Finance

Seven simple ways to save money if you are living in London

London is surely one of the most expensive cities in the world. It is known for a high cost of living with things like rent and transportation costs being one of the highest in the world. With the most tempting restaurants and bars, enticing shops, and pop-ups around, it can be difficult to stop oneself from going in and having a good time. Sometimes, you wish there was some way that you could save money. And, yes there are ways you can save money and also have a good time. 

Follow these simple steps to save money while living in London. 

Where to live?

Central London is the prime hub of the most expensive and lavish lifestyle in the world. Accommodation, food, drinks, entertainment or shopping, you can get anything in Central London, but for a hefty price. If you are on a median salary, then it is best not to live or spend every day in Central London. And yes, by doing so you can save a lot of money.

London is essentially divided into 6 zones (based on the Tube map). In essence, the further away from Zone 1 you move, the less expensive the cost of living (rent) becomes. Places like Croydon, Colindale, Bromley, Woolwich, Leytonstone, and Brentford are some of the most affordable places to live in London.

If you are living alone or have extra space in your house, you can always get a roommate, which could help you in covering your rent or regular expenses.

Budget Plan

You may or may not realize the amount that you spend on groceries, food, shopping, or entertainment. Sometimes you might also be confused to know where you spend all your money, especially at the end of the month.

But, if you have a data of your expenditure you may be surprised to see the amount that you could have saved with a proper budget plan. Keeping a track of every day and monthly expenditure would surely cut down unnecessary expenses and help you to save money. 

Check our article on how to manage your personal finances with a simple guide.  By following these simple steps, you will not only be able to save money but also improve your personal finances.

Traveling

Travelling is an expense which cannot be cut down (unless you travel less!). But, there are few tricks which will help you save money without compromising your traveling.

Most people who have been living in London for a long time will surely have an Oyster Card in their wallet. With an Oyster card, you will save almost half of what you spend on buying single tickets. Another alternative is to use Contactless payment cards which is gaining popularity.  

If possible, avoid traveling during peak hours as the charges are higher during these hours.

If your commute distances are short; or if you’re in the city for leisure – walking and cycling are good options (with the added benefit of being environmentally friendly and fitness friendly!) You can rent bikes for 24 hours and with more than 750 dock stations, they are easy to find in and around London.

Entertainment

London is home to one of the best museums, art galleries, parks, cinemas, and various other entertainment.

Apart from being one of the most expensive places to live, London is also home to the best and free entertainment in the world.

Here is a list things to do in London without spending a penny.

Energy

Energy bills are also quite expensive in London. If you rent or buy a house, chances are that your house would have had the same energy supplier for decades.

So, the first thing you can do is do a little research (comparison websites can help with this) and find the most cost-effective supplier and switch to them. If you’ve been living in the same house for years and haven’t switched energy suppliers, you may be paying more than you should. You can go online and compare the energy services in your locality and chose the safest and cheapest one.

Heating up homes would also burn a lot of energy, and subsequently a lot of money. So, try switching to double glazed windows and doors to insulate the house better. Also, turn off the oven, TV, and other electrical devices when not in use.

You can also use an electricity monitor to keep a track of the electric appliances and their consumption.

 

Additional income

If you have time to spare and want to make some extra money, you can look for some part-time or freelance work. Not only will it bring in extra income but may also help add to your experience.  Here is an article which can guide on how to start your career as a part-time freelancer.

Sending money Abroad

If you are an immigrant living in London or have a business abroad, sending money could burn a hole in your pocket. Banks and traditional money transfer companies charge high transaction fees, offer low rates and might even smack you with some hidden charges.

However, with Crosspay sending money abroad is hassle-free. With continuous offers, excellent exchange rates, low transaction fee, and ZERO hidden charges, it provides one of the best international transfer services.

With Crosspay you can send money in three simple steps. Alongside Web application, Android, and iOS, Crosspay also offers an additional platform of sending money through a telephone. Click here to know more.

Whatever your situation, saving money can be difficult and challenging. However, by following these simple things you can manage your life even in times of harsh financial situations.

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