Introduction
It is not easy to live in developed countries. The cost of living is high, and you must also meet it. Living in the UK is not easy. You have to bear expenses more than other developed countries. Food, transport, rent, and the cost of other things are very high. Students and people coming to the UK need to know about living costs. Knowing the cost is important for making plans. The cost of living is not the same throughout the UK. It depends on the place where you live. For example, London is more expensive than the other cities and districts of the UK. London is the top expensive place to live in Europe. People can overcome this by living in different places. People live in northern England to save money. Every country has expensive and cheaper parts. The same rule is applicable within the UK. The average expense of a single student is almost £250 a week. This article on Ezine Business highlights the expenses to make good plans for the future.
Calculations Of Living Expenses
Rent is a major expense for living within the UK. It varies according to your place of living. Your accommodation services also decide its price. The average cost of a single bedroom flat in London is almost £1600. It is higher in comparison to many developed countries. Students share the flat to cut the cost. Most of the students use university hall services to overcome the cost. Rent in other cities is around £800 per month. Rent demands a large amount of money. Careful planning is important for students to meet this expense. Their selection of accommodation is vital for managing the budget.
Tax
Taxes in developed countries are very high. The government takes a large part of the average person’s income. Tax rates are also very high in the UK. The government takes up to 45% of the income (Gov.Uk, 2021). Students living in the UK also pay council tax. The amount of tax varies according to the place of living. This tax helps in street maintenance, police, and trash clearance. It costs around £30 per week.
Utilities
You also have to meet the expenses of utilities like gas, electricity and others. It costs around £250 per month. This cost varies according to its use. If you are not at home for some days, the cost may not be the same. The cost also decreases if you live alone. Their amounts vary, but we cannot exclude or ignore them while planning the budget.
Transport
According to experts of an essay writing service, transport is the need of everyone. People use it for moving around. The local bus service is good in the UK. It is also cheap for travelling. People buy bus passes to travel. People prefer using bus services over their vehicles. It provides more benefits as compared to its cost. The average price of a bus pass is around £60 per month. Students receive discounts on the pass. Train and coach service is also famous within the UK for travel. People use train services to travel from one city to another. Students can cut this expense by living in the university hall. They can take private flats near the university to save this amount. Students can also use bikes to travel. The bike is both cheap and time-saving for the students.
Dealing in Cash
Having a bank account is important for everyone. In the UK, it offers to pay through a bank. People pay their expenses through cards. Without an account, you have to pay more amounts in different forms. Choosing a bank is essential to saving money. Bank fees are different for transferring money. Hence, it’s crucial to find the best option for international transfers.
Food
Food is an essential part of everyday life. The cost of food is important for budgeting the expenses. Food items may vary according to the place of purchase. There are different options available for students to purchase foods. They can eat meals from the university cafeteria. They are cheaper than those available at the restaurants. Students who live in private places have an idea about the rate of food items. They can ask the locals for help in finding cheaper products. Students can reduce this cost by cooking themselves.
TV expenses
Most of the time, we ignore this expense. It is compulsory to pay TV-associated expenses in the UK. It doesn’t matter from which device you watch. This is a yearly expense, but it is charged a handsome amount. If you live through sharing, you can divide this tax. These little expenses disturb the budget if you don’t notice them on time.
Miscellaneous expenses
It is important to consider these expenses under the cost of living. We ignore these expenses, and they affect our budgets. These expenses include books, phone plans, internet and others. Other expenses like school fines and general expenses also affect the budgets. It is important to spare money to deal with these expenses. Otherwise, it disturbs the whole budget.
How much money is enough to meet the cost of living within the UK?
The amount of money depends on the place you live in. Living in London requires a large amount of money. A study shows that the UK is the 2nd most expensive city. Moreover, people must pay at least £100 for a night’s stay in the UK (Statista, 2018). Your living style decides your living cost. Maintaining high standards leads to high costs. People have to consider their styles while estimating the cost of living.
Conclusion
Living in a developed country is not easy. You have to bear daily expenses at a higher rate. The rate of cost of living varies within different regions of the UK. London is the most expensive place in the UK. People can save costs by living in other areas of the UK. People pay a large amount for rent and transport expenses. They also pay a high amount of taxes. Even international students pay taxes on a local level. Many general expenses disturb the budget. But this can be dealt with through proper planning. Defining the lifestyle is important before calculating the cost of living. Everyone has to find their cost of living to manage their expenditures better.
