London’s cost of living has gone up.. Here’s some tips to make your money go further.

The cost of living in London doesn’t come cheap – after all, it is one of the largest global capitals. Couple that with the country’s impending recession and power industry price hikes and you’ve got a sticky situation. However, there are options to cut costs – you’ve just got to be smart about it. Below we detail some of the costs you can’t change, and offer some tips for those you can!

The fixed costs you can’t change:

• Your rent: There’s not much you can do there without moving further out of town. If you’re looking to lower your rent we’d recommend looking for a room in a shared house or moving slightly further afield.
• Council tax: Everyone has to pay council tax on their property unless they’re exempt. In some cases this cost might be included in your rent but more often than not it’s an additional cost to keep in mind. Council tax can range from anywhere from £500 to £1,500 a year in London.
• TfL travel: If you’re sticking with Zones 1-3, your TFL charges will always cap at £7.40 a day. However, if you’re travelling across more than three zones it may be worth investing up front in a yearly travel card. It’s expensive up front but comes with huge savings in the long run.

Costs you can change:

• Food bills: Are you shopping at M&S, Wholefoods or even Sainos? Saino more and make sure you’re shifting your shopping to ALDI, Iceland, LIDL or ASDA. They are significantly cheaper for a weekly shop due to their no frills policies.
• Regional transport: Under 30 or regularly travelling as a couple? National Rail has some great discounts through their Railcard scheme. Pay just £30 a year for the 26-30 card and receive up to 30% off trips, while couples travelling together on a two together card will also get 30% off all trips taken together. This doesn’t apply to TfL transport so not London specific but it’ll make your weekend day trips much more affordable.
• Utilities: Let’s be honest, nobody wants to go cold this winter so it’s likely you’re going to have to suck up the rising power hikes. However it’s worth shopping around to see if you can get yourself a better deal on your utility bills. If you’re not stuck in a long term contract it might be worth reaching out to Please Connect Me to see what deals they can offer you ahead of the Winter season.
• Socialising: Eating out, popping to your local pub for a pint, and hitting up the latest cocktail bar is likely to take a good chunk out of your monthly budget. Keep an eye out for pubs that do cheap meal deals earlier in the week or if you’re really stuck on cash but want a pint or two, head to good ole Wetherspoons where you can pick up a pint for as little as £3.

As one of the largest cities in the world, London is always going to be an expensive city to live in, however if you’re smart about it (and a little tighter around the belt), you can certainly make your money work harder for you.