Moving to the capital? London is one of the best places to live as there is so much happening and an incredible atmosphere, but it can also be expensive. It can be a bit of a shock to the system at first (particularly if moving from somewhere much cheaper) but there are a few personal finance tips which will help you to make savings each month.
Live & Shop in Cheaper Areas
The first tip is to live and do your shopping in cheaper areas. London is an enormous city with many different boroughs and the amount that you pay for rent, food and other expenses can vary drastically. As you might expect, central London is the most expensive so it is a good idea to look on the outskirts for more affordable areas.
Shop Around for Best Deals on Bills
Bills are, of course, a necessary expense but you will be amazed at what you can save simply by shopping around and comparing. You can also reduce the amount that you spend by making a conscious effort to use less energy on a daily basis.
Travel
The transport system in London is excellent and it is easy to get to where you need quickly thanks to the tube. It can be expensive, though, which is why you need to find ways to make savings. This will include having an Oyster card and getting a railcars discount applied which can make your journeys much more affordable. Additionally, consider walking/cycling where possible as this is free, it is a good form of exercise and a great way to explore the capital.
Reduce Costs of Nights Out
One of the best aspects of London is the culture and nights out as London is home to fantastic pubs, bars, restaurants, clubs and other establishments with endless options for all tastes. It can also be incredibly expensive to have a night out on the town though which is why you should try to research places ahead of time to find cheaper places to go. You can also save money on socialising by having friends over/going to friends’ houses, going to the lovely parks in the summer or finding free activities to enjoy (there are always lots of good options).
Speak to Financial Independence Specialists
A smart move when you first move to London is to speak to financial independence specialists who will be able to provide expert advice on how you can be intelligent with your money and build towards a bright financial future while still enjoying your time in London.
London is an incredible city to live in but it can also be expensive and put a strain on your finances if you are not careful. These tips should help you to save money while living in London and still enjoy all the perks of living in the capital.