Living in London will surely cost you a lot. The annual median salary in London is around £30,530 for males and £25,262 for females, but most young people earn below this amount. After the rent and bills are paid, what is left of your salary goes on food and other necessities. So how do we save for the big vacation or the much-awaited shoe sale?
Here area few money saving tips.
- Look for loose change. Loose change is coins left in your pockets, bags, purses or even underneath the sofa. Start collecting them and put them in a jar. If you are able to collect at least £1 every week, that means you get to have at least £52of extra money by the end of the year.
- Budget and track your expenses. You may want to keep a spending diary for a month and use it to write down the things you have bought. By doing so, you will be able to know what items can be eliminated the following month.
- Look into your bills. You might not be getting the best deals for your internet, electricity and phone bills. Check for promotions from your current supplier and compare them to competitors. Some companies offer a lower rate and they can even cover your cancellation fee.
- Find an extra job. This doesn’t have to be a high paying job. Probably something that you can do at home during your spare time. You can work as a babysitter or you may want to start a small online business.
- Set a savings goal. You may either put your savings in a bank or you can use jars for this one. If you choose to use a jar, you may want to label it based on what is it for. For example, a shopping jar for your shopping expenses, an emergency jar which can only be opened when the need arises.
- Review your budget. Reviewing your budget allows you to eliminate unnecessary expenses and allocate the money for additional savings. Using a budget app can also help you manage your expenses better.
- Find a roomie. If you have a spare room, you may want to consider having a roomie. It can be a friend or a relative or a workmate. This will help you minimise your household expenses thus allowing you to have spare money for other activities.
- Packed lunch for work. Aside from the fact that you don’t have to spend so much on buying food from a restaurant, you can also guarantee that the food you eat is clean and healthy.
There are several ways to save money yet enjoy living in London. But just in case your budget gets too tight and you need extra cash, you may consider applying for quick loans. It is very easy to apply for this kind of loan. Once you pass the initial verification, the money you borrow will be credited to your account in 24 hours. Just be responsible enough to pay your bills or this might affect your credit rating in the future.