Top Tips for an Affordable London Lifestyle

There’s no mystery surrounding the cost of living in London. Even people, who haven’t ever visited the city, are aware of the high price of calling the urban center home. For residents, London’s many expenses furnish daily reminders of how costly it is living in England’s capital city – particularly when compared to relatively affordable locales outside the metropolitan area.

If you already reside in London, or are soon to be living there full-time, controlling costs is a top priority. Funds are available online, offered by various short-term lenders – even if you’re credit is bad. You can use this fast access to flexible funds when you need help meeting London’s substantial spending demands. And developing a few frugal habits can help keep your finances in balance, despite the high cost of living in the capital.

Moves You Can Make to Live Off Less in London

Whilst saving money on day to day expenses is a prudent pursuit, irrespective of your home address; the need to cut costs in London is even more pronounced than it is in other, more affordable cities. Evening Standard recently highlighted a number of money-saving tips, shared by a financial expert. If you’re committed to saving money off London’s high cost of living, take these straightforward measures, working out your finances in one of the world’s most expensive cities.

Maintain a Spending Diary – Adjusting your cost of living is nearly impossible, without first knowing exactly where your money goes each month. To find savings, start small, by compiling a running record of the money you spend. From the most insignificant daily impulse buys, to your major monthly obligations, maintain an accurate spending diary for a few weeks.

The information gathered from the exercise can help you identify opportunities to cut back, wherever possible. After following through with cost-cutting cash flow adjustments, continue making entries to your spending diary; you may find additional economy as you carry-on recording your financial habits.

Drop an Expensive Habit – The negative health effects of smoking are widely publicised, serving as ample motivation for dropping the habit. If you need another reason to leave cigarettes behind, consider the cost of smoking. The NHS maintains a cost of smoking calculator to help underscore the financial burden associated with the habit. It is thought smoking 15 cigarettes a day costs about £2,000 annually, so putting your smoking habit behind you can have an immediate financial impact on your London lifestyle.

Set Financial Goals – Taking control of your finances entails steady progress, in the right direction. One of the best ways to stay on track is setting reachable goals, so you always have targets to pursue. Spending too much on London living? Strive to save a set sum each month. Saving for a house? Cut London costs, in order to free cash for your house fund. Are you approaching pension age? Commit to stashing more of your earnings as retirement nears.

Use Comparison Websites – Banking and lending terms and conditions vary across providers, so sorting out costs can be challenging. If you’re not sure where to start or think you’re paying too much for banking services, comparison sites are good places to evaluate banking costs. Likewise, lending comparisons are easily undertaken online, enabling you to assess lenders side by side. Once you’ve explored a few lender options, you can start the application process online, matching you with a provider suiting your finance needs.

Put In the Time – Managing money isn’t a passive pursuit; if you expect to reduce your financial burden whilst living in London, you must devote time to make savings. Like other disciplines, such as fitness, continuing education, and career advancement, rewards are closely linked to the amount of time spent engaged toward your goals. For consistent results, don’t mistakenly believe financial matters will fall into place, without a proactive push.

Living in London is a cultural adventure, keeping you on the front edge of England’s social and economic scene, but it doesn’t come without a hefty price. If the city’s high cost of living is at odds with your household budget, try these and other tips to check unnecessary spending.

Paul graduated in 2001 with a degree in Finance. Since then he has gone on to work for several of the UK's most well-known financial institutions.

An avid blogger and a huge football fan, Paul is here to guide you through the ins and outs of personal finance and perhaps save you some money in the process!

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