Everybody dreams about living in the heart of Britain, with its beautiful history, great places to eat, exotic entertainment, luxurious pubs, relaxing spas and majestic nightlife. London is quite expensive, so your monthly income may not help you stay on top of your expenses.
You cannot deny the fact that Londoners have to spend a lot more money on the same standards of livings as their counterparts in other countries. If you are in a tight spot, you might decide to move out to another city or probably the outskirts.
No need to do so. You can trim down your living cost in London:
1. Build a budget and stick to it
Work out how much you have got to spend on groceries, accommodation, travelling, entertainment, and so on. The next step is to fit your monthly expenses into your budget. You can try several budgeting methods to check which one works for you. Once you have identified which one fits best, try to stick to it.
At the outset, sticking to your budget can be challenging. Don’t worry, even if you fall off multiple times. Just reanalyse your budget and see where things are going wrong. Fine-tune it to your current spending habits so you know how much money you have spent on each category.
2. Eat in
Dining out occasionally is not a bad idea – in fact, there are some occasions like weddings and birthday anniversaries that call for celebration at restaurants. On other days you should try to cook meals at home. It will save a lot of your money.
Home-made meals are cheaper and more nutritious than takeaways and instant food. If you do not have much cooking time, try to make all preliminary arrangements, like cutting, chopping etc, at weekends. You can cook some of the recipes and refrigerate them so you do not plan about your next meal when you come back home from your office.
3. Find more work
Trim down your budget if your monthly income is not enough to meet all your expenses. Look at discretionary costs and try to reduce them. If you are still unable to meet all your monthly expenses from your current income, you should grab more work.
Get a side gig or a part-time job. Extra cash coming in will help you stay on top of your expenses. If possible, find another job with a higher remuneration.
4. Save on your accommodation
Rent is what makes up a large proportion of your spending. Despite negotiating with your landlord, you will unlikely get an awesome deal. The rent amount of the same space varies by location. The more luxurious the location is, the higher the rent is.
You can share your accommodation with somebody to split the rent as a student. If you live alone or with your family, choose a part of the city where accommodations are available at much more affordable rent.
5. Avoid credit cards
Credit cards are more convenient to use and handle than cash, but they have a drawback too. As you do not have an idea of the actual figure you have charged on your credit card, you end up smashing your budget.
Use cash in your pocket and make sure that you use it every time you shop. Credit cards are fine for a few purchases, provided you pay off the balance on time.
6. Spend money carefully
Before you buy anything, you must carefully assess whether you need it. Make sure that it is not an impulsive purchase. Otherwise, this will spoil your budget, and you will be forced to take out loans with no guarantor from a direct lender for regular expenses.
7. Take public transport
Buses and trains will save money on fuel. They are not only affordable, but they are faster too. It will take less time to transport you from A to B. You can have a monthly pass to get rid of the hassle of buying tickets every day. Passes are cheaper than tokens and tickets.
8. Travel during off-peak hours
Travelling during the rush hour will save a lot of money. Avoid getting on the bus or train between 6.30 and 9.30 and between 16.00 and 19.00 on weekdays except for public holidays.
9. Use student vouchers
If you are living in London as a student, you can get discounts at various shopping places. For instance, you can use the oyster card, blue light card and many other vouchers that you get after completing your shopping. You can get hefty discounts, especially if you shop in large.
10. Look for more affordable ways for fun
If you love theatres and cinemas, you should find ways to get tickets at lower prices. Here are some tips you can use:
- Book tickets beforehand.
- Try to get some last-minute tickets
The bottom line
While living in London, it can certainly be complicated for you to meet your expenses. You might think you should go to the outskirts as a well-public area may not fit your budget. Instead of downsizing your lifestyle, you should trim down your monthly spending.
For instance, frequently eating out is not good at all. You should instead prepare meals at home. Likewise, find an affordable way of entertainment. Use student vouchers, travel during off-peak hours, use cash, avoid impulsive purchases, and so on.
You can always take out a loan if you still need some money to meet your expenses. Make sure you choose a reliable lender like LoansForever. Such lenders charge the most competitive interest rates.
Roscoe Tanner
Roscoe Tanner is the Editor-in-Chief, leading a large team of writers at LoansForever. He has expertise in writing for various borrowing options like personal loans, long-term and short-term loans, unemployed loans and many more. Roscoe joined LoansForever in 2015 but previously worked with many reputed loan companies. He performs the major role as the editor, covering key aspects of loans and finance. Roscoe Tanner wants to serve at large in the progress of the company and to present a modern alternative to the traditional financial industry in the UK. He is a Certified Financial Planner and has a god-gift of connecting with people through his valuable suggestions and writings. His expertise as a writer and editor in the finance industry is based on his education qualification. Roscoe has done a Master of Business Administration (MBA) in Finance.
