How much money you need to live in London | Minimum Salary & Cost Of Living Adults, Couples & Family

[Music] foreign hi everybody welcome back to our Channel my name is Nas and I'm Alva and in this video we're gonna take you through how much money you need to live in London now this video is not about how much it costs on average to live in London we want to tell you what's the absolute minimum to be able to live in this big city and the truth is that it really depends on who you are your personal life circumstances so in this video we're going to break it down into three possible scenarios one you're a young adult single maybe a student maybe you just got your graduate job two you're a young couple and three your family uh let's assume maybe two kids we're gonna have sections in this video where you can maybe just jump to the according section based on your personal circumstance and we're gonna take you through how much it costs as well as give you some tips to ensure that you can save as much money as possible if this is your first time watching you might not know that we are that comes up the most is can I live in London with this amount of money like Ness mentioned it totally depends on your budget um so that's why we're gonna be talking about this today in this video but before we do so make sure to go check out matuto.com if you are moving to London because you can sign up for free and get access to lots of great free resources and if you follow us on this channel you might know that we've gone out to the Streets of London to ask people how much money they need to live in London and there was a lot of different responses so in less than 60 seconds let me show you the clips how much money do you think a person needs to live in London um it depends if you're living by yourself like I would say 30 000 but if a family it should be more otherwise you're gonna struggle um now quite quite a lot per month I would say at least five thousand pounds yeah it's very expensive to live in London ideally uh 1700 GBP per month is ideal for to be tested in the London all right reckon at least 40 to 50 000 and that's minimum it's like sixty thousand pounds a year would be good enough I think to be in London uh Mr ballpark like to lead a decent enough like 60 to 75 000 pounds is good enough I think on a single income if you want to live reasonably comfortable for a 40 or 50K at least these towns like minimum I would say I think I think thousands as you can see all the responses were really different as the amount of money that you need to live in the city really does depend on your own circumstances so we're gonna get right into the video so that you can see a more accurate representation of how much money you need to live in London option number one you're a young professional or student moving into London now how much do you think it's gonna take you to survive here so to do the calculations we are actually using the London cost of living calculator which we have available for free but even pre-signup on matuto let's say in this case we are going to be renting a room in a shared flood I would say this because as a young adult it is very very common in London for this to be the case perhaps in your home country it's not the case and it can be a cultural shock but in London it's super super common for people to share a lot here we're going to select only me even though there's more people in the household you're only going to be accountable for yourself and let's say you have to go to either work or university in central London five days a week and let's say you live in up to zone three I think that's fairly realistic yeah um and here you can select what is it that you like to do perhaps you want to go to the gym and you don't go to a super fancy gym I'm assuming and uh you do want to go partying uh at least two to three times a month because why not you're young let's add the coffee one to two times per week to power you through your studies yes um and so now we're going to calculate our expenses and it's gonna take us down to this number 1594. this is the rough ballpark let's break it down your rent will come up to 935 pounds and that's for a room in a shared house in the center of London in around zone three if you do go further outside you might be able to find a cheaper room but if you do want to live in someone or two it's definitely going to be more expensive than that your house bills are gonna come out to 150 pounds your groceries are gonna come out at about 150 pounds per month if you're shopping in a normal shop like Sainsbury's or Tesco's and you're cooking at home they are not too expensive you're gonna be spending on transport around 190 pounds per month if you are commuting uh five days a week and we have accounted for leisure 170 pounds based on the activities that we have mentioned so again that will come up to a total of 1594 pounds per month as you you can tell this is a rough ballpark but you can play around with a calculator to select what best applies to you now a top tip for money saving is make sure to to rent in a shared flat as we said it's very common in London but to give you an idea if you were to rent a one bedroom apartment the average price right now is roughly 1 500 pounds yeah so that's a difference of over 500 pounds a month yeah in renting a room versus renting an apartment by yourself option number two you are a young couple well not necessarily young what we mean is you don't have kids yeah it's just two adults who are gonna live together in London let's select a one bedroom because this is the most realistic option yeah um and let's say it's two of you living in the household right I'm assuming if you're a couple uh how many days will you be going out to the center let's say four times a week because one of the days maybe you work from home and you will be commuting from Zone should we say episode four yeah just spice it up a little do you like dining out two to three times per month yeah and you like uh I don't know you like going to museums in the cultural exhibitions which for the most part are free in London and you also want to get job subscription because why not stay fit let's calculate our expenses as a couple you will need more or less 2731 pounds per month to live in London the biggest expense is going to be your rent which comes out to 1887 pounds per month this is an average if you decide to live closer to the center it's probably going to start at 2 000 pounds if you decide to leave further outside the center you might be able to find it for a slightly lower your house bills are gonna come up to around 220 pounds that you need to add on top of friend and this is this would be for the household yeah for the household in total um and your groceries again for the household for both of you are probably gonna come up to around 300 pounds this is if you shop in your normal groceries we're not so you're not buying organic and you're not going to all the fancy stores okay um you are gonna spend on transport about 184 pounds per person if you are commuting four times a week and your letter based on the activities that we have since selected would only be 140 pounds but on top of that you might want to account a little bit more for your shopping sprees or or your extra dinner dates it is important to notice that in this calculator for example the rent and the bills and the groceries is like cumulative for the household whereas the transport is for one per accounting for one person alone but of course you can play around with a calculator and adjust to your own criteria and you can see here that maybe it will take the overall household to roughly 3 000 ish pounds which is 1 500 per person that's the I would say that's roughly the minimum that you should look at as a couple um to be able to to live in London and a quick tip to save money as a couple try cooking a home as much as you can obviously everybody likes going out to dine every once in a while but I think the mistake that most people do when they live in the city is not taking packed lunch to work and buying a bread or eating like a takeaway meal during the week because that adds up in London it's very expensive you will not find a proper lunch for less than 10 pounds whilst cooking at home might come out to what like five pounds for two people yes maybe 250 bucks a month now you can get another tip is to get a Sainsbury's meal deal or a Tesco meal deal but of course it's not the same as a homemade meal and at the same time it's slightly more expensive maybe 350 for the meal deal whereas if you cook at home maybe you can bring it down to 250 or 2 per person and I don't think you can on Tesco meal deals forever it will not fill you up and I don't think it's that healthy scenario number three you're a family let's say a four moving to London what are your expenses going to look like you will probably be looking at a household of at least should we say two bedrooms yeah the kids are young let's say they share a room yeah three bedrooms is naturally more expensive as you can imagine uh let's say it's four people they're young but they're starting to eat a lot just FYI and let's say you go uh five days a week this is for one person going to Central London and you're in zone five just to spice it up even more uh you definitely go off to get a gym subscription I'm gonna assume this is a normal for for everybody um you do like going for coffee once or twice a week and guess what you also like should we say dining out the standing out because why not yeah you don't party because you're a family Let's uh this is you you may party it's really up to you let's calculate our expenses and it comes up to slightly higher 3735 pounds per month and you will need to add a few things to this so let's break it down your biggest expense is of course gonna be rent renting a two-bedroom home in London is gonna cost you about 2 340 pounds on top of that you will need to add your house bills which are gonna cost you around 350 pounds and the groceries for the whole family is gonna cost you about 600 pounds per month on top of that you will need to add about 275 pounds for a one person to commute to London five days a week if it's two of you commuting to London to the center five days a week you will need to double that and you're probably wondering why is the transportation higher than it was in the previous scenario well the reason is because we selected up to zone five the further out you live the more affordable your accommodation is going to be but more expensive your transport is going to be as well because the more zones you add up the higher your build but just to finish up the breakdown your leisure based on the activities that we selected here will be about 170 pounds for one person if you want to do that as a couple you might need to double that I would say on top of this you will definitely want to keep a budget in mind for your kids um I know a lot of parents in London like to do some extracurricular activities which depending whether they are like state funded or they are private might cost you more or less but you can add an extra of like 300 to 500 pounds for a kid extracurricular activities so with that it will take you from 3735 pounds per month to about 4 000 or over four thousand per month for a family of four living in London a top tip for saving money in this scenario is to live further out now I'm not saying further out of London I'm saying literally outside of London so for example we know a lot of people that live in Kent which is a good example is just outside of London but with the trained connections of nowadays you can get yourself to Central London in 45 minutes which is a very acceptable commute time for London with the Elizabeth line as well being introduced last year it is much easier for people to live either far east or far west of London to commute in to the city this is particularly useful for families where maybe only to travel to the center of London and the rest of the family usually does their life outside of London so the kids will go to school outside of London a couple of places that you can look at are places like Milton Keynes Kent Essex um sang in albums there's a lot of commutable towns that have trains that go into the center of London and that will definitely bring your rent down in this scenario we said your rent might be 2 300 pounds if you live outside I might go below the 2 000 pounds for a two bedroom so it's worth considering the calculator we used can be found on matuto.com as Alba said this is our baby this is our startup so we're really passionate about making sure that people have resources for free and available tools for free to be able to move to London um and of course if you need further support where you can always reach out to us in the meantime though there's going to be everything for this video thank you guys so much for watching if you enjoyed make sure to give it a thumbs up and subscribe to our Channel because we got lots of amazing videos coming up as always thank you so much for watching and I guess we'll see you in our next video foreign

Channel: NALBA TRAVELS

Views: 11,337

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Id: dAPGFo9va8k

Length: 13min 53sec (833 seconds)

Published: Mon Sep 04 2023