The United Kingdom is among the top choices for most aspiring students and young graduates who want to pursue a job for a good salary.
But, it’s also the most expensive place to live in. The UK is a hub to many prestigious universities like the University of Cambridge, Oxford University, London School of economics, etc., where students can apply for a higher degree.
Most youngsters apply for a job in top UK companies to secure their future. Your purpose could be studying or doing a job, the only thing you need to consider is the expenses of staying in the UK.
Are you planning to settle in the UK permanently? Or, are you planning to study in the UK for a span of 4 to 5 years? In any of the two cases, you must know about the cost of staying in the UK being an Indian.
Once you transfer money from India to UK for educational reasons or any other purpose, it’s time you get an estimate of your daily living cost.
Breakdown of living expenses in the UK
You must be aware that the cost of living in London and the East region is higher than in other UK areas. If you’re planning to stay in the Ireland or Scotland side, then these regions are cheaper.
London is a financial hub; it won’t be easy for you to stay in the central London area if you are not financially stable. Well, most students take up side jobs to support their income along with studying.
You’ll need a good amount of savings if you are planning to stay in the primary region. You’ll have to live on a tighter budget at times, so calculating the expenses and income is essential. Your inflow and outflow should be equally good if you are planning to shift permanently to the UK.
The average cost per day
The average cost of staying in London depends on the various available accommodation options. For example, if you stay at a place where the rent is low, it will directly affect your living cost.
Accommodation options depend on your purpose of stay as well. Most students get rented accommodations for a lower price. But, if you have relocated to the place with your partner for job prospects, then you might have to pay extra money.
You may require some extra money for food and traveling purposes. Again, the restaurants in London are costly, and you will have to pay to eat outside. You will have to set aside some money for entertainment purposes, which include movies and music concerts. You can also bifurcate the cost depending on other utilities.
Accommodation in the UK
A large amount needs to be allocated to the accommodation options. If you are new to the city, then be prepared to shell out some extra money for accommodation.
It will be more than 60 to 70% of your money spent. London and Manchester are relatively expensive places to live in. You can find cheap accommodation options in Glasgow.
A budget-friendly and comfortable apartment in the UK can cost anywhere between £750 – £1700, depending on the location and size you require.
The rental cost in London is about 1600 pounds. London’s private accommodation options are more expensive, so you need to choose the best option keeping in mind your budget.
You can search for the cheapest accommodation option online. You’ll get some fantastic deals, and that may save you some extra bucks. If you are a student, it is best to rent cheap accommodation on the outskirts of London. You can save on accommodation here, only traveling costs may increase.
Utility options
When you stay in the accommodation, there will be many utility bills. Those bills are also a part of your daily expenses. Water bills and electricity bills should be added to your list of fees every month.
This list may vary according to other budget considerations. On an average basis, you can spend around 90 pounds on utility bills. The price can vary according to your location.
As mentioned earlier, the cost of living in London is high. The utility expenses in London will cost you, dear. The utility budget can go about 150 to 160 pounds.
Transportation costs
Moving to the transportation costs, it is directly proportional to your location. It means if you live far away from your college or your workplace, you will have to pay extra for your daily commute.
If you stay near your university or workplace, you can save a lot on transportation. Buying or renting a car in London is expensive. You can take advantage of last mile connectivity that is provided by the UK public transport.
You can also avail of monthly passes for metros and buses, thus saving your money. The transportation cost is anywhere between 50 to 120 pounds.
Entertainment
With stress being a primary part of life, a person also requires entertainment to stay stress-free. The United Kingdom offers a range of entertainment options: nightclubs, music concerts, and theaters.
As an avid music lover, you’ll naturally shell out more money for entertainment purposes. Watching a movie can cost you about 10 to 25 pounds.
The cost of entertainment in London would be about 47 to 55 pounds. It also depends on the kind of entertainment you choose. Special shows in London could cost you more. If you are an apprentice, you can avail student discount.
Food & shopping
Food and shopping expenses are as necessary as other expenses in London. The cost of food in the UK is higher if you compare it with other European countries. If you are one big foodie or complete shopaholic, you will have to allocate extra money in your budget.
A single meal in a restaurant can cost you between 10 to 30 pounds. Fast-food chains are cheaper; you will be able to save money by buying from these outlets. An average cost – for lunch for two people would cost about 50 to 60 pounds.
Summing up
Whether you are relocating or visiting London for study purposes, it’s essential to chart down your daily expenses. It’s always good to calculate your income and costs not to have to shell out extra.
The average cost for staying in London could be anywhere between 1200 to 2500 pounds. Again, this depends on your place, habits, and other expenses.
London is costly, and you will need to plan accordingly if you intend to stay in London. Once you are clear about your daily expenses, it will be easier for you to live a stress-free life in the UK.
