The cost of living in the UK is at an all-time high, but London prices are notoriously even higher than in other regions. Evidence suggests that London prices are increasing at a greater rate than the rest of the UK too, which is pushing Londoners to the brink of financial struggle.
These rising costs impact young adults on starter salaries or minimum wage and low-income families more than anyone else – so finding ways to save is absolutely critical. But finding ways to save money in London when rental prices are so high and leisure activities cost a premium can be difficult. Below, we provide some ideas and inspiration on how you can reduce your expenses in the capital.
Try nights in rather than nights out
London nights out are expensive and if you’re going out every weekend or even just going to the pub – your monthly expenses can become terrifying. Why not substitute a trip to the pub or bar with a night in with friends, family or your partner? You can save significant amounts just by buying food and drink from the supermarket and enjoying it in the comfort of your own home. The money you save can be deposited in an online savings account to use for a special event or just to give you a financial safety net.
Get more value from your memberships
If you have memberships for a gym, leisure centre or activity club – leverage these to make the most of your investment each month. The average gym in London costs around £40-60, which can be wasted if you don’t use everything at your disposal. Use shower facilities rather than showering at home, or spend more time at your local club to reduce your energy consumption at home. Also, check if they offer any discounts with partners because these can be handy savings too.
Walk, run and cycle more
London public transport is relatively well priced but it’s still worth trying to travel for free more if you can. Choose your preference of walking, jogging, cycling or any other mode of movement and get from A to B for free where you can. Not only will it help your bank balance but you’ll feel the physical benefits too and you’ll be reducing the carbon footprint of the city.
London’s vintage and preloved scenes are very popular and you won’t be far from a bargain wherever you are in the capital. You don’t even need to leave the house to go shopping though, use apps like Vinted or eBay to find clothes and items that you want for a fraction of the price you would pay brand new. Buying preowned luxury items helps the environment by reducing waste whilst also benefitting the seller and buyer – win, win, win!
Learn to love free activities
As we mentioned earlier, London activities can be extortionate – so finding free activities to enjoy on evenings and weekends is a great way to cut your monthly expenses and save more. You could try to appreciate free museums, galleries and exhibitions more or spend time in the city’s parks and green spaces. Perhaps you haven’t been a tourist in your own city, so spend some more time wandering around and seeing new sights that many people may not even know about. There’s always something free or cheap to do – you just have to be creative.
These are just a few ideas to help you save more money if you live in London, but there will be plenty more if you can use your imagination. Living in the city doesn’t have to be financially damning, just be smart with your money and see where you can reduce your expenses. Good luck!