How to Budget Your Move to LondonBy Angelica Malin
Are you going to be moving to London soon as a student or as a young working professional? This can be both an exciting but daunting and stressful time as there is a lot of planning and saving that you will have to do before the big move and for most people they won’t have a whole lot of time to do this. However, there is no need to stress as we are taking you through how you can plan and budget for the many different financial factors that you will have to take into consideration before moving to London. Carry on reading to find out more.
When moving to London, the biggest drain on your finances will definitely be your accommodation. Searching for the right home in London to rent can be hugely stressful as you may quickly find that you will not get anywhere near as much for your money as you would renting where you currently live. Upon first arriving in London, we would recommend that you stay in a hostel or hotel until you know exactly where it is that you want to stay or one of the great things about London is that many people often have friends already living and working there that would let them crash on the couch for a little while until you find your feet and a place to stay.
As we previously mentioned, finding a great place to rent in London can be difficult and this will be your biggest tasks after the first few days or weeks being on a friend’s couch or in a hotel or hostel. In London, you will tend to find that you have to pay a month’s rent in advance and with an upfront bond you may need to have three months rent ready in your back pocket. Plus, you may also have to fork over some extra cash to pay the estate agency fees. Furthermore, remember you will have a lot of other upfront bills to pay including your internet, phone, utilities and council tax. A great idea is to move into a shared flat that is already up and running. This will be cheaper for your monthly rent, you won’t have to pay out as much for household items and it is also the easiest way for you to meet new people too which can be something that is quite difficult to do in London.
Budget for Basic Needs
Basic needs always tend to end up costing a lot more than you had originally intended and so it is a good idea to set aside at least a few hundred pounds for this depending on how much stuff you already have. This could be for essential items such as towels, bedding, toiletries and, of course, we cannot forget about the celebratory bottle of fizz to celebrate your move and new job!
London is known for its great public transport system and, for the most part, you will find that the workers here take the tube to get in and out of the city. As well as over ground and underground trains, there is also an efficient bus network that can take you anywhere in London that you need to go. In London, no one drives as it is far too busy and expensive to do so, so if you have a car where you currently live, you definitely won’t need it for your move to London. You’ll want to consider options that will give you some extra cash which tends to leave scrapping your car, get rid of the car and get yourself some extra cash for your savings.
Save for Unemployment
Not everyone moves to London with a job already in place and many people go job hunting once they are already here. This is especially true for those who are moving to London from abroad! If you are waiting for the right position to come along, then you will need to take with you at least a few months’ worth of money as a backup in case it takes you longer to find the perfect opportunity that you want. This can take away much of the stress and pressure off to find something straight away and you can be choosier in the jobs you are applying for.
As you can see, there is a lot of different things that you need to budget for on your big move to London. Much of this depends on your lifestyle and preferences, so keep in mind that it may cost you a lot more than you had originally anticipated which is especially true in your first few months as you are getting used to the city and spending more