Save money and live a Debt-Free Life in London as its one of the most expensive cities in the world.
You must always try to save money in London. Having lived and worked in London for 6 years, I can advise you on how to save lots of money while also fulfilling your dream of living in ‘El Londres’.
Having moved away from London I have realised that it is only the property market that is expensive. You might want to include more things if you have lived in London but in my experience the rent sucked up 80% of my salary.
TRAVEL
This might be a total ‘duh’ moment for many of you but there are still many people who are new in London and don’t know about it.
Travel passes can save you a lot of money. Use an Oyster Card to make your monthly passes if you work regularly at the same place every day. Oyster cards are available at all train stations and cost £5 which is a one-off cost.
This may be different for people who work in retail or cleaning or security jobs as the job area may keep on changing. Weekly pass may be suitable if your job area keeps changing.
Make sure you register your card at Transport For London website so if its lost or stolen you can still get your pass or money on to your new card.
Also do not forget to touch in and touch out or else you will be charged extra.
If you do not need your Oyster Card anymore e.g. if you are moving out of UK, then you can take it back to the station and get a full refund for it.
FOOD
Food is of course a necessity but one must keep it as a necessity and not really a luxury.
First of all, almost all the supermarkets have a basic range of food products, which are mostly less than 50p or £1. They might not be of the same taste as expensive ones but they are still of high quality.
If you cook at home, save some food for lunch at work or university. It will save you a lot of money. I learned this the hard way but try not to hang out with colleagues or classmates, who spend about £10 on lunch everyday. Even if you do, don’t get pressurised by status consciousness. Take care of your self first.
If you don’t cook then keep a budget of £3 per day and stick to it. Or if you are health conscious then use the office fridge to keep some vegetables and fix your self a salad or a vegetable sandwich. Use the office fridge to your full benefit.
I remember when I was working full time, I liked to have breakfast at my desk. So there was always a loaf of fruit bread or brioche rolls along with butter or Nutella or double cream in the office kitchen. All basic stuff. I saved a lot of money that way instead of having fresh bakery products every day.
Although do try to have it at home if you live close to work. I had it at my desk because I lived 1 hour away and by the time I reached work, I was hungry again.
You can also find many supermarket vouchers online. Get registered with loyalty card schemes for every store so you can get vouchers right at your door step.
Accommodation
As I said, the rent sucked away 80% of my salary because I was bringing my whole family up. We moved to UK at the time of recession.
If you are on your own then try to share a flat or a house with someone. It will be very easy to just split the rent. Although you will be very lucky to find good flatmates. I never had a good luck with that. But do give it a try. You can also split the bills and if you are a student you can get the council tax waived off.
Change Your Lifestyle
You can also save money in London by changing your lifestyle. You will often feel the pressure to stay up to date with fashion and that will make you spend more on clothes etc. Although you can get many offers and vouchers here and there but you need to tell yourself that every penny is valuable. Ask yourself if you really need the thing you are buying. E.g. stick to having 5 – 7 dresses for work. Trust me no one is interested in what you wear and how long you wear it for. Even if they do, they just need something to gossip about. Look after your own self and don’t worry about what others say.
Drink less or don’t drink at all. You will save up a lot of money. Also smoke less or don’t smoke at all.
Credit and Debit Cards
You will be surprised to know that I have never ever owned a credit card. I always live within my means and spend money very carefully. I don’t mean that you should stop eating and wearing good clothes, but only spend when you have enough money to save up.
I also once started leaving my debit card at home. I only kept £10 in my wallet to buy food items for breakfast and lunch at work. It really helped!
I hope this article will help you save money in London, if you are an employee or a student, these points should help you in every way.
DO YOU HAVE ANY MORE IDEAS OF SAVING MONEY ? Comment Below.
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