Living in London can offer a wealth of career opportunities and vibrant social life, but it isn’t a cheap option. As one of the priciest locations in the UK, you’ll need to ensure you’re financially ready to move to the capital.
Continue after Advertisement
We may earn a small affiliate commission from purchases made from our editorially chosen links.
If you’re eager to experience life in a big city, take a look at these top budgeting tips for living in London.
1. Location, Location, Location
London is a big place, and where you choose to live will have a major impact on your budget. Residing in Central London will require a significant financial outlay, but buying or renting a place on the outskirts will make your residency more affordable. Providing your new address has good tube and bus links into the city, you’ll have no trouble commuting to work and exploring the nightlife.
2. Get a Housemate
If you’re not planning on living with a partner or with family members, explore the possibility of sharing your place with a housemate. As well as canvassing your social circle for suitable candidates, take a look at online sites that connect prospective housemates to find your next co-tenant. As well as being an effective way to minimise your outgoings, connecting with prospective housemates is a good way to meet new people in the city.
3. Have a Contingency Plan
Things will go wrong from time to time, no matter where you’re living. If your budget won’t allow for sudden, unexpected expenditures, then be sure to have a contingency plan in place. Short-term loans can be ideal for unforeseen costs, and loans for bad credit no guarantor from a lender like BingoLoans will ensure that you can access the finance you need, even if you’ve had financial issues in the past.
4. Go off the Beaten Track
If you’re new to London, you’ll probably want to explore the sights and visit the capital’s well-known haunts. However, tourist attractions can be pricy, and attending high profile venues will soon eat away at your budget. Fortunately, London is full off fantastic attractions which are less well-known and significantly cheaper. Get to know your neighbours and find out where the best local venues are if you want to make your budget stretch while still having a great social life.
5. Make the Most of Free Attractions
Not everything in London comes at a high price. In fact, there are plenty of free attractions and venues to enjoy. From galleries and museums to stunning parks and Royal residencies, you can enjoy the best the city has to offer without racking up a bill. While many venues are free all year round, some paid attractions also offer free entry to residents at particular times throughout the year. Look out for limited edition free entry offers and see London in a whole new light.
Love London Life
If you enjoy the hustle and bustle of living in a big city and you’re eager to spend time in one of the world’s best cities, then living in London will suit you down to the ground. Providing you get your budget sorted in advance, you can enjoy living and working in the ‘Big Smoke’ for as long as you choose.