I have rented for 30 years. I own as few possessions as possible

What cards do you use?

I have credit and debit cards, but no one should have issued me a credit card. While I spend cash sparingly, I lash out with credit cards and cry at the end of the month.

Are you a saver or a spender?

It depends on how much I have in my bank account, and that depends on how much I’ve received for songs I’ve written [she also gets a proportion of royalties from MacColl’s songs]. When I’m flush I might buy something nice to wear. But I also put aside money for a rainy day.

Do you own a property?

No, I rent a 1930s house just outside Oxford, and because I take good care of it the landlady doesn’t raise the rent too regularly. I’ve rented for 30 years. I own as few possessions as possible, be it property, jewellery or furniture — that feels good. I think the nation should own all the housing stock and rent it out.

Are you better off than your parents?

Yes, because I have income from the music industry and my songs. I spent my first 18 years in Washington DC. I had a comfortable upbringing, but my parents Charles and Ruth had a mortgage and lived on a financial tightrope. However, as a family we never talked about money — indeed, hardly anyone talked about money. It’s a different world now.

How much did you earn last year?

I had to scrap a 26-date tour, so I lost bucket-loads of money. Luckily I have a good bookkeeper and accountant who tell me when I have enough to spend.

What was your first job?

At 15 I got a job as a newspaper delivery girl. For two years I had to get up in the dark, fill up my huge bicycle basket with 60 heavy papers and deliver them round the often icy streets of suburban Washington. The real work was collecting the money from the folks in their fancy houses. They often pretended not to be home, but I bore the losses if they didn’t pay, so I left DC with some still owing me money.

When did you first feel wealthy?

What is wealth? When the aristocratic Roman woman Cornelia was asked about her wealth, she pointed to her sons and said: ‘These are my jewels.’ I have two sons and a daughter and nine grandchildren. They are my wealth.

Have you ever worried about making ends meet?

Yes. I was paid all of £5 for my first gig in England in 1956. And when I was a young mother, Ewan and I became wandering singers, playing folk clubs all over Britain, Canada and Australia. Things only got easier when Roberta Flack covered Ewan’s song The First Time Ever I Saw Your Face in 1972, and we began getting royalties. [Flack’s version topped the US charts for six weeks and was the biggest-selling single that year.] It has been covered nearly 400 times over the years in different musical styles.

What was your most lucrative work?

Singing two songs for £2,000 at a royal command performance for the King of Norway. I remember being dazzled by the jewellery that all the Norwegian lady aristocrats were wearing in the front row.

How has the virus affected you?

My family and I, who are all freelance musicians, have lost income. Cuts in concert earnings, record sales and feelings of self-worth have affected so many people in the music business. Really talented musicians are now stacking shelves in Tesco — it’s so sad.

Do you invest in shares?

My pension is ethically invested, but otherwise no.

What’s best for retirement — property or pension?

I’m not sure I’m the right person to ask because I don’t own a property and my pension is pathetic. I get some of my income from royalties and publishing — from songs of mine such as Reclaim the Night — as well as a share from Ewan’s songs. But I’m not retired and don’t see myself ever retiring as a folk singer.

What was your best business decision?

Coming on a whim to England in 1956 after being invited to appear as a singer in a TV adaptation of a US play. I’ve been enchanted by the country ever since, even if I don’t much like the weather.

And your best investment?

That’s a difficult one. What is a good investment? For me it’s investing in not-for-profit political activist organisations like 38 Degrees and change.org [which help start campaigns and petitions] that empower people and can be a force for real change. Clothes-wise it’s probably a wonderful grey cashmere sweater I got in a thrift shop for £20 some years ago that is still going strong.

What about your worst investment?

Buying a pair of size 14 knickers, only to realize that I’ve gained a bit of weight so needed a size 16! (Actually I’m a size 15 but they leap a couple of sizes.)

What’s your money weakness?

If my credit card is to hand I’ll buy anything from a teapot or a tweed coat if it takes my fancy, though it’s usually from a charity shop.

Your most extravagant purchase?

In the 1950s I’d just earned £25 for doing a job for the BBC, and was walking down Regent Street with Ewan. We saw a lovely tan jacket in the widow and he said: ‘That would really suit you!’ So we went in, expecting him to pay for it, but he said: ‘It’s £25 and you’ve just earned £25, so you buy it!’ So I did, even though £25 was a lot of money in those days.

What’s your financial priority in the years ahead?

I’m 86. I don’t look years ahead, I only look as far ahead as tomorrow. Although I naturally hope that my songwriting royalties will provide some income.

What if you won the lottery?

First, I’d thank God for believing in me [laughs]! Then I’d give some dosh to any needy members of the family, figure out how to remain financially secure until I pop my clogs and give away the rest to environmental charities like ClientEarth and Greenpeace.

What is the most important lesson you’ve learnt about money?

It’s all too easy to let money run our lives, but we shouldn’t forsake the pleasures of the Earth for all those
bank notes.

Peggy Seeger is touring her album First Farewell in October http://www.peggyseeger.com/