It has to be accepted that if you decided to draw up a list of the most expensive places in the world to live, London would come out reasonably near the top.
Despite this, London does not have to be that costly. If you are frugal and spend money sparingly you can end up getting by on very little while still enjoying what London has to offer.
There are loads of activities for residents and visitors to enjoy which cost absolutely nothing. You can spend a day walking around London parks and visiting a bountiful number of London museums and London galleries without even needing to dip into your cash reserves.
London living costs tend only to soar when you start going out a lot. Equally if you want your own flat or double room in a nice area then you have to expect to pay for it.
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Hostel and hotel prices in the capital will vary widely across the city, with some accommodation available for as little as £7 per night.
Obviously, these prices will vary depending on the time of year of your visit, with travellers expected to pay more at the height of summer and able to secure some bargains at quieter times of the year, such as January.
The cost of staying in the capital will also vary greatly depending on the location of your hostel/hotel or other accommodation choice. Generally as a rule, the closer you are to the centre of the city, the more expensive the cost of living.
Hostels are by far the cheapest option for travellers to take advantage of. Prices at Hyde Park Hostel for example, which is located in Bayswater, start from just £6.99. It is within walking distance of Notting Hill and Kensington Gardens.
Bed and Breakfast
Prices for bed and breakfasts start from around £12, with a wealth of destinations all across the capital to choose from and the guarantee of a hearty meal in the morning.
London is a premier destination for travellers and as such there are a number of hotels around which cater for everybody's tastes and budget. Prices are similar to bed and breakfast and they tend to be a more comfortable long-term option.
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Wherever you choose to eventually set up camp, it is worth bearing in mind how easy it will be for you to get around.
The vast majority of Londoners use an Oyster Card routinely to pay for all their London transport needs.
To get hold of an Oyster, individuals will need to put down a deposit of around £5 which they can claim back once the card is no longer required.
For an adult travelling in London regularly, the Oyster Card will always be the cheapest option when it comes to transportation
However, for many shorter term visitors, the alternative travelcard scheme may be more attractive.
Costing just £7.20 (£5.60 off peak) for a day's unlimited use in zones 1-2, it acts as the perfect way for a traveller or visitor to the city to get around at a minimum cost.
Alternatively, a travelcard covering zones 1-4 costs £10 (£6.30) and zones 1-6 £14.80 (£7.50).
Victoria is an excellent transport hub, and you can stay in an affordable hotel in the area from just £13.30 per person
With a wealth of history, culture and exciting attractions, London always has plenty to offer the visitor. However, sightseeing in London can sometimes not be the easiest or cheapest experience, but there are plenty of affordable options.
According to official figures, over 5.5 million people visited the British Museum (Great Russell Street) during 2009, making it one of the most popular visitor attractions in the UK.
The Tate Modern (Bankside) is another popular destination for individuals to enjoy, with free tours of the gallery's art collection running on a daily basis.
While a number of London's cultural offerings such as museums and art galleries are free to visit, there are a number of other attractions which require an entrance fee.
One way to enjoy these sights is by purchasing a London Pass for as little as £40 for a day's use, with the cost creeping up to £55 for those who want to spread their sightseeing over two days.
The award-winning pass offers individuals entry to over 55 attractions including the Tower of London, St Paul's Cathedral, Windsor Castle and many more.
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London has a wealth of entertainment options, from pubs and bars to the cinema, theatre, nightlife, music events and various festivals happening throughout the year.
In terms of prices, you can expect to pay slightly more in London compared to other parts of the country although there are a number of deals and promotions which can help ensure that having a good social life does not dent your wallet too much.
London will never be short of pubs and there are ample opportunities to take a break from the hustle and bustle of city life with a refreshing pint or glass of wine.
You can expect to pay anything between £3 and £4 for a pint in most London pubs, with a small glass of wine costing a similar price.
With so many London gigs and concerts to choose from, it can be hard to know where to start.
The live music scene ranges from free venues with up and coming bands, such as the Notting Hill Arts Club where live bands can be heard (from 4pm to 8pm on a Saturday afternoon or on a Wednesday evening) to more established acts playing at the O2 Arena.
For the discerning film fan a membership at Cineworld for as little as £13.50 a month will entitle you to unlimited screenings in all participating cinemas, such as the one in Ilford, the O2 or Wandsworth.