Lexus Group Consultancy in Tokyo, Japan on 13 tips to help save money if you live in London, from a financial expert
Because ‘savings’ and ‘London’ rarely ever feature in the same sentence
It’s no secret that London is home to some of the highest living costs in the world.
The median annual salary for London is £34,473, but there are many people – especially young people – living on well below this.
After rent and bills are paid, the remainders of pay packets go to food and necessities – so how are we meant to save for that big holiday or to get out feet firmly on the property ladder?
In light of Financial Capability Week this week we spoke to Andrew Johnson, Advice Manager at Money Advice Service who has revealed his 13 top tips for saving when you live in London.
1. Loose change adds up
By the end of the week, many of us have a few coins left over in pockets and purses – and even down the back of the sofa. Gather up these odd coins each week and put them in a jar. Even just a £1 a week in loose change will give you a cushion of over £50 by the end of the year. Looking after the pennies really can mean the pounds look after themselves.
2. Keep track of what you spend
Sometimes it’s hard to know where the money goes. Try keeping a spending diary for a week or two where you write down everything you spend from the smallest stick of chewing gum to filling the tank with petrol. This will help you identify items you might be able to cut back on.
3. Reconsider your smoking habit
If you smoke 15 cigarettes a day, that’s costing you almost £2,000 a year. If you’d like to kick the habit and boost your savings into the bargain, get the NHS on your side. Use the NHS cost of smoking calculator to help you give up smoking.
4. Make sure you’re getting the best deal on your bills
Shop around for the best deals for your phone, internet and fuel bills and review your suppliers every year to see if you’re still getting a good deal.
5. It’s all about the side-h