If you have plans to move to a new, more expensive city like London consider having a budget trial before you take the leap. You may have already secured a new job that pays more which is great, but the chances are your expenses will be more costly, so you might not feel the pay rise as much as you expect.
But it’s not all doom and gloom, by having a budget trial you can at least prepare yourself for the financial hit, and you might find it’s less of a shock when the time comes to move. At the end of your trial you’ll also hopefully have some money saved up, which will come in handy for the big move.
Here’s what you should consider on your trial run:
Moving to a city like London is expensive. Housing comes at a premium and with no shortage of people wanting to move there, it’s unlikely to get any cheaper any time soon. Work out roughly how much you will need to pay for your rent and bills each month, and try and save the extra you would need. So you might work out that accommodation will cost you an extra £200 a month, so take the £200 and put it aside.
You will need to have a think about how you will move about the city. A great option many people use is to cycle which can be very cost effective. If you have too far a commute you’ll have to think about travel costs. Travel in London is expensive. According to some research, it has the most expensive public transport in the world. Again, look at your transport options and put aside the extra you need to cover your travel.
London has a vibrant and thriving food scene, where you can eat almost any cuisine you fancy at any given moment. Food in London supermarkets can vary in price, but the average cost for 2 people comes in at £60 a week. But you can cut this down, there are many good local shops, greengrocers and farmers markets spread across the city that have good quality produce for a cheaper price than the supermarkets. Eating out also varies. London has some of the best restaurants in the world, and again these can be very expensive. If you are looking for a nice average meal out, expect to pay around £12-£25 for the pleasure.
Getting money into your Monese account is so easy. You can receive bank transfers direct to your account or you can can deposit cash at one of the 28,000 Paypoint locations across the UK. Using the Monese app you can send and receive money in real time, no waiting. You can make currency transfers for only 0.5% above the mid-market rate; which is one of the best rates available. You can also manage your money wherever you are with our intuitive mobile app. Make payments, check your up-to-date balance, review your transactions, get paid to invite friends – plus much more.