London is among the most vibrant and rewarding cities on the face of the planet. Live there, and you’ll enjoy a myriad of job opportunities, cultural enrichment, and a well-developed system of public transport. But you’ll also face fairly substantial living costs.
Getting the best out of life in London, therefore, often means finding a way to drive down your expenses. Let’s consider a few worthwhile ways of doing so.
Reduce your bills
Your first step should be to review your would-be expenses. Exactly how much are you spending each month, and on what? In many cases, the cost of your household utilities might be enough to make shopping around worthwhile. Utilise price comparison websites and make sure you’re able to avoid exit fees. In some cases, those exit fees might be worth it if you can get onto a cheaper tariff.
If the numbers justify it, you might switch broadband providers, look for a water meter, or even remortgage your home.
Choose accommodation carefully
Generally, the cost of your accommodation will be the most substantial drain on your finances. In the middle of London, you can expect to pay well into four figures monthly. On the other hand, you might seek to move to the outskirts of town – or even out beyond the M25. This might allow you to drive down the cost of housing. If you’re able to work remotely for a few days each week, then you might be willing to put up with the lengthier commute that this involves. Sutton, Croydon, Barking, Havering, and Lewisham might all appeal if you’d prefer to live inside the city.
Change the way you travel
For most Londoners, the tube system represents the best balance between convenient transport and cost. If you already have a car, then the best option might be to sell it. This will save you the ongoing hassle and expense of finding somewhere to park it. When you stick to walking and public transport, you’ll drive down your emissions, and therefore stay on the right side of an increasingly stringent set of clean air zone rules.
Save on your food shop
One of the best things about life in the capital is the amazing variety of restaurants and bars on offer. If saving money is important to you, however, then you might instead look to plan your meals at home, buy in bulk, and shop around for the best supermarket deals. Pack yourself a lunch, and learn to meal prep effectively, and you could slash the cost of living in London – to the extent that you can occasionally treat yourself to a table at one of its best restaurants.
