Monika J
London life can be expensive with travel, shopping, bills and more. We’ve all had times when it’s difficult to make ends meet. Over the years, we’ve learned ways to keep our costs down and who we can turn to for support.
Top tips
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Having a UK bank account makes it easier to pay for services and receive a salary / government financial support
Most payments such as household bills and rent are also made online. Having a UK account makes these monthly tasks easier and cheaper than using a bank card from your country of origin by saving on international fees.
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Opening an online-only bank account can be easier and quicker than using a high-street bank
Online-only banks tend to have more relaxed rules. For example, Monzo and Starling do not ask for proof of address - although you must be living in the UK to apply.
- You need a smartphone with internet or WiFi connection to apply - it takes a few minutes, and applications are usually processed within a week!
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Get support from local organisations to help you manage your money
There’s no need to struggle alone when there is so much help available. The local organisations listed in this section can support you with a range of issues, including:
- Emergency food & housing
- Financial support & money management such as budget planning
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Shop and travel wisely - work out the cheapest options for you
- Shop around to find the lowest prices
- ‘Pay as you go’ on public transport using an Oyster / Contactless bank card for convenience and saving money. If you travel more than once each day or week, you are not charged more than the price of a Travelcard over this period (this is cheaper than adding the cost of each journey)
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Some people can get financial support from the government
The government provides support to people who receive a low income, are looking for work or are unable to work:
- You need to have lived and worked in the UK for some time before you can make a claim
- The ‘benefits’ system is complex. Get support from a local organisation before you make an application. Read later in ‘Financial support’