How Much Money You Need To Set Yourself Up In London
How Much Money You Need To Set Yourself Up In London Reviews
Jul 23, 2007
I've actually done some research into this for a book and here's what I concluded in terms of how much money you need to come to London to live (even if you're going to start work as soon as you arrive)...
Accommodation is your first great expense. Expect to pay on average between £500-600 a month for a place to stay. There are great bargains if you’re willing to live with a lot of people and don’t mind where you end up, but £500 a month is fairly average. You’ll have to pay for a month up front, and the deposit is usually between one to two month’s rent. Most people pay a month and a half as a deposit. So, banking on the fact that you will find an average room, it’s easy to spend in excess of £1,500 right from the outset to secure your accommodation.
You may also have to add onto that another £50 a month for council tax.
Travel in London is not cheap and getting a one month travel card will set you back close to £100, depending on where you’re based. If you shop at supermarkets you can expect a modest weekly food bill to be around £40, not including going out or alcohol. Add onto that incidental purchases like toiletries and necessary clothing and you’re looking at around £200 for the month. For the first month you’re therefore already outlaying around £1,800-1,900 (including your accommodation).
Item Cost (average)
Council Tax £50
Even if you get a job shortly after you arrive, most positions pay monthly (some are fortnightly), so you’re likely to have to work a full month before getting paid. This means budgeting to pay for a minimum of two months of living from your savings. Add onto your spending so far another month’s travel, food, rent and council tax and you’ll need another £800 or so to make sure you’re not struggling. Grand total so far? £2,600!
This doesn’t really take into account going out or luxuries. Just remember that the more money you have on standby, the easier everything will be…
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