Living In London: Monthly Expenses To Expect

It may be no secret that London boasts some of the highest living costs in the world, although, the high quality of life seems to somewhat justify average monthly expenses. While some areas in London are far pricier than others, settling down in an area that allows comfortable living is essential for those hoping to get a taste of London life. If you are planning a move to this incredible region, here’s what you can expect to pay.

Renting An Apartment

Most young professionals are well aware of the rule of thumb that your rent should not exceed more than 33% of your income, which you should keep in mind when hunting for the perfect apartment. Renting a central London studio apartment could cost you as much as £1,000 per month while you could pay as little as £400 per month to share a home in zone 3. The areas in London radiate outward from zone 1, which is known as central London. Before settling on a location that hosts the perfect monthly rental for your financial preferences, it would be wise to assess the neighbourhoods and determine which is best for your personal preferences too.

Gas And Electric Bills

Depending on the type of apartment and the location you settle on, your energy bill could be a fixed monthly amount. However, if you manage to find a perfect home that boasts modern power usage meters, you may be able to reduce your monthly power costs by purchasing your heating oil needs from reliable suppliers such as Crown Oil. Alternatively, the fixed monthly costs for a 1 bedroom apartment are usually around £50 while a two-bedroom apartment would cost around £70 per month for gas and electricity. As gas is roughly 3 times cheaper than electricity in most European countries, it would be a money-savvy decision to opt for an apartment that is mostly powered by gas rather than electricity. You should also budget to spend around £30 per month on water.

Grocery Expenses

Even though grocery costs would depend heavily on your consumption and your specific tastes, although, you could expect an average cost of £180-200 per month. This monthly expense would only be relevant to those who are willing to prepare homecooked meals often. There would be quite a few factors that impact the amount you spend on groceries each month, which you would need to consider before budgeting appropriately for grocery costs.

Considering Additional Needs

The average working professional requires a lot more than rent, food, and power. Therefore, you would need to consider all your additional needs such as an internet package, transportation, and perhaps a few evenings out to dinner or for a few drinks. To calculate the cost of additional expenses, you would need to discover the relevant prices according to the specific area you will be living in. Adjusting to a new life in a new region may be somewhat overwhelming for more, although, with adequate planning and a clear understanding of your expenses, the move will be a lot less stressful.