Surviving the Cost of Living in London: Practical and Easy Strategies

It is a well-heeled joke at this point that London is significantly more expensive than many other places in the UK – and, while some northern cities are starting to catch up with London prices, it remains a joke with a solid kernel of truth to it. Indeed, according to a recent global cost-of-living study, London is the fourth-most expensive city in the world to live for expatriates – a small glimpse into the similar costs for those that choose to live and work in England’s capital.

There are many reasons for which your living in London may be non-negotiable; you might have a lucrative career there, or family, friends and cultural life you would not leave behind for anything. Still, affording to live in this notoriously pricey city is not the easiest of problems to solve. How might you tackle surviving London’s cost of living?

Tackle Your Debts

This tip is effective for pretty much anybody struggling with their finances, but is and especially important one to take on board as a Londoner: you should ensure your financial security by first tackling any debts you may have open at present. This is a tip with caveats, of course; longer-term, ‘safe’ debts like mortgages do not count, as it is shorter-term debts with higher interest rates that are the true budget-killers.

Even worse is the management of multiple different debts, as the different repayment terms and interest rates can complicate repayment significantly. Bad credit debt consolidation loans can be a handy solution for managing these debts, by satisfying your respective lenders and giving you a single monthly repayment to worry about. From here, you can find yourself in a much better position to tackle other aspects of your financial troubles.

Move House

London is an ever-expanding urban paradise, and one which sees a lot of movement with respect to properties and property value as a result. This has been seen in the often-ludicrous increases to rent in the city, with many being priced out of areas they have lived for years.

The sad but nonetheless effective solution here is to consider moving. London’s transport infrastructure remains amongst the most well-developed, and travel in and out of the centre is pre-eminently easy. Adding ten minutes to your commute could save you hundreds a month in rental costs, if you do rent.

Tackle Non-Essential Expenditures

The final piece of the puzzle is, of course, the non-essential aspects of your expenditure. London is an expensive place to live not just for its housing costs, but also for the inflated price of leisure pursuits in the centre – particularly within hospitality. Something as simple as cutting down the number of pints you buy each week, or indeed your number of pub visits each month, could have a dramatic impact on your expendable income.

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