How to do London, for less

Where to stay, what to do and where to eat on the cheap

LONDON -- Last time I was in London, my hair was bigger and the U.S. dollar was stronger. That was nearly two decades ago. When I returned to England's capital this summer for a long-overdue visit, the British pound was, well, pounding the hell out of the not-so-mighty greenback. (But my hair, I'm happy to report, looked much better.)

The exchange rate has improved a bit since my July trip, but let's face it: London is an expensive city. Make that the third most expensive city in the world behind Moscow and Tokyo, according to a recent cost-of-living survey by the consulting firm Mercer.

London also happens to be one of the world's greatest cities and a place we Yanks love to visit.

Here's my advice for seeing it on the cheap:

The good news is that London has 238 free museums and galleries. The bad news can be summed up in a recent Sunday Telegraph headline: "Ripoff London's attractions are most expensive in world." The newspaper found that London's top tourist attractions cost considerably more than similar sites in other cities. Entrance to Westminster Abbey costs close to $24. Notre Dame in Paris is free.

If you plan to do some serious sightseeing, it makes sense to get a London Pass. The credit-card-sized pass gets you free entry to more than 50 tourist attractions as well as discounts at a few dozen restaurants.

Passes are good for one, two, three or six days. My one-day pass cost $76. It got me free entry to Shakespeare's Globe Theatre, Tower of London, Tower Bridge Exhibition, Britain at War Experience, a river cruise on the Thames and a half-price lunch at the ubiquitous -- and super tasty -- Wagamama Asian restaurant chain. The pass saved me close to $40. Extra perk: You get to skip the lines; www.londonpass.com.

Hostels aren't just for youths. The 300-bed Palmers Lodge in London's Swiss Cottage neighborhood is clean, centrally located and a bargain at $30 a bed -- if you don't mind dormitory-style digs. I know I didn't when I was a college student backpacking through Europe, but I'm getting soft in my old age. So I reserved a private room and bath for $107 a night, breakfast and WiFi included; www.palmerslodge.co.uk. Premier Inn is a leading budget hotel chain; www.premierinn.com. For something more intimate (and a little more money), check out Uptown Reservations' upscale B&Bs in some of London's poshest neighborhoods; www.uptownreservations.com. In the summer, universities offer low-cost dorm rooms; www.venuemasters.co.uk.

Get London theater seats for a song at the TKTS booth in Leicester Square and Brent Cross shopping center. Discounted tickets -- usually half-price -- are sold for that day's performance to many West End shows. Get up nice and early for the best selection; www.tkts.co.uk.

At Shakespeare's Globe Theatre, the cash-strapped and strong-legged can pay $10 for standing room tickets at this open-air venue, whose season runs from April to October; www.shakespearesglobe.org.

They're a great place to grab cheap grub, and the Sunday UpMarket on Brick Lane is the best of the bunch. Housed in the Old Truman Brewery, this hipster-magnet market is packed with stalls selling food from around the world: veggie samosas, paella, crepes, sushi, Ethiopian stew -- all for a few pounds; www.sun dayupmarket.co.uk. Any day of the week, Brick Lane on London's East End is the place to go for curry and other low-cost ethnic eats. But Sunday is best. That's when the street is lined with vendors hawking everything from toasters and trinkets to art and cool clothing. I snagged a new French Connection jacket for $20.

To snack on fancier cuisine, foodies will want to hit the Borough Market under the railway arches at London Bridge. The Thursday-Saturday market is where you'll find all things gourmet; www.boroughmarket.org.uk.

A Tube trip can set you back $8 if you pay cash, but just $3 when you use an Oyster card. Buy an Oyster card at a Tube stop for $20 or $30 and use it throughout the city's public transportation system. Fares are automatically deducted and they're always cheaper than using cash. Give the card back at the end of your trip for a refund on your small deposit and unused money remaining on the card.

From Heathrow Airport, express trains to the city center cost a fraction of what you'd pay for a cab. The Tube is cheap, but you'll get there faster on the Heathrow Express train, $31; www.heathrowexpress.com.