Cost of Living in London 2024 Edition | Minimum Salary to Live in London | What it actually costs!
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- เผยแพร่เมื่อ 15 พ.ค. 2024
- Costs have increased across the board in London so here is an updated cost of living in 2024. With how much you need to earn to live comfortably in London.
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00:00 intro
00:27 rent
03:21 hello fresh
04:39 council tax
05:19 utilities
07:14 tv license
07:37 internet
08:21 phone plans
08:48 transportation
11:41 food & drinks
14:52 fitness
15:31 entertainment
17:47 grocery
21:11 travel
22:06 minimum salary to live in London
£1300 a month on rent is optimistic. I'd say factor in a minimum of £1900 for a furnished 1-bed flat (not including council tax and bills). The value for money you receive in London is shockingly low. Unless you absolutely have to be here for work or family reasons, I see no benefit at all to living here.
Ya I was more thinking studio to make it a bit more reasonable for a single person 😅
As a late 20s, Big Four Accountant in Central London, you can't have it all and will need to adjust and make some sacrifices (unless you're on a 6 figure+ salary): My tips are 1.) House/flat share with 3-4 others to split the bills/move in as a couple in a 1 bed flat 2.) Cook your own meals, WFH if allowed to reduce travel/lunchtime/coffee expenses 3.) Save and don't overindulge regularly on any non-essentials such as designer clothing, latest tech and fine dining 4.) Plan and budget your vacation 6+ months in advance if possible to save on travel and accomodation costs
Wow, what useful tips. I’d never thought of any of that. Thank god a big four drone came to tell us 🙄
PLEEASE give us a "what i eat in a day" for that beautiful £25 per week figure. We'd LOVE that! thanks for this video in the meantime xx
Haha ok I’ll try! I just don’t work from home much anymore so my budget is actually even lower now 😅
Zone 3, 4 (and sometimes 5) have great transport links and can get you to central in less than 20 mins via overground or some rail lines - so if ur a home body who goes out once in a while - save some coin and explore the inner city suburbs!!!
It won't be as trendy or young as zone 2 perhaps but there's a lot of culture and "real" people in those areas - especially if your late 20s/early 30's. It's a good place to be if you wanna settle long-term :)
Thank you for sharing this, it's good to know. In Toronto, it usually takes at least an hour to commute from inner suburbs to core, and so it's not as viable an option if you're looking to have an abundant social life and go out.
Very good video! I think your estimates seem accurate based on my experience in London.
I note that the £43k salary estimate seems to omit EE pension contributions, which most people should be contributing to (at least I hope so!) Assuming 5% contributions, gross salary required would be c.£46k (or £48.5k for those with UK plan 2 student loans).
Really enjoy ur vids 👍🏿👍🏿
totally agree with the costs!
Hi Monica, thank you for such an informative video! I started following you last year when I decided to move to London and now it's finally happening. 🎉 Thanks for reading my mind and uploading this as I was really wondering if I'd be able to live comfortably with my salary in London this year. Also, if you're open to meeting a new friend soon, please let me know. ☺️
to live comfortably you need to be earning 3400 GBP per month which is like 6541 AUD after tax or 110,000 AUD annually... which is categorized as the top 20% income in Australia... how can low to medium-income earners survive in London... that is insane.
Most do not live in these zones 1 and 2, rent throughout the city is expensive, but in more remote areas it is possible to find cheaper rents.
Most don't. They travel in gor hours of travelling. Look up 'exodus of london' before you live here.
Great video. Thanks for the info
Thanks for this!!!
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you inspire me sm!! 💕
🥹💕
thanks a lot. this is really appreciated :)
💕💕
love these kind of videos 🤑🙏🏻
💕💕
One more item to consider for entertainment - Theatre! West End and independent shows, musicals, plays, operas, dance and immersive shows are some of the best things London has to offer. I agree w/ you on things like mini golf and adult arcades being super overpriced and just not good enough 😂 but theatre is! I'd say avg. "cheap" ticket for a big show is £40-60 while more premium views can be £100+ but there are tons of smaller theatres with amazing shows for £15-25 tickets. I have never been to a bad show in Southwark Playhouse or Park Theatre in Finsbury Park, but even big hit shows offer some good deals - a few months back I found a last-minute ticket for Wicked for £27. Even if you aren't a theatre person, I promise there will be something for you!
Westend theatre is one of my favorite parts of London!
Thank you for saying the part about being realistic about where you want to rent at the end. I feel like a lot of people ruin it at this step. In my opinion, as a young person who either wants to travel a lot OR save a lot (ideally both) this is possible so long as you cheap out on your accommodation. Whether that is staying with parents if that’s an option or staying in a house share - these are your best moves. Worst comes to worse you rent the cheapest 1 bed/studio you can find but you definitely can’t have it all (savings,travel nice place) on an average salary 🤷🏾♂️ Pick your poison 😅 28:16
25 pounds a week is insanely low!
Fruits alone are so expensive, I don't know how you do that😅
If you’ve watched her videos for a long time her company provides breakfast and lunch’s
Actually I spend even less now that I go to the office a lot more and eat there 😅 £25 was when I would go in twice a week at my previous job. But this doesn’t include eating out 2-3 times a week
@@GoodToAilaoh now it makes sense, she could have mentioned it ! :)
Thanks for the info!
Great video, very helpful. Just a quick one the end of the video is out of sync with the audio 😢 27:02
Oh noooo welp 🥲
ótimo vídeo, em 2019 dividia um apartamento com mais 2 pessoas em Bethnal Green e pagava pelo quarto 600/month hoje o mesmo quarto está 850, absurdo, para dividir um apartamento com duas pessoas estranhas... Londres não está fácil.... ótimo vídeo! Parabéns!
I mostly eat fish, fruits, and vegies. I feel like the prices have increased dramatically compared to a few years ago. I think for me its about 100 pounds a week on groceries.
This sounds accurate, I moved in 2021 too. For a decent 1 bed now in zones 1&2 I’m seeing > £1700 pm
Would love to see your weekly grocery list and how you budget that £25! Also, what was the take home calculator (I’m assuming it’s calculator, though you did say “calendar”) you used?
Haha yes calculator 🙊 and I’ll try and do one soon!
I couldn't live in London. I dont kneo how people survive living there. Most people live in share accommodation that is something i would find hard to do.
Hi Monica, great video! What app / website did you use to display the prices ?
Do you mean the graphics? I made them in figma actually :)
how is it possible that you spent only 25 pounds per week for grocery? hard to believe. my every visit to store is $100
Landlord wanted 1600 for zone 2 studio last year.
no mention of pension or easy access savings.... here in the North we survive on half that amount.
This seems mostly accurate to me. God forbid if you have a kid or other dependent.
Hi, does the weekly cap for tfl only apply if you use an oyster card? Not a debit card?
It applies for both, as long as you use the same card consistently :)
why on earth would anyone wants to live in London with those prices ?
transprtation can be out just get a bike eating in would save u alot 50 pounds on occianal takeouts i would be safe 2000 if not social at all
You will need a gross salary of £50,000 to take home £2,800 a month (after tax, pension and student loans)
So how do you pay rent and still survive with this
@@amazonfinds9157 I left London for cheaper housing. Bought my house and I pay £450 for my mortgage. Every one I know survives by living with their partner (dual income) or still living with their parents.
Some of the figures in the video is slightly off but her point still stands.
Bottom line is median salary in the UK is around £35,000. People can “survive” but all their money goes on bills then, an occasional night out, then they run out. They can’t do anything else without credit card debt or lines of credit (klarna and stuff like that)
Hi, wich job in London as a salary of 43.500 per year ?
I earn 300K per annun, half of it is tax, house mortgage, car, all sorts of bills, holiday for 25 days a year (my holiday allowance), and live a normal city worker life style, dine out few times a week, gym, mid-range shopping at John Lewis, sometimes Selfridges, it hardly leave me with any savings.
Umm this just sounds like you just don't know how to save or your priorities isn't saving.
Fam, you're the problem. You have terrible money skills. My single mum, my brother and i live a great life on less than 2k a month.
@@watermelonZESTY in what area of the UK?
@@thatdudebello in London. South East London to be specific.
@@watermelonZESTY sad reality that you mum didn’t do it on less than 2k alone. Without some type of housing subsidy, government help (child tax credits, benefits) or extra money from somewhere else (child support payments maybe) that would be impossible. May you and your brother/sister brought in money as well, I dunno.. all I can say factually that is impossible
I can't find anything decent for 2k a month in central, it;'s so bad haha
Which website did you check the rents?
Rightmove!
Birmingham cheapest to rent and more better
A friend of mine…earns £110k gross …..pays £1650 per month in Crouch End for a gruesome one bed flat. All she can find because she has a cat!
😢
why it’s so difficult to rent with pets in the UK?
@@guccicacao Muslim landlords; who like neither cats nor dogs. Plus, bad experiences with rogue tenants. My friend has the latter landlord.
@@mikewingert5521All landlords are Muslims????
I live on 700 pounds.
what about health insurance?
Good point, I'd be curious to hear how much private health insurance is.
Most people use public health care in england so not sure the cost for private
@@MonicaXGuan how extensive would you say it is compared to OHIP? Most people here still rely on workplace based private insurance to supplement OHIP.
@@sachinpersaud7037 hmm from my experience it’s similar to OHIP. You have a GP which is your family doctor and they can refer you to specialists which is all free. But in Toronto I’ve never needed private health insurance for most things (prescriptions are cheaper in the UK I find as well, set price for all prescriptions) so unless you mean for vision and dental care? In that case then yes it’s the same as Toronto.
hi! you mean, you just book a gynecologist's appointment and go without paying?@@MonicaXGuan
Hold on... you spend 25 pounds per week on grocery??! How it is possible, do you buy only ready made soups or dishes? I would say min 100 pounds per week if you eat reasonable healthy with some not the worst quality meat, fruits and vegetables, let's be real:)
She says she spends even less now, because she works less from home and more from the office now, and eats at the office.
Londoners are rich , should be okay… high street still full
If only the rent could come down or government needs to put in a cap on rent increase
Agreed!
A cap on PRIVATE rent specifically, they already have capped social housing rent recently, i fount out my neighbours pay around £600 to £800 on a two bedroom property In E16, I pay around £900 in a shared three bedroom property in the same location
First, the government has to cap and decrease interest rates! Otherwise, just the interest rates will be more than your rent! The government will not do that thou.