Before arriving in London from Canada last September, aside from the fact I was moving across the world alone, my biggest worry was by and large my budget. To be frank, I had absolutely no idea how I’d manage to survive, and I still don’t. Now more than ever if I’m being real with you.
Nearly seven months later, I’d be lying if I said I wasn’t stressing about my finances again. When I say lying, I mean completely fibbing my socks off – funds are tight. That’s the thing about London and big cities in general, every time you step outside you spend something. Whether it’s on transport, coffee, food, or a pint or two at the pub, money will be coming out of your account. Coming from a rural background, that was an extreme surprise to me – a surprise I was not prepared for.
Looking back, the least obvious and most significant mistake I made was not tracking or budgeting my transport costs. For some, they’re a necessary evil, but for someone who can walk to campus easily in under 40 minutes, they definitely aren’t. £2.60+ per ride adds up fast, and most of the time you won’t even realize it until you see the charges at the start of each week. Take the tube to and from campus four times per week and maybe a few times on the weekend and there’s potentially £100 spent monthly. For me, that’s half a month’s food budget. Yeah, it’s a lot. Especially when 40 of it could’ve been saved simply by walking to and from campus, rather than being lazy.
Sure, sometimes this was justified like when it was raining, but still… it was simply out of convenience. Compounding doesn’t just apply to investments or habits; it applies to transport costs too. 100+ pounds monthly over more than four months? You can do the math – that’s over two months of my normal expenses gone simply because I was too lazy to take an extra 10 minutes getting to and from campus some days. Nice one, Sam. If you can, just get your steps in and walk; not only will your mental and physical health benefit greatly, your account balance will too.
Furthermore, and it may not come as any surprise, eating out and going for drinks adds up QUICKLY. I mean QUICKLY, especially if (or when) the London pub scene consumes you as much as it did me. Go out with some friends for a couple of casual drinks after a long day at the library? That’ll easily be 20 quid gone. Go out for a bite to eat after? Another easy 10. Do this multiple times a week along with a night out on the weekends? You can do the math again, not exactly ideal. Before coming to London, I can’t remember the last time I went out for a drink more than once in a week or ate fast food at least once in a two-week span. Fast forward to now and I’m finding it hard to remember the last time I didn’t – Christmas break, when I went home maybe? Don’t be like me and have no willpower, pack yourself some food and choose the water occasionally, your bank account at the end of the year will thank you – contrary to how mine feels about me now, I don’t think it’s too pleased.
As with almost everything, it comes down to balance though, doesn’t it? Sure, the social London lifestyle can be incredibly captivating but don’t feel like you must spend money just because others are. I used to be the expert at saying no, going out without drinking, or eating and simply hanging out, now I really struggle. I feel obligated to do these things because it’s part of the London experience, right? In a city of 10 million people at the epicentre of nightlife, it seems absurd to stay home alone, and the bank balance aside, it’s something I’m having to reteach myself how to do. To feel okay saying no, to enjoy my time alone, to not do what everyone else is doing if I don’t want to, and to simply do things by myself.
It’s fascinating what the overstimulation of a major city (and social media) can do to one’s brain and mental state (and bank account). It’s so easy to get caught in the “more more more” mindset all too many people here are hopelessly addicted to. There’s always more you could be doing, but it’s okay to not want to live like that, and that’s something I’m learning to deal with. In the end, I know my mental health, and bank balance, will be all the better for it. The same applies to you, you don’t need to do anything. I’m not going to pretend to know anything about how life works, but just do what you want to do, not what you think others want you to do, and you’ll be fine. Now it’s time for me to take my own advice.
