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April 14, 2016
Girls Talk: The cost of London Living
For a year and half I spent four hours, five days a week commuting in and out of London. To put in real terms that is a flight to Madrid and back. My days started at 6.30am and would end anytime after 7.30pm on the assumption that Southern Network managed to remove leaves from the track and resolved those mysterious “signalling’ issues.
After working at my job for a year I was ecstatic to be promoted to Campaigns Officer. The role is everything I ever wanted, but of course with any promotion comes more responsibility and a few longer days. The next 4-6 months became a blur of commuting and working. I started to realise that when I was with my friends all I spoke about the queue at London Bridge to get on the Northern Line or how the printer broke at work before an important meeting – hardly the life and soul of the party.
Although it’s safe to say I am career driven and I do love my job, I feel at 23 years of age I should be grabbing more opportunities in life. I should be taking up new hobbies, dedicating more time to writing and managing a night out with my friends without needing to leave before midnight.
Taking the plunge
It soon became clear that I had a decision to make. I either stuck the commuting out and lived at home to save money so I could join the property ladder in a few years or I claimed my life back and moved to London. This wasn’t an easy decision to make as most of my friends have chosen the former option, but I had to do what was right for me. That’s why at the end of February I decided to take the plunge and move to London, but with the promise to myself that I would store away £200 a month in a Help to Buy ISA.
After many house viewings, lots of small talk and even longer days, I managed to find a nice flat share with five other girls on the website SpareRoom.com. On my second day I took myself to Halifax to open an ISA and felt pretty chuffed that I had finally flown the nest and entered the world of adulthood.
But that pipe dream was short lived and the reality of living in London kicked in. The whole point of me moving to London was to claim my life back and experience new things. However, these “new experiences” came at a cost and a large one at that. Even though the commute is only a mere 20 minutes, it still costs money to take the tube. I have food shopping to think about, bills and ‘let’s go for drinks’ seems to slip off the tongue as easy as ‘fancy a cup of a tea?’
The harsh reality
Even when working to an extremely tight budget, unexpected costs crop up. For example replacement watch batteries, dry cleaning (because someone is sick on you on the last tube home), and basics like toilet paper and milk. Living in a house of six means those normally insignificant products become much more significant.
When I was living at home I wouldn’t need to think about the extra costs as much as much as I do now. I now frequently have to make decision on what is more important, and what is worth that extra cost. No one wants to have to make the choice between smelling of sick and not being able to tell the time.
It’s very well George Osborne introducing another ISA, this time for saving for a house and a pension, but the reality is, it’s very hard for a 20-something, living in London and starting out in their career to save £4,000 a year. Not once have I managed to save £200 a month – and the guilt and pressure of not being able to put money aside for the future is weighing heavily.
Making the right choice
But it comes back to that decision again. Do I want to spend my non-working hours on a train or do I want to literally pay into the pockets of someone else to live in London? The answer to this question will be different for everyone. For me, moving to London was the right decision for now. I do feel a lot happier and am enjoying life a lot more. But this certainly isn’t a long-term solution. This ‘choice’ is something I’m sure I will keep facing and I know one day I will need to find a cheaper property or potentially move back home.
You have to make choices that are right for you. There is so much social pressure to ‘do the right thing’, but what does that really mean? In my opinion it is hard to save, and as long as I’m not gallivanting around London, I know I am trying my best, and that’s all anyone can ask for. I hope one day I will be a homeowner but I need to be realistic that that isn’t happening any time soon. And in this time of austerity, I’m well aware I’m lucky to be in this dilemma at all. The most important thing is making sure you’re happy, as surely that’s all that matters?
Watch the first episode of the second series of Girls Talk as our hosts discuss the new government ISA for young people which is supposed to help them with a deposit for a mortgage.
Katy Ashford
@KatyJAshford
