A Spending Survival Guide for Young People Living in London

Opportunities for young people are in abundance in London. The capital has loads to offer in terms of education, internships and careers, with offices and connections to hundreds of internationally recognised brands; but only if you can afford it. London is becoming increasingly autonomous from the rest of the UK due to its inflated cost of living, the result of highly concentrated spending in London which has left other major cities in the country wanting the same treatment. Governments have been highly criticised for focusing growth in London, which has resulted in families being priced out of the area.

Students and young professionals in London must be resilient, cost effective and efficient about their living situations if they are going to survive the high price-tag of the enviable London lifestyle. Here are some tips for living comfortably on a low income in the capital.

Accommodation

Housing is very expensive in London, especially if you’re in a highly popular part such as Soho or Shoreditch. Average student rental properties cost around £150 weekly, although cheaper properties can always be found in less central areas. Do your research and find out how much letting agencies are asking for in various areas in and around the capital, then compare these to your budget and see what you can afford.

Once you have a house, there are many solutions to keeping costs down. Furniture hire in London is becoming an increasingly popular option with students and young people, cutting out upfront furniture costs and providing very practical solutions for relocation. Also browse London’s regular car-boot sales and flea markets for anything else you may need for your home.

Travel

Plan your travel budget based on which area you’ll be living in. Living in easily commutable areas may save you money ultimately on rent, and all for the sake of spending 45 minutes on the train daily. Avoid getting into cabs unless absolutely necessary as they’re usually ruthlessly expensive. Walking or cycling is another great option; London is a beautiful city to explore and very pedestrian friendly.

If you’re studying in London, you’re eligible for a range of discounts across multiple transport services. Discount travel cards for bus, tram and train services can save you up to 30% on regular adult fares, and even provides some services for free. Factoring these discounts into your overall budget is the best way for realistically planning your spending.

Food

One of your biggest weekly spends in London will be food. Depending on where you shop, you could end up spending upwards of £80 a week. If you’re anywhere in London, you’re usually not far from a good value supermarket such as Tesco, Sainsbury's or a Cooperative, but avoid at all costs buying from smaller Express chains of these popular brands, as the price mark-up is usually significant for the sake of convenience. Bulk buy your foods to get better value for what you spend, and to ensure they last long enough until your next shopping trip.

London is full of expensive places to eat and drink; to the point in which a slice of pizza can set you back almost ten pounds. Don’t be tempted to frequent places such as these, and research some of the popular budget restaurants in and around the city.

As a young person, life in London can be tough but also rewarding. Make sure you’re prepared and take every opportunity to cut costs and save.