5 Ways Anyone Living in London Can Save Money
London can be a challenging place to live in because of its exorbitant living costs. Most of your paycheck might go to renting a small apartment or flat, while other living expenses like utilities and groceries can bleed a hole in your pocket. While you do get the wonderful experience of the United Kingdom’s capital, it can be an issue for savings, especially for young professionals looking to get work in the area.
Now, you’re probably wondering how to save money while living in an area as expensive as London. Cash is king, and it’s a commodity that’s hard to come by nowadays. In 2021, COVID-19 is still around, and work is still somewhat cut back, meaning you’ll definitely want to save your money as much as possible. Here are the best ways to stay frugal and set aside some funds for a rainy day:
1. Cut Out Unnecessary Expenses
Suppose you’re still subscribed to your cable television plan that you no longer use, or have a subscription to a streaming service you’ve used up and are uninterested in already. In this case, these will be unnecessary expenses that will slowly burn a hole in your pocket. In fact, this is one of the best ways to save money because subscriptions continue to run in the background. If you have excess purchases per month on random plans that you’ve never used in months, it’s a good idea to start trimming down.
2. Use Your Energy Wisely
Unplugging unused appliances and turning off lights when they aren’t in use will significantly help with energy efficiency. Even if your devices are turned off, these still suck up power in small amounts, adding a few digits to your monthly bill. Additionally, lights that are left on will hike up the monthly statement from your energy provider, which is why turning off lights when leaving a room is a big help.
3. Eat Out Less
Eating out in London can be very expensive, and if you’re wondering how to save money in large amounts, it starts with eating at home and not splurging on restaurant dates. Eating in restaurants is very expensive, especially since you have to give a tip and pay for each dish’s entire service breakdown. If you’re looking for great ways to save your money, cook your own food and take it with you to work and school.
4. Don’t Buy Expensive Beverages from Cafes
Cafes tend to overcharge for their beverages. Whether you’re buying a nice cup of tea or a hot coffee, buying from a high-end shop will eat up your savings if you indulge in these every day. A regular mug with store-bought beans or tea leaves can cut your expenses on your daily drink by more than half, and there is less waste involved, too!
5. Start Nights Out In a Cheap Pub and Work Your Way Up
A night out in London is expensive, and you’ll end up regretting the bill you get when you sober up. In fact, the prices of some clubs and pubs might even sober you up before you get started! There are plenty of cheaper pubs you can begin a night in, and you’ll save your money in the hundreds because of how these are less high-class. However, it’s more than just the atmosphere of the pub, but more on the company you’re with that night!
London is very expensive to live in, and this can be challenging for people to save and have money at the end of payday to invest in the right things or spend on hobbies. However, it’s not impossible to save, and this is where cutting down on certain expenses comes into the picture. The best ways to save money require subtle lifestyle changes, which won’t be so tricky knowing how much you’ll be able to keep from your paycheck per month.
Frugal A Lot is one of the best websites to visit if you want to find the best ways to save money. There are also articles and resources on how to make money in the UK, helping residents navigate the country’s challenging conditions. View our blog posts to find out more about saving your money!