London is stacked full of diversity and opportunity, but it’s also famously expensive to live in. According to The Economist Intelligence Unit (EIU), London is the 17th most expensive place to live in the world. To add fuel to the fire, the cost of living is rising to new heights and there’s no real end in sight. To that end, people are looking for ways to cut down their monthly income and live life on a budget – continue reading for six tips.
Accommodation will be your most expensive outgoing, so you need to be smart. HomeLet, the leading referencing agency in the UK, states that the average price for a new tenancy is £1832 per month. This is a considerable amount to pay out alone, and only for a single room flat. Therefore, if you don’t mind joining forces to save money, consider a flat share London. You get your own room, shared living quarters, and pay a fraction of the rent and bills – that sounds like a win.
Out with High-End Supermarkets
Shopping at Waitrose and M&S may make you feel like a high achiever, but you’re actually just wasting money on food you can find elsewhere. Focus your attention on the likes of Aldi and Lidl, who offer high-quality food at a fraction of the cost. The reason their food tastes great, but costs less, is that their staff know how to multitask, their transportation costs are lower, and their storage solutions are smart.
Use Your Feet
London has an incredible transport infrastructure, and it’s relatively cheap when you compare it to the rest of Britain. However, when we take the Metro, we typically get off at the next stop and it’s likely within walking distance. Ditch public transport, save your pennies, and use your legs. Not only is it free, but you may also discover hidden gems along the way.
Ditch the Takeaways
If you’re trying to live on a budget in London, say goodbye to UberEATS, Just Eat, and Deliveroo. You may feel like you’re getting a great deal when they tell you it’s 10% off, but you’re still going to pay over £10 just for one person to eat a meal. Stick to the supermarkets, and you can make £10 stretch a couple of days.
Avoid Gym Memberships
While you’re avoiding takeaways, you need to keep healthy with plenty of exercise. However, you don’t need to fork out around £30 a month in membership just to run on the spot and pull weights around. Instead, get yourself some fresh air and make use of the fantastic running spots London has to offer. Further, thanks to the exercise-at-home craze, there are plenty of YouTube workouts you can follow.
Living on a budget in London doesn’t mean your life needs to stop, it just means being smarter about how you spend money. Instead of buying expensive takeaways and shopping at fancy supermarkets, shop own-brand, prep meals, and get plenty of fresh air.