Money, money, money…Abba were right on it when they said it’s a rich man’s world, and London certainly lives up to that. You’re definitely going to need a decent amount saved when moving to London, but with a few of our pointers you’ll see that you don’t have to be a millionaire in the making to do it. There are plenty of methods for living in London on a budget, and it all comes down to a little imagination!
Living In London On A Budget – Monthly Budgeting
Once you are living in London on a budget and settled with a job, write yourself a detailed and realistic amount of what you can save each month and stick to it. Make sure you include rent, bills, travel and food as your priorities, and see what you have left over for social activities and weekend fun. If you are finding things a little tight or you’d just like to be able to save some of your monthly pay for a rainy day, then here are some ways you can do London on a budget.
- Eat and drink at home rather than out, but if you must limit to once per week – this could save you over £100/week!
- Buy your groceries in one weekly shop – this will limit the number of times you’re in the supermarket, thus decreasing any unnecessary impulse buys in the chocolate isle!
- Walk wherever you can – this will save you a lot in tube and bus journeys which can start to add up into a large sum each month
- If you find your new budget-conscious lifestyle is getting a little boring, why not throw a dvd night/house party/picnic day? Get everyone to bring their own booze and food and have some inexpensive fun at home or in a nearby park – make the most of your surroundings and London’s fabulous outdoors!
There’s no doubt about it – London is an expensive city when you are trying to save your pennies and keep costs down. But, that doesn’t mean you’re destined for a life of boiled rice and bad British TV – it just means you have to be budget-savvy and a little creative! There’s loads of free or cheap things to do in London – museums, galleries, walks and festivals. A good place to check each weekend is the Time Out website – they list everything that’s happening in and around London at any given time, and also what’s free, or very cheap.
Eating out and drinking are no doubt the most draining on anyone’s financial resources when they are living in London, so instead of spending a fortune at clubs and restaurants why not throw a themed house party?