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How to Live on a Low Budget in London

To be honest, the cost of living in London is quite exorbitant. A city where the cost of renting an apartment ranges between $1200 and $2500 per month. That’s strange, isn’t it? You can now imagine how difficult life will be if you stay in London and earn little.

If you happen to be in London, regardless of your income, you have to find ways to deal with the enormous expenses and high cost of living. The truth is, you can enjoy the good things of London without being overly frugal.

How do you go about this? It is not far-fetched. Just read this post to the end.

Follow a Budget Plan

The best way to control your money is to have a budget. Whether you have lots of money to spend or you prefer to be frugal, a budget plan is a great place to start. A budget plan allows you to manage and utilize your money correctly.

When setting a budget, ensure it is realistic. If your budget can not be achieved, it sets you up for failure. A budget does not need to be rigid; enables adequate allocation for fun and other wants. If there are no debts, a budget plan should also cover savings and investments.

Opt for Cheap Accommodation

The major problem you encounter when you first move to London is accommodation. Even if you decide to stay outside the city, you’ll also spend much on commuting. There is a lot to consider when finding a budget place to stay in London.

Would you rent an apartment, share a flat, or buy a home? Make a choice and search well. If you’re going to share an apartment, take caution. Pay attention and scrutinize people and apartments before making a deposit, as there are scams and frauds on popular house websites. If you opt for buying a home or sharing a home, consider the costs of mortgages, loans, and other additional costs that may come.

To spend less, get familiar with the accommodation prices in different places in London. It is also wise to deal with landlords directly and ignore agents. Before talking to a landlord, brush up on your negotiation skills to get the best deals for yourself. You can also consult an emigration lawyer if you feel overwhelmed in the whole house-hunting phase.

Opt for a Cheap Transport System

There are many ways to get around in big cities, but it can be tough to move cheaply in London. Despite this, there are still inexpensive options for commuting to London. You can walk, cycle, share a car or use public transport.

London’s tube system is an excellent public transportation option if you can afford the price. If you cannot afford the tube system, consider riding a bike or bicycle. If you can’t afford a new bicycle, you should consider purchasing a used bicycle. Alternatively, you can rent a bike if you don’t have storage space in your apartment. It would be in your best interest to get protective gear to prevent body injuries.

Public buses are another way to move around London for less. However, buses can be ridiculously slow. Instead, opt for another means like car sharing. You only need to visit niche websites, find a driver going your way, meet up, and share fuel costs.

Eat Healthy For Less

You can’t avoid spending on food. Hence, having proper plans for meals is essential. The first trick to cutting down on food costs is cooking. Even if you cook only 3 days a week, you save a lot.

An excellent way to always cook is to have groceries readily available. If you don’t have the time to shop for groceries, consider subscribing to a meal box. A meal box comes with all the ingredients needed and the recipe for cooking. We know cooking can be time-consuming and stressful, so inviting friends for joint cooking will be good.

Avoid buying from corner stores when shopping for groceries as prices are higher than in supermarkets. Before visiting any supermarket, make a price comparison with other stores, then shop from the store with the lowest price. For those who like to eat out, consider claiming cheap discounts before visiting. It is also best you check meal prices before eating.

Utilize Free Things

There are a lot of free activities and hobbies you can enjoy in London every year. You can join a city tour, walk London streets, or even visit a zoo. You can drink from taps in pubs and bars if you are thirsty. You can even attend a free film festival or watch free film screenings to reduce the cost of having fun.

Ajeet Sharma, the founder of Financegab and a well-known name in the field of financial blogging. Blogging since 2017, he has the expertise and excellent knowledge about personal finance. Financegab is all about personal finance which aims to create awareness among people about personal finance and help them to make smart, well-informed financial decisions.


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