London has a reputation as one of the most expensive cities to live in, not just visit. Rent is continuing to rise along with the transport costs; however, there is the never-ending temptation of restaurants, bars and other forms of entertainment. That’s why many people believe you need a big salary to work in the capital.
That being said, you don’t need to give up everything and start being frugal to enjoy your life in the capital. All you need to do is change your habits slightly, have more knowledge about the local area and keep your spending under control.
Create A Realistic Budget
Budgeting is a skill that everybody needs to master, especially if you live independently. You need to understand where your money goes each month, which is why it is important to track your spending. This means looking at the last few weeks to see how you spend your money. Ideally, look at the constants within each month, such as subscriptions, weekly shopping, transport and anything else that is a constant. Even look at your spending when you are going out and the impulse purchases that you make.
This is where you need to start getting savvy. Once you have recorded everything, set yourself monthly spending habits to stop yourself from overspending. Identify the areas that you wish to cut back on without sacrificing the quality of your life.
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Make The Most of London’s Public Transport
Owning a car in London is far more expensive than it’s worth. All you are going to do is sit around in traffic, waiting for it to move even though the light is green. With the added costs of fuel, insurance, parking and even car maintenance, it all adds up and this can go on to other things.
London has the best public transport system in the country and in Europe. It is highly efficient with the combination of buses and the Underground, plus you now have contactless payments to make payments much easier. For those who do a lot of travelling, consider using an Oyster card instead to save even more money.
Be Smart When Shopping For Groceries
Being smart with your food shopping can save you a considerable amount of money throughout the month. It is one of the easiest things to change.
One of the best methods to save money would be to plan meals in advance. This not only saves time but also helps reduce waste, which reduces those last-minute shopping trips. Another tip is to consider the supermarket’s own products, as this is considerably cheaper than the branded items.
A lot of supermarkets will also have a reduced section. This is for food that is going out of date, and they need eating. Again, it is another great way to save a bit of money. You don’t need to eat these foods straight away either. Just once you get home, put them straight in the freezer and then get the meat out whenever you want to eat it the next day.
Make Use of Free Entertainment
Surprisingly, there is a lot of free entertainment in London’s city centre, so you don’t need to worry about breaking the bank. Firstly, you have a great selection of parks in the city, such as Hyde Park, Regent’s Park and Hampstead Heath. These are perfect places to escape the tall concrete buildings and the sound of horns on the high streets. Not to mention that you are getting your daily steps in when you do these.
Something else that London is great for is its free festivals, markets to explore, outdoor performances, and community events. It’s a fantastic place to enjoy all of these wonderful adventures.
Be Wise When Eating Out
Eating out is where you are going to lose most of your money; however, there are ways to go about it to make sure you don’t spend a lot. A lot of restaurants in the city centre offer lunchtime specials or even early set menus that offer fantastic prices for the same standard of food. Furthermore, independent cafes and food markets are another great opportunity to enjoy food out.
Review Your Monthly Subscriptions
Up next is to review your monthly subscriptions. Now, these may only seem like a small amount per month, however, when you add them all together, they can take out a big chunk of your wage.
When looking at your subscriptions, you need to include everything, such as fitness apps, gym memberships, streaming services and anything else that is considered a monthly expense. Consider cancelling subscriptions that you don’t use a lot to save even more money.
To Conclude
There are many wonderful things you can do and see in London without breaking the bank. You just need to be more savvy, especially when you are navigating around the city. Whether you are being more frugal with your shopping and reducing your food waste or avoiding the extortionate Canary Wharf parking costs with your Oyster card, there are endless ways you can live cheaply in London without breaking the bank.
