Cost of Living in London: Budgeting Tips and Tricks from Locals
Looking for budgeting tips and tricks for living in London? Discover cost of living tips from locals on how to make the most of your time in the city without overspending. From cheap eats to affordable housing, I've got you covered. Read on for top cost-saving tips!
Planning to live in London or recently moved? The cost of living can be a daunting challenge, but fear not! In this blog, I'll be sharing insider tips and tricks from London locals on how to budget effectively in London and make the most of your time without breaking the bank. Whether you're a student, an expat, or simply trying to make your way in one of the world's most expensive cities, I've got you covered. So grab a cup of tea and let's get started!
Content:
Housing Options: Save Money on Rent in London
Public Transport in London: Tips to Save Money on Travel
Eating on a Budget in London: Tips for Grocery Shopping, Affordable Restaurants and Takeaways
Going Out in London: FREE AND CHEAP Activities
Conclusion
Housing Options: Save Money on Rent in London
London is known for its high cost of living, and housing is one of the most significant expenses. However, there are ways to save money on rent without compromising on quality. In this section of the blog, I will provide a summary of the different housing options available in London and provide tips and tricks on how to find affordable places to live.
1. Rent prices for rooms, studios and apartments range between £400-800, £800-1300 and £1200-2000 respectively.
If you are moving with a group of friends, consider House Shares - rent a house and split the price!
If you are moving as a family, consider finding a house or apartment Zone 2 outwards.
If you are moving by yourself, the cheapest option would be a room. A nice double-bed room can be around £600-800.
2. London is well connected and easy to commute via public transport, use it as your advantage.
Not recommended if you are moving in by yourself and need to commute a lot as you can spend as much as £200pm on transport only. Instead, consider a room relatively close to central. They might be more expensive but you save money on transport and usually utilities (more on this below).
The recently opened Elizabeth Line extends from very far West London to very far East London and takes you to the city centre in less than an hour. Consider areas around it.
3. Check your tenancy agreementor ask the landlord to know what utilities are covered in the contract (e.g. council tax, energy bills, etc.).
Usually these are covered as part of your monthly rent cost, but make sure you double check.
If they are not, add utilities cost to your monthly budget. You could spend as much as £250pm for all bills and utilities, £200pm for transport, and even £120pm for bulk groceries shopping if you decide to live in London.
4. Use top resources and platforms if you plan to live in London. These include:
Rightmove, Zoopla, SpareRoom, EasyRoommate, Gumtree, Movebubble, OpenRent, CityRooms, Ideal Flatmate, Student.com (for student housing) as the top platforms for finding affordable housing in London.
If you have not checked it out yet and you are still looking for somewhere to live, I truly recommend my other blog on Finding Affordable Housing in London (link below). The blog provides a breakdown on recommended budgets, common utilities and their cost, platforms to search for properties and other useful resources.
Public Transport in London: Tips to Save Money on Travel
Transport in London is expensive. You may spend enough money to buy a flight ticket to Italy just by paying for an Uber or commuting by train in a week if you do not really know how to move around London.
I have been living in London for over 10 years so this information comes from my own experience exploring the city as a local.
London is a well-connected city with a reliable public transport network (if there are no strikes) operated by the TfL (Transport for London). London is divided into 9 zones with zones 1 and 2 as the city center.
You can pay for transport using your normal debit/credit card or with an Oyster card.
Peak hours are weekdays between 7-10am and 4-7pm.
London has a population of 9 million so transport at peak hours is not a great experience...
If you live in the city centre, walk or take the bus! In the city centre, every station is closed to one another so it make take you the same time entering the station and waiting for the train than walking to your destination.
Bus fares arefixed at £1.60 per journey (even during peak hours). Take advantage of the "hopper" fare where every bus journey is free within the first hour of touching in (e.g. you can take 3 buses in an hour for just £1.60).
Avoid peak hours (described above) as the trains get crowded by commuters. Transport is also more expensive, resulting in you paying double the fare (e.g. £3.60 if commuting to Zone 1).
Consider getting a Railcard to obtain 1/3 off your pay-as-you-go fares and for national rails.
If you need to commute everyday, consider getting a weekly or monthly travelcard. If not, consider pay-as-you-go and you might spend £10-20 on transport per week which is very cheap for London.
If you like to cycle consider the Cycle Scheme in London - a program that encourages people to cycle instead of using cars or public transportation. It is a tax-saving initiative that allows employees to save money on the purchase of a bicycle and cycling equipment. Save up to 42% on the cost of the bike and accessories.
If you want to know more about other transportation methods in London including Uber boat, taxi, national rails and more check out my other blog below on Tips for Public Transport in London.
Eating on a Budget in London: Tips for Grocery Shopping, Affordable Restaurants and Takeaways
London's food scene is renowned, but eating out can quickly become expensive. In this blog section, I'll provide tips for eating on a budget in London. From grocery shopping to affordable restaurants and takeaways, I'll cover everything you need to know to eat well without overspending in London.
Based on a survey conducted in October 2022 (credit to which.co.uk), Aldi and Lidle ranked top as the cheapest supermarkets in the UK. And I agree as I usually get my bulk groceries from Lidl, spending roughly £60 for 2 people every 2 weeks more or less.
M&S and Waitrouse ranked top as the best supermarkets with overall score, stading out for its range of quality products, stock availability and appearance. Although its prices are higher than the average.
In England, the main 4 supermarkets are Tesco, Sainsbury’s, Asda, and Morrisons. Although Waitrouse (and organic supermarket with high prices) is usually more popular than Morrisons.
My main recommendation would be to buy large grocery shopping from cheap supermarkets like Lidle as this will save you money in the long run and prevent you from going to a supermarket oftenly.
My second recommendation would be to get a Tesco Clubcard and buy any essentials from there if you run out. Do not buy in Tesco if you do not have a Clubcard (last time I shopped there my total went down from £13 to £8 thanks to the Clubcard).
Restaurants & Take Aways
London is a cosmopolitan city with people and cuisine from all over the world, so take advantage of it.
Food markets such as Spitalfields Market, Portobello Road Food Market, and Camden Lock Market offer very good and affordable dishes.
My personal favourite and affordable restaurants are Tortilla (£8-11pp), Nando's (£10-14pp), and Vappiano's (£14-17pp). Feel free to leave yours down in the comments =).
If you want to try out new restaurants in London assumed that you will spend £20-24 a meal which may include a drink and may be good if you are lucky.]
If you want to know more about London food market and food places to go out and try new food check out my other blog below which lists them.
London is a city filled with endless possibilities, from world-famous museums and art galleries to trendy bars and clubs. However, exploring all that London has to offer can quickly become expensive, especially for those on a budget. Fortunately, I'll show you how to have fun in the city without breaking the bank.
Here are some recommendations for free and cheap activities in London:
Take advantage of its many parks and green spaces. Hyde Park, Primrose Hill, Richmond Park, and Holland Park are just a few examples of beautiful public spaces where you can take a leisurely stroll, have a picnic or even watch a free concert during sunny days.
If you're interested in art, you'll be pleased to know that many of London's museums and galleries offer free admission. The Science Museum, the National Gallery, and the Tate Modern are just a few examples of museums and galleries where you can see some of the world's most iconic artworks for free. Perfect for rainy days and general culture.
Attend one of the many street performances and markets that take place throughout the city. From the Covent Garden street performers to the food stalls at the Borough Market, there is something for everyone.
If you're willing to spend a little money, here is a list of affordable activities available in London: Genesis cinema for £5 an entry, Stand Up comedy for £10-15, Wheatherspoons offering pints for £3-4, Visit the Sky Garden for free (book in advance), go ice-skating for £10-15, Mudchute city farm, inmersive experience and the list goes on...
In conclusion, London offers a wealth of free and cheap activities that are just as exciting and entertaining as their more expensive counterparts. My favourites are green spaces as the UK is popular for it and allow you to escape from the huge population of London.
Living in London can be expensive, but with some careful planning and budgeting, it's possible to enjoy all that this incredible city has to offer without breaking the bank. By taking advantage of cost-saving opportunities like the Cycle Scheme, meal prep and free or affordable activities covered in this blog, you can significantly reduce your expenses while still enjoying a high quality of life in London.
Remember that everyone's financial situation is unique, and what works for one person may not work for another. But by learning from locals and exploring different ways to save money, you'll be better equipped to navigate the costs of living in London.
Feel free to share your opinion and other tips in the comments and let me know if you would like me to cover anything else =).
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