, I did a couple of jobs that were well-paid. One was a commercial for a hotel chain. They paid £15,000 for two days’ work. 

What was the best year of your financial life? 

Probably the last 12 months because I was on Strictly. I didn’t make a lot of money compared to what everyone else was making, but it was a lot for me. 

The show itself didn’t pay that well, but I got more than I usually would for sponsorships and corporate speeches afterwards as a result of raising my profile. I really enjoyed being on the show. 

I learnt a lot about myself. Having to work in a close team with someone, and having to perform under that sort of pressure when you’re not good at something was hard – but it was also fun. I found it all a bit surreal though.

What is the most expensive thing you bought for fun? 

My phone. It’s the latest iPhone. It cost more than I’ve spent on any other object in my life – I think about £1,000.

What is your biggest money mistake? 

Not taking out travel insurance for the most expensive holiday I have ever booked in my life, which was going to happen next month. I spent £3,500 to fly to Spain and stay in the best hotel I’ve ever booked. I don’t know if I’m going to lose it all or get some money back, but I definitely won’t be going.

The best money decision you have made? 

Getting on the property ladder seven years ago. 

I bought a two-bedroom terrace house in Sheffield near my training centre. I wasn’t sure I could afford it, but I figured that if I put my income into a mortgage I couldn’t spend it and then I’d have a house. 

When I sold it more than a year ago, it had gone up about £15,000 in value.

Do you save into a pension? 

No. Retirement seems a long way off and right now I’m just trying to take every day as it comes. 

Plus, based on my family’s medical history, I’m not sure I’m going to live that long. So I think I might as well enjoy life and spend money while I can. I don’t want to get to the age of 65 and have £200,000 in the bank – I can’t enjoy it then can I?

Do you invest directly in the stock market? 

Absolutely not. I’ve got no knowledge about the stock market and I’d probably lose all my money. You need to know what you’re doing and I wouldn’t have a clue.

Do you own any property? 

Yes, my current home: a threebedroom bungalow in Brighton. I love living by the sea especially in the summer. I have no idea whether it’s worth more than I paid for it. 

Who knows what coronavirus will do to house prices. 

If you were Chancellor what is the first thing you would do? 

I would put yet more money into the NHS. 

I’ve used and abused that service a lot. The most important priority should be to keep funding the NHS – and to support the nurses, doctors and other staff working to protect us from Covid-19.

Do you donate money to charity? 

Yes. I had cancer when I was seven years old and Great Ormond Street Hospital in London kept me alive. 

So I try to do as much as I can for them – donating money every month. I owe them a lot.

What is your number one financial priority? 

My two-year-old daughter. I want to look after her and make sure she has a really nice life. 

I want to make as much money as I can so she never has to struggle when she gets older.