Living in London sometimes makes you feel you spent a lot and do not create an emergency or saving fund for yourself.
Well, everyone is having trouble with all the situations going around them because if you see deeper and research about these things you would find out that London is an attraction point for everyone and people came far away from other countries to earn in London.
Citizens of London are also having these kinds of problems since the city day by day becomes popular and expensive.
So here in this article, learn about how to live and work in London while keeping your expenses low and managing your budget.
8 Ways to keep your expenses low while working in London:
- Cheap Housing prizes and Correct Area
- Food
- Transportation
- Making a Budget
- Personal Expenses
- Part-time jobs
- Save on your monthly bills
- Tax and Other Expenses
- Cheap Housing Prizes and Correct Area:
You have to find cheap housing or rent prizes that can be affordable according to your budget and make sure that you choose the right area to live in so that you do not have to pay extra much to reach your job’s location.
Also, ensure that the area you live in is a safe place to live and work and know the rules and guidelines you have to follow there so you won’t get in any trouble.
Rent:
| Property type: | Avg Prize in GBP (Per Month) |
| One bedroom Apartment, City Centre | 2600-5000 |
| One bedroom Apartment, Outside City | 2000-3200 |
| Three bedroom Apartment, City Centre | 3000-9000 |
| Three bedroom Apartment, Outside City | 3400-5600 |
Choose according to your situation. Going for a one-bedroom apartment in the city center would be the right choice if you are less than two people.
- Food:
Food for one person in London costs £ 10 for a day you can easily satisfy your stomach in a £ 10 in a day if you have £ 10 if you know how to cook. Or if you want a ready meal, you have to pay £ 10 for that.
Food Costs:
| Restaurant Type or Item | Average Cost (GBP) | Average Prize Range (GBP) |
| Average Pub Meal
|
10 | 8-12 |
| Main meal at a mid-range restaurant | 20 | 5-25 |
| Average meal in a mid-priced restaurant | 50 | 5-60 |
| Pint of Beer | 6 | 4-8 |
- Transportation:
Transportation charges are different, and it is up to the distance from your home to your workplace. So, you have to figure out how you can save your time and money while choosing the right transportation service for your job.
Cost for Transportation:
| One-way Ticket on Local Transport | 2.30 |
| Monthly Pass | 60 |
| Train trip to Edinburgh | 125(standard single, off-peak) |
| Train trip to Cambridge/Brighton | 21.20 (standard single, off-peak) |
| Avg mid-sized car rental for a weekend | 150 (budget carrier) |
| Return budget flight to Spain | 78 (standard class) |
| Eurostar return ticket to Paris | 100 (standard class) |
| Return Flight to Ireland | 125 (Economy) |
- Making a Budget:
You have to make a budget for your income and expenses to manage your incomes and expenses to proactively manage everything. Help yourself by making a budget so you can easily move forward with managing tour expenses.
Look out for the expenses you actually want, and the other expenses don’t make any sense to cut down these overhead costs and save the money for yourself.
- Personal Expenses:
We often ignore the money spent on our personal expenses, but that is the most powerful thing that can save you the money. Try to cut out the extra expenses you have in order to save a particular amount of money for your savings fund.
Cut down the extra expenses that are not bringing any value towards you and save that money to keep your expenses low.
- Part-time Jobs:
If you have additional time in your day, increase your income by finding a part-time job that is suitable for you. A part-time job can bring the value that is more likely to give you a good amount of money, and you can be financially more strong this way.
Part-time jobs can give stability to your income and expenses that can help you survive while living in London by keeping your expenses low and increasing your chances of earning.
- Save on your Monthly Bills:
Try to use a minimum of electricity, power, water, internet, transportation, etc. Do not waste all of this. Only utilize these things when you genuinely have the need for this and save on your monthly bills. Write down all the things about how you can save on your monthly bills and implement all of these things to save and create your saving fund.
- Tax and Other Expenses:
Watch out for how much tax you have to pay and how you can pay it with ease. Implement everything you need to do in order to manage your tax timeline and save your money. You have to consider other expenses as well as like groceries and stuff.
Pay tax on time to avoid penalties and save your money for emergencies. Know about how you can save money on other expenses like groceries and other items.
