Graduate moving to london

ProcalX

I finish my degree in June and have accepted a Graduate job in london, as a student I have yet to experience council tax and other such costs of 'normal' living.

I am lucky enough to be leaving University with only £6k of debt (including overdrafts and credit cards). The job pays £19k a year in addition to a quarterly bonus and good commission structure. I plan to stay in Blackheath (SE3) for the first 2-3 months rent free with family, so I can save further and find somewhere at the right price in the right location.

What costs should I start taking into account? I appreciate your advice, so thanks alot.

T

Alioth

Congratulations on your job! 3 months goes quickly so you'll have to start thinking about the flat as soon as you come. I was looking in January and there wasn't too much on the market, hopefully it picked up. Expect to pay £1000 for a one bedroom flat in cheap areas in zones 2-5, studios will be a bit cheaper but not much. In this price bracket it will be probably ex-local authority, but don't be prejudiced. I recommend checking gumtree for offers but also going to multiple agencies and registering interest. I think we visited around 100 agents before we found our flat but we eventually got it thanks to a call from agency and not through the internet.
The rent in London is negotiable, you can make an offer on the price. Also you will need to pay a holding deposit upon placing an offer, and before seeing the contract. Contracts are also slightly more harsh than in other places, usually it's 12 months, renewable to another 12 month contract instead of periodic. There's sometimes a '6 month break clause'.

Jowo_2

Download the MSE budget planner on the free tools section of the website. Construct a budget and then stick to it.

The transport for London website has a travel planner which is good for estimating your journey to work and the cost of a zone card. Use that to identify short commutes at the next place you want to live. Buses can work out much cheaper if you are on a good route between home and work.

it's unusual for a young grad to live in their own property in London which is one of the most expensive cities in the world. Spareroom is a good website for rooms in shared property (perhaps better than Gumtree which is stuffed full of scams). I doubt you'd get anywhere decent for much under £120 per week excluding bills (additional contribution to council tax, gas/electricity, water, telecoms, contents insurance) which could add another £100 or so onto your household expenses each month). However, it's been a while since I lived there so other MSE members could give you an idea of where they live and what they pay for a house share.

Have a browse on Gumtree/Spareroom to identify the average costs in areas you'd like to live in. Better still, butter up your hosts in Blackheath (which I understand is a lovely spot) after the rent free period and see if they are happy to keep you on if you pay a token rent.

there are lots of websites dedicated to free and cheap things to do in London - make sure you bookmark them otherwise London can make you feel as if the money is simply falling out of your pocket. Time out and similar publications have books dedicated to enjoying the city on a shoestring.

The old style boards on MSE have good thrifty tips - check them out for their advice, such as links to cheap recipes. An easy way to keep your expenses low is to learn to cook cheap meals from fresh ingredients and taking your own lunch into work (it's easy to burn through £100 per month just on shop bought sandwiches and drinks).