New to London? A Brief Guide On Cost of Living in London

Many people dream of living in London. It is a very beautiful city that is regarded as one of the best in the world. However, living in London is expensive when compared to other places in the world.

The Cost of Living most certainly depends on the tastes of an individual. Even though this is the case, you must be financially prepared when you go to London.

The key factor that you should think about first is the exchange rate for your currency. The most important thing is to find out how much amount you will get for the money that you have saved in your own country because as you know, you can only use pounds in London.

Newcomers Guide to Plan Ahead in London

You should be prepared for the following costs when you arrive in London after you’ve obtained a job:

  • Food, Drinking, and Dining
  • Initial Costs
  • Transport
  • Accommodation
  • Initial Costs

It is necessary to know short term accommodation techniques in the beginning and long-term accommodation techniques, later on, to help you save money. You can also save money on transportation by using public transport. It is important for a person to be aware of the costs faced as a working traveler, but you shouldn’t worry about it too much.

It is important for you to realize to think about the cost-saving strategies and plan carefully, if you do this then it would not be a problem.

While planning you should also take into consideration the initial costs. You should include the following elements when making the budget:

  • Initial Accommodation:

You can arrange for the accommodation before arriving in London. If you haven’t done this, then make sure that you keep some money aside for hotel or hostel accommodation. You can also share the room with some other person and in this case, you will have to pay the amount to your partner. The amount would usually be somewhere around £11 per night or more than that.

  • Rent for the First Month and Bond:

This is usually the most important expenditure that will be incurred by you. The shared bond can be for a period of up to 6 months’ rent when leasing a flat or a room in the flat. In addition to this, you might also have to pay a months’ rent in advance. Based on the price of your rent, the amount for this can be as much as £1500.

Check out the London rent map

  • Transport:

In order to search for flat and also for a job, you would have to do a lot of trekking around the city on buses and Tubes. For this, you should make sure that you have the cash for public transport or you can also get an Oyster card with the money you have.

  • Clothing:

It is very important to pack the clothes according to the season when you go to the UK. You can also get the right set of clothes for the interviews  in whichever line you work, this is only if you have enough space in your bag or suitcase. In the case you have more of casual wear in your suitcase, then it is necessary for you to keep some amount from your budget aside for clothes suitable for interview and work.

  • Mobile phone:

You will incur some amount for unlocking your phone if you brought along one when you came to London.

You will also need to get a sim card for which you should keep some amount aside. It is best if you go for pre-pay calling and avoid phone contracts if possible.

You should also keep some amount aside to purchase pre-paid top-ups. This is because you would lose face if you couldn’t call a potential employer because you did not have balance.

  • Eating and Drinking:

In the first few weeks that you are in London, there will be more of Socializing, eating and drinking. The cost of eating outside of London is more.

So it is advised that you should not have breakfast, lunch, and dinner outside as this would cost a lot. Instead, it is better to purchase the groceries from the shops and prepare meals for yourself.

  • Internet Access:

Since the internet has become an integral part of the life, we will be in need of the internet to search for accommodation, job hunting and also to make phone calls to your family and friends and to stay in touch with them. The charge for using the internet café is £1 per hour. However, it is essential to keep plenty of cash aside for this because the amount of time that you will spend on the internet would surprise you. It would be really helpful if you have your own laptop as many pubs and coffee shops also provide free wifi.

Check out from broadband deals and contract offers at London

As a working traveler, there are certain ways in which you can save money. Some of the cost-saving strategies are:

  • Joining the local library

This will help you get access to computers and also the internet for free.

  • Booking ahead of time

This will help you save a lot of money. For utilizing this, it is essential that you should know about the right time to book.

  • Utilizing your student or youth travel card

There are many discounts to which you are entitled if you have a student or International youth travel card. You can make use of this to save some money.

  • Keeping your eyes peeled for special offers

You should make the most out of any offer that you see as this will help you save quite some money.

  • Watching out for swaps and freebies

There are things that you can get for free. These are usually given by some kind people in London. You can get things absolutely free so you can save a lot.

  • Leaving things till the last minute

In certain situations booking at the last minute will help you save money. You should know when you have to book in advance and when you have to do it at the last moment.

The Cost of Living in London is certainly high, but if you keep in mind the cost-saving strategies and also plan the budget according to the expenses that you will incur, you can live without any worries.

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