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@jodie_harsh
16,000 in reality isnt much (depending on how you spend obviously) - its possible if you try finding a place to stay not in the immediate london area (zone 1-3 on the underground map). I live in ilford, it takes me about 30-40 minutes via underground to get into central or so or 40mins or so cycling.
The further you live out the cheaper it is - public transport ain't that bad depending where u go.