Morning: Free Museums
Spend your morning at the National Gallery off Trafalgar Square, where you'll see paintings by world-famous artists, including Leonardo da Vinci, Rembrandt, Picasso, Michelangelo, Monet and Van Gogh. You can even join a free, 60-minute guided tour of the collection every day at 11.30am and 2.30pm.
Already experienced the delights of the National Gallery? Try the small but perfectly formed Wallace Collection instead. Housed in a grand residence near Marble Arch, the Wallace Collection includes portraits, porcelain and pikestaffs – there's a large room devoted to armour and weaponry. Entry is free.
Lunch: Cheap Eats In Carnaby
Whether you've spent your morning at the National Gallery or Wallace Collection, it's an easy walk, Tube or bus ride to the Carnaby area near Oxford Circus for a cheap lunch.
Afternoon: Hyde Park or Bargain Shopping
Once you've satisfied your hunger, stave off the urge to splash more cash with a relaxing afternoon in Hyde Park, which is free to enter.
Here you can stroll at leisure by the Serpentine lake, sit and read, or simply watch the world go by – some of the best people-spotting in London is to be found here.
BUDGET TIP: If you're keen to see the sites of London for free, take London Bus Route 4 for a cheap sightseeing tour! If you already have an Oyster Card or Travelcard, you will not need to pay for this journey. The 4 goes past Waterloo, the Houses of Parliament, Fleet Street, St Paul's Cathedral and the Barbican.
Alternatively, London Bus Route 88 will take you from Camden to Clapham via Regent and Oxford Streets, Piccadilly Circus, Trafalgar Square, Westminster Abbey, Big Ben, the Houses of Parliament and Tate Britain, before it passes the river Thames. Again, you will not need to pay for this journey if you already have an Oyster Card or Travelcard.
Evening: Discount West End Theatre Tickets
For dinner, return to Leicester Square in Central London. Avoid the pricier bars and restaurants right on the square and check out Chinatown – centred on Gerrard Street – which has loads of cheap restaurants.
Service is generally brisk, leaving you plenty of time to line up for standby theatre tickets, which are returns and unsold tickets for that evening's performance priced at a considerable discount. Pick a show you want to see and line up at the theatre, but be prepared to race around for your second or third choice!
If that seems too hectic, head to the TKTS booth in the middle of Leicester Square, where you can buy tickets at up to 50% off for West End shows both on the day and up to seven days in advance.
A decent cheap option for filmgoers is the Prince Charles Cinema which shows just-off-new-release films for discounted ticket prices. Tickets start from £8.00 per person (cheaper for members). The cinema also screens popular Sing-A-Long-A films, and you're encouraged to sing along, out loud, to your favourite movie musical!
Finally, those who want a late-night culture fix can check out one of the free Museum and Gallery Lates.