Living in London can be difficult for people with limited income as it is home to some of the highest living costs in the world. After rent and bills are paid, the remainder of pay packets go to food and necessities – so how are we meant to save for that big holiday or any other expenses? Thinking of that, we managed to gather some tips for you in to save some of your hard earned money. Lets have a look at them!
Loose change adds up: By the end of the week, many of us have a few coins left over in pockets and purses – and even down the back of the sofa. Gather up these coins each week and put them in a jar. Even just a £1 a week in loose change will give you a cushion of over £50 by the end of the year. Looking after the pennies really can mean the pounds look after themselves.
Be an “early bird”: There are usually early bird tickets available whenever tickets are released for events in London, (which are a lot cheaper than the regular prices), try to be that early bird and book tickets in advance.
Keep track of what you spend: Sometimes it’s hard to know where the money goes. Try keeping a expense diary for a week or two where you write down everything you spend from the smallest stick of chewing gum to filling the tank with petrol. This will help you identify items you might be able to cut back on.
Do up a budget: The best way to assess what you are spending and get control over your finances is to complete a budget. Make a budget plan for each month to cut off inessential expenses.
Go incognito: Websites can gain intimate knowledge of what you’re interested in by tracking what you look at online. Some retailers might use this information to dynamically set prices, which means you could be shown a higher price than someone visiting the site for the first time. To avoid falling into this trap, you can erase your browser’s cookies and log out of your account to compare prices.
See if your bank offers bonus rates: Some accounts may offer a high bonus rate which is designed to tempt you in – but bonuses drop off after a certain period. If you don’t have time to keep switching, avoid accounts offering bonus rates and look for a rate that’s been more stable historically.
Set up a savings account: If you want to earn a bit more interest then consider a regular savings account but remember, with these types of accounts or fixed term accounts you might not be able to access your money immediately without paying a penalty.
Get an Oyster Card: Just like living in any other city in the world, one of the first things you have to do when you are living in London is to manage your transport. You might want to consider getting an Oyster Card. By getting an Oyster Card, you can save money on your daily travel to work or college.
In the end, saving money in London is not about depriving yourself of the London experience. Instead, you need to balance your expenses and take advantage of opportunities that allow you to cut costs.
