Moving here probably wasn’t cheap. Unfortunately, living here won’t be cheap either. With the value of the pound depreciating after the Brexit vote, you will likely be getting more of the British pound for your home currency. With help of Broadband deals, it is easy to make money.
The good news is that there are many ways to save money when you know how. These are the top tips from the local British.
From the best budget apps to the simple things you can do to save a few pounds here and there, there are plenty of ways to save a little money, whatever your circumstances.
Some tips are cheaper than others, but they are all helpful ideas that you can easily incorporate into your routine.
You can even save hundreds of pounds by using some pointers, and we’ve also included some ways to make a little extra cash.
Table of Contents
What is the best way to save money in the UK?
1. Share an Apartment
You cannot escape the fact that UK housing is very expensive. The British spend nearly 40% of their income at home, compared to the European average of 28%.
Apartment sharing is very popular here to keep costs down. It is also the best way to make new friends in your new life. Take the option of unoccupied property insurance and save money.
2. Get a Bank Account as Soon as Possible
Life is easier (and cheaper) with a local bank account. Fortunately, it’s also easiest to create one when you arrive in the UK.
You will only need two documents. One to prove your identity and one to prove your address. This is why most newcomers find a place to live first, although it can be avoided if you want to sooner.
Check the complete guide on how to open a UK bank account. And if you need to send or receive money from abroad, be aware of hidden fees from banks and brokers.
3. Reduce your Home Bills
Your new home bills will likely look high, especially in the winter. Maybe you’d rather wear a bigger jacket (or a jacket, as American friends say) rather than turn on the heat.
But you can always save money by switching providers. There is more competition than ever before, but the British are hesitant to change. So the best deals are presented to new clients.
You can also use U-switch to find the best deals for mobile and broadband contracts.
Look for “sim only” offers if you already have a phone and only want to switch to a UK network. GiffGaff only offers some of the cheapest emulation plans.
If you plan to travel a lot to your country, look out for roaming deals, too. Three allow you to use your phone in multiple countries at no additional cost.
If you live in London, you can even set up your broadband with Relish on the same day. This will save your mobile data while you wait.
5. Eat less
You can buy quality food cheaply at most British supermarkets. Just wait until the end of the day and look for bright red or yellow stickers. British supermarkets do not like to throw away food, so it is drastically reduced before it expires.
If you’re a fan of London sushi (the world’s first problem), the likes of Itsu and Abokado also lowered their prices in the last few hours before closing to replace any excess stock. Great way to get a cheaper dinner.
There are also smart ways to get cheaper food at restaurants. Taste card helps restaurants fill empty tables by serving half-price meals to their members. You can search their website for currently participating restaurants.
You can also find daily deals on Groupon, which encourage people to try other new restaurants and stores.
6. Pay less for travel
Few things bother British people more than the cost of travel. After the weather, his favourite topic of conversation. However, there are several ways to reduce costs.
If you live in London, or many other cities in the UK, a car is unnecessary. Only one in three Londoners drive their cars every day. The cost is limited so that you won’t pay more than a daily or weekly pass. If you do not have a contactless card, obtain an Oyster card at the ticket office.
To travel by train to other locations, you can find the lowest fares by purchasing tickets online as early as possible. Check out the Train line for great deals.
In London, a season pass is a big commitment and a big down payment, but you can use Commuter Club to pay in monthly instalments. It also allows you to cancel your subscription at any time.
For short trips, mass transit services like Uber are cheaper than taxis in most cities.
The cheapest way to travel long distances in the UK, or between major cities only, is usually by bus. By avoiding airport parking, one can also save a few dollars.
7. Know when to Bargain
The British like to bargain when outside, but they prefer not to “make a fuss” when shopping at home. Fortunately, there are still plenty of opportunities to pay less than the full UK price if you are brave enough to ask.
Market sellers are often the most receptive to bargaining. It is also standard practice when purchasing a vehicle.
There is usually an opportunity to pay less for a contract, such as a mobile phone or gym membership, especially if you’ve researched and examined other offers. Many landlords will also accept a lower rent if you convince them that you will be a reliable tenant.
Most Brits will never bargain in-store, but sometimes they can pay less for more expensive goods like technology. Buy kitchen appliance insurance, and increase their life span.
Make your exit from the European Union
One of the best things about the UK is how easy it is to get out of the UK. There are excellent travel links and many low-cost airlines that come and go every day.
You’ll love how easy it is to book a short vacation in another country, especially if you come from outside Europe. Or maybe you want to come back to see friends and family.