If you live in central London, the cost of living can be crippling as it is the fourth most expensive place to live in the entire world. With this in mind, you want to save as much money as possible on things like travel expenses.
This article will explore some of the ways you can save pennies on your commute to work or to that dinner with friends!
The Tube is one of the most popular modes of transport in and out of central London. You are never far from a station, it’s fast, and more often than not, one of the cheaper ways to get around.
The Tube is one of London’s greatest engineering achievements and has been in action since 1843, so it is very popular with tourists as well as those living or working in the city.
There are a few ways to save money on your rail fares.
Firstly, if you are a student, then getting a student Oyster card is going to save you a huge 30% on rail fares. So, make sure you take full advantage of this if you are studying in the locality.
Where possible, try and avoid peak travel times and travelling outside of zone 1, as this will give you much cheaper fares than using the busiest zones at the busiest hours.
If you are under 30, you may be eligible for a rail card; you can hook your rail card up to your Oyster card, which will award you a 33% saving every time you use it!
Tube fares are capped at £7.50 per day, so you know no matter how much you use it, you will not spend more than this.
If you are fit (or want to be) then a very cheap way of travelling around the city is by cycle. If you have your own bicycle, then great, but London also has a great cycle network introduced by Boris Johnson when he was mayor. And it has multiple pick-up/drop-off points around the city, making it extremely accessible. This scheme allows you to hire a bike for 30 minutes for just £2. So, if the weather is decent and you’re feeling up to it, this is a great way to save money and get fit at the same time!
Using your own car in London can be expensive, largely because of the congestion charges posed in the busier areas of London. The congestion charge is now £15 per day and in addition to the extortionate parking costs inside inner city London, it can be a deterrent for using your own car.
However, electric cars are exempt from congestion charges in London at present. Whilst electric car prices are high in many cases, and it can be expensive to purchase an EV outright, LV Electrix states that leasing an electric car could be a more affordable option. LV Electrix has info on cheap electric vehicle insurance and smart charging points, which will further save you money in comparison to the cost of owning a traditional petrol or diesel car.
Having your own car at your disposal is much more convenient than waiting for public transport or having to navigate to the correct station, so if you do travel a lot in London and want to have your own car, an electric vehicle is an ideal way to go.
Cabs are expensive in comparison to other modes of transport in London, but they are more convenient when taking you from doorstep to doorstep without worrying about where to park.
The hackney carriages you flag at the side of the road often charge a little more than private hire cars you book in advance, so if you know when and where you need a cab, pre-booking is always advised.
In addition to this, try to travel outside of peak hours when fares are higher.
The good old London red bus is of course iconic but is also one of the cheapest ways to travel around the city. Each journey costs just £1.50 and is capped at £4.50 a day, making it extremely affordable.
You can also purchase a travel card, which will allow you to travel on London buses free of charge!
A 7-day bus pass for London red buses costs just £21.20, and you get to see some wonderful sights on route (which is a lot more than you can see from the Tube window.)
In this article, we have covered some of the best ways to travel around London and how you can save money on each of them. However, if you are looking for an even cheaper way to get around, then walking is also free, and you will witness some of the great sights of London!