Living in central London has always been fun, however, with the cost of living increasing, and my expenditures rising, it may be time to consider moving. There are both advantages and disadvantages to living in the city, and I have lived her for over 10 years, and seen so many changes. The girls are settled here, but I have to consider what is right for my family and my challenge of saving 10K this year.
Living outside will create the dreaded commute
The biggest point to moving somewhere cheaper is that everything I manage to save will need to be spent on commuting every day. The moment you leave the comfort of the city centre, you need to find a way to travel to work that will not cost a huge amount.
As travelling expenses continue to rise, and the government see no problem with increasing the costs every year, moving out of the city could be a costly mistake. At the moment, I have the choice whether to cycle walk or use public transport. If I move further away, these choices will become limited, and cost me more every year.
London has become one of the most expensive cities in the world
The girls and I love having everything so close by, and being able to do such a huge array of different activities. However, this is beginning to come at a price, and things are getting more expensive every day. Thankfully I bought my house some time ago, and my mortgage is manageable, but even this is subject to change as the interest rates continue to go up and down.
Other housing related costs such as utilities and council tax are also rising, which has made paying the everyday bills a struggle. As I read the report on BBC.co.uk regarding the most expensive property in London, am I grateful that my little house is worth as much as it is, and if I decide to sell, it should go quickly.
A quieter pace of life
As much as I enjoy living in central London, it can feel claustrophobic, and there are times when I wish I could take the girls somewhere quieter. The suburbs of London are more tranquil, and appear to have a quieter pace of life. The house prices and commuting issues will still be high, but you will get more for your money.
This could ultimately help me to save the 10K that I have set my sights on, and I need to remain focused on why I am saving. Living further out of London will cut my overall costs, and enable me to provide a better life for the girls. I will need to take the time to consider several different options, and decide whether it is time to move away from London.