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 This is for food that is going out of date, and they need eating.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.

The post Living Cheaply in London Without Missing Out appeared first on Penny Return.

In this guide, we will explore how you can cut down your spending without feeling it, so you can save money while maintaining a good standard of living. Continue reading to find out more.

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How to Cut Down Your Daily Expenses

Create a Savings Account

If you’re constantly dipping into your bank account and purchasing things you don’t need, creating a savings account should be your go-to solution. This gives you a place to store your money to prevent yourself from overspending each month once pay day arrives. You can schedule immediate transfers that happen on pay day that will go straight into your savings account. If you want to take this a step further, you can keep your savings in a separate bank to prevent impulse withdrawals.

Raise your auto-transfer amount by just 1% every few months to help build up your savings, this will be an unnoticeable amount at first and slowly increase so you don’t feel the burden of it.

Buy ‘Own-Brand’ Supermarket Alternatives

While buying the best and most expensive brands at the supermarket often result in more tasty meals, there are always budget options available for shoppers to reduce their daily expenses. Each supermarket will have their own-branded products that are often far cheaper than the most well-known brands. For example, Sainsbury’s have their own ‘Stamford Street’ products that are all far cheaper than brands like Heinz yet still taste great.

Some people feel embarrassed buying these types of products from supermarkets, as they don’t want to seem as though they can’t afford better. However, there’s nothing to be ashamed of as thousands of people will be in the same position as you, especially during the cost of living crisis.

Manage Subscriptions

Unused subscriptions can slowly drain your finances, all without you realising it. Managing these is advised if you want to better plan your finances, especially if you’re subscribed to various apps that you aren’t even aware about. Review your last three months of bank and credit card statements to see all of your outgoings, so you can spot the subscriptions that you no longer need. Keep only one TV streaming service active at any given time and cancel the ones that you aren’t currently using.

There are automated tools that will negotiate lower rates or cancel services on your behalf, so you don’t need to do it manually. Make sure these don’t require you to pay for another subscription, as this will be another one you’ll no longer need in a few months.

Explore Broadband Deals

One of the things that has increased a lot in price recently is broadband, but it’s an essential part of our lives since we need to be online for social life and work. Set a calendar reminder for the exact day your current promotional rate expires, so you can then swap it over to another one that has a promotional deal.

Another strategy you can use is calling your current provider and quote lower prices from their direct competitors, as they can sometimes offer you a better price for your own broadband based on this.

Find a New Home

It can be difficult to leave your own that you’ve fallen in love with and move to a more affordable alternative, but it can be the next step for saving you money. You can find homes that are just as big as your current place but for cheaper, so you don’t feel the loss of it too much.

You can register with city council websites for choice-based lettings that allow you to bid on genuinely affordable council or housing association homes. These can be rented for cheaper than independently owned properties.

Stop Impulse Buys

Impulse buying can be a problem for your bank account and lead to increased daily expenses. To combat this, you can apply the 48-hour rule. You can add items to your wishlist instead of adding them directly to your cart. Leaving them in there for two days so you can decide on whether you really need to buy it can help you make a much more sensible decision.

Remove marketing alerts that trigger artificial urgency and flash sales, as these can make you spend more money. Opt out of any email marketing too, so you aren’t bombarded with more buying opportunities.

Author’s Bio:

Chris Hurst is a freelance creative writer who’s spent over two decades writing about personal finance and money management. Outside of his professional work, Chris is passionate about property development and investing, two fields he actively pursues and enjoys sharing his experiences on.

The post 6 Ways to Cut Daily Expenses Without Feeling It appeared first on Penny Return.