According to a study done in the UK, the cost of living is not uniform and depends on which part of the country that you have found accommodation. This, however, applies to the immigrants or students; of course, the locals know about the high cost of living, but may not have full knowledge of why it is so expensive to live in places like London.
There are numerous factors that when evaluated we will be able to understand why living in London is so expensive, and how best you can save money while still living in London. Be warned, however, the tips that we will give you for saving money will cut some of the costs, but life will still be expensive.
So let us take a sneak peek on why living in London is so expensive
Lack of adequate housing
Double Rooms in East London go for £550 to £750, one-bedroom rental flats cost up to £1,000. As we indicated earlier the rental costs vary but not very much, in West London a double room flat goes for £450 to £690 per month. Whereas, the cost of a one bed-roomed rental flat will cost you, up to £960 in a month.
In this case, it seems more like survival for the fittest and Londoners, immigrants and students have mastered the art of surviving in London. Affordable rooms have popped up but you will have to get a flatmate, and split on the costs. So why is the housing demand not matching the supply, the residents of London outnumber the houses built and that is why the cost tends to skyrocket.
Thanks to the high number of students graduating from colleges and seeking to have their own independent lives, the prices of houses tend to go even higher. On the brighter side, however, it must be a booming business for the construction industry, but it is obvious that they have failed to match the demand, as the supply of houses is still low.
The high cost of basic items
London seems like the hotbed of employment because the population is quite high that everything is virtually expensive. For example, food production does not suffice the current population, which definitely means that the prices will go up. Eateries are not any better, as their foods are also quite expensive, transport and entertainment are not any better.
People in London prefer to buy passes instead of fuelling their own vehicles. Watching TV (entertainment) in London is not a luxury because you will have to pay for it even if you are watching through your tablet or computer. There is also the council tax. Now with regard to where you live and the number of people under your roof, your tax will be calculated and will go high with more people.
The collected council tax is used to fund the police forces, maintain the streets and pay for the collection of trash. Mobile phone service providers are quite many in the UK, so to ensure that you keep in touch with friends and family, you will have to go with an affordable mobile phone subscriber. This normally goes with the type of services that they offer, so if you want advanced services you will have to dig deeper into your pocket.
How to save money living in London
They say if you work hard the universe will conspire against you and make your life easier, and that is what is happening to the residents of London. As it turns out life can actually be affordable, now let’s dig into some of the things that you can do to save yourself some money. For people who don’t want to gag their social life, and entertainment there are a few tips that will add some butter to the hard life.
The Early Riser, events in London never run dry and since we don’t want you to die of boredom, we will let you in on a little secret, try to book for the events in advance, be the early bird as they usually come cheaper, than when they will be sold later.
Another survival tactic is to hit the cheaper bars or pubs earlier on in the evening; remember before, people start flocking in, the drinks come at a cheaper price, so that will be an advantage to you. The few cheap rounds will save you some pounds and you can hit the big clubs later, by then you won’t be in need of too much liquor.
Movie lovers, we also have you covered just access the movie website (showfilmfirst) where you will be allowed to sign up for show film and get free cinema tickets. This will do you good and you will even watch the new release movies before most of your pals. And if you are lucky enough you will be able to get theatre and concert tickets.
Initially, I thought to buy stuff directly from the market was a way of saving money until I discovered that online grocery shopping in London actually saves money. Food supply in London does not match demand, the reason why most fresh foods are found in convenience stores, and besides people barely have the time to go looking for farm-fresh produce and would rather find side hustles to contend with the high cost of living.
Options abound nonetheless, and we, therefore, present you with TooGoodToGo, the latter is an application built by a community of waste warriors, who ensure that the remaining perishable foods do not go to the waste bin and are instead sold at very discounted prices after 8 pm. The waste warrior’s community has partnered with over 3,000 stores within the country, which means that no matter where you are situated you can always have fresh food before you retire to bed.
For your essentials, it is best if you went online or pay an extra premium for the convenience. Energy supply varies with provider, therefore, don’t be a victim of the previous owner, you never know maybe he/she had the extra cash to pay the high priced vendor. Therefore, when you check into a new house find out who supplies your energy if they come high, go online and find a cheaper supplier to save the extra buck.
The Hot UK Deals site is one way of ensuring that you can keep up with your lifestyle but at a cheaper price. The bite card could also do you some good, and put some change in your pocket after a dinner night out. There is also the open table, for the people who want to excite their taste buds with meals from London’s finest restaurants.
The latter comes with discounts that will spare your pocket some change.
Early ticket booking
This is one of the tricks that saw me through college, as I had no source of income but depended on pocket money. Movement from point A to B can be a headache if you don’t have a car and are dependent on the train tickets. The trick here is that you get your train tickets in advance because the last-minute rush will have you cough out more money.
Use the Direct debit method
When you set up a direct debit with your utility providers you stand to save a lot of money, and by paying for the household bills annually you will attract discounts from your provider. Though paying such a large sum at once may seem a bit out of the ordinary, it will nonetheless obliterate the every month stress and save you money.
Cut down on the luxuries
Unless you can get the luxuries at a discount, just live a modest life, cancel the gym subscriptions, cut down on junk food. At times you could alternate gas with walking, the movies are not very necessary if you are on a low income. Let go of your pride and find some cheap restaurants with good food. Stop buying stuff on impulse, make a budget and stick to it, better yet come up with objectives and work towards them.
Sell some of your Jewellery
At this point, push would have come to shove, and you need to survive. If you have a piece of genuine gold then you can exchange it for some pounds. Remember the carats are what will determine the amount of money that you will get after a sell even if the necklace or earring has some damage.
The wisdom of bulk buying
Buying food in bulk has more disadvantages than advantages, but the latter will work if you do it smartly. Buying food in the middle of the week is quite costly and will take up much of your time, so during the weekends you could buy some of the tinned and dry foods; stock up fresh foods that will only last one week, then you can restock the following week.
How to make extra money in London
Ever thought of making money in the comfort of your house, well here is the chance, there are so many companies offering online surveys, you can subscribe to any or all of them. Remember you will not always get lucky but by subscribing to most of them could make you some decent cash from time to time.
Start a small side business
Apart from your normal 8 to 5, you could do a side business for that extra income, you don’t have to invest a lot of your money, just collect some of your functional old phones, video games and DVD’s and sell them. Potential clients can be found online or in the physical markets. And don’t engage the middle man because the profits will have to be sliced.
Car boot sales
Car boot sales and yard sales do convert household stuff into money if you have a car then convert the boot into your shop and sale some of the stuff that you don’t really use or need.
Ever heard of the saying go hard or go home, well in London you will have to go hard whether you like it or not. To this end, if you have a talent in singing tap dancing, painting, drawing or playing musical instruments get a permit and find yourself a nice spot and play your best card.
When we talk about how to save money living in London we leave no stones un-turned; we will, therefore, try to find you some affordable accommodation.
Affordable residences in the UK
Before we suggest some of the most affordable places that you can get accommodation or buy a house in the UK, you might need to evaluate your choices, such as nearness to your place of work or to your kid’s schools, whether you can get a train to work, or if you will be able to be with your family every day.
After considering the above factors you can then search for a convenient affordable spot, some of the most affordable areas in the UK are Derry in Northern Ireland and Sterling in Scotland; houses in these areas are deemed to come at an average price.
Other areas that you can buy a home at fairly affordable prices are Lancaster, Yorkshire, Newry, and Bradford. Also, remember that in some areas people do have high income, and the house prices don’t go low, like the Hereford, in the West Midlands.
Other affordable cities are Liverpool in North West, Perth in Scotland and Londonderry in Northern Ireland among others.
Expensive Areas to live in the UK
If it is your first time in the UK and you barely had enough time to do a thorough research then we will take the guesswork out and give you a list of cities that you may want to keep off, as they are going to rip your pocket into pieces.
If you are on a good salary and can afford a home in Oxford, go for it but if you are on low income then be informed that houses there go for £406,491, the figure is up 12 times the average residents earn in one year. Other cities are Winchester and Chichester, all of which have highly-priced houses.
London follows closely, the thing with this city, however, is that income is low, and to own a home currently you will have to part with £234,471, which is a big burden on the residents as they will have to use up 11.1 times of their income to afford the houses.
You might also want to keep off, Cambridge in East Anglia, Southampton in South East, Greater London in Greater London and Bath in South West.