London is known to be one of the most expensive cities in the world to live in. According to the 16th Annual Demographia International Housing Affordability Survey, London is not only ranked number 10 on the list of most expensive cities to live in the world, but it’s at the top of the list of most expensive cities to live in Europe.
The question is: Is it even possible to live in London on a budget? Let’s break it down and see:
While London has always been rather expensive with rent eating up most of the salaries, the decision to leave the EU has caused the rent to go up even higher, and it all depends on your London location. Based on expert analysis, a rent map in London was devised depicting the rent prices near tube stations. However, uncertainty runs high of what Brexit will do to the economy has made many Londoners wary of investing in purchasing homes. Being afraid they’d have to leave the city or what will become of London when Brexit finally occurs has left many people resorting to renting instead, making the prices go up as the demand is on the rise. However, with wages still being the same, it has become even more difficult for people to sustain a living in London.
On the other hand, if a person were to rent a double room in an apartment, they could possibly start affording to live in London on a budget. Especially if they avoid central areas.
While eating out in London is relatively expensive, it is fairly affordable when it comes to grocery shopping. Buying your own food from the supermarket will save you a great deal and prevent you from starving to death. It will require the extra effort of cooking, but with many easy microwavable options or half-cooked meals, it won’t be a total nightmare and will give you the ability to live in London without breaking the bank.
One of the best things about London is that there’s always something happening. While theatres and concerts can be rather expensive, you’ll also find many free events happening to keep you entertained at all times. You don’t have to stay cooped up at home just to be able to pay the bills, instead you could go to the park, go to the free shows organized by your local area or even enjoy many of the public areas’ street performances, markets and countless events. Many of the museums and sightseeing are also free and you’ll never get bored of taking a stroll down the river or sitting on a bench and overlooking the incredible views. Every week you’ll find some kind of festival, art gallery, show or event happening to keep you entertained without having to pay a fortune.
One of the most expensive things in London, right after rent is transportation. Unfortunately, London is pretty big and to get from one side to another, you’ll spend a fortune. That’s always the dilemma when it comes to work as there are many great opportunities in central London, making the commute necessary for anyone resorting to live in the suburbs to save up in terms of rent. However, they still end up paying a fortune in transportation.
The best option would be to try and find a job in your zone and get a monthly travel card on your oyster card to save up as much money on transportation as possible or take the bus. While it is a longer route and could take almost double the amount of time as the tube, it is a cheaper option if you’re looking to save a bit of cash. You can even consider buying a second-hand bike and making that your main means of transportation where you can avoid spending money entirely on this expense and also use it to get fit. However, it is best to test out the roads first to make sure you’ll be able to drive between the cars as not all roads have bike lanes. It’s also important to take into consideration the long distances and check whether you’ll be able to do it on a regular basis. However, it is a great option to help you save up on transportation money.
London is a beautiful city to live in with so much to offer in terms of fun, culture, and experiences. While it is a rather expensive city, it isn’t entirely impossible to live in London on a budget if you follow a simple lifestyle and cut corners when possible. You can still enjoy a life in London without having to break the bank.