There will be seven money changes in March, including changes to benefits and the spring budget
SEVEN big money changes are coming in March, and many of them will impact your wallet.
From rail fare increases and broadband, TV and mobile price increases to the closure of a major free money scheme, it’s essential that you’re aware of what’s coming to help you plan ahead.
Hundreds of thousands of retirees will also want to act quickly to secure the third and final tranche of the government’s subsistence payment.
Thousands of people on benefits, including Universal Credit, will also be paid earlier than normal later in the month.
Here’s everything you need to know.
Train fares increase – March 3
Millions of commuters will pay more for their train tickets from March after a year of strikes paralyzed the network.
On Sunday, March 3, rates will increase by 4.9%.
Train fares typically rise annually, but the government again intervened to limit them in the face of soaring inflation.
Train fares rose by 5.9% last March – the biggest increase in a decade – but well below the July 2022 inflation rate of 12.3%.
The increase applies to government-regulated fares such as season tickets on most commuter routes and some non-peak return tickets on long-distance routes.
Train companies can set their own ticket prices on non-regulated fares.
The Department for Transport said its actions would keep regulated fares more than 9% lower than they would have been if increases matched inflation over the past two years.
However, the 4.9% increase will still mean millions of commuters will pay more for their train journeys.
The current cost of a weekly trip from Oxford to London is £6,096, which will rise to £6,394 from March – £298 more.
Meanwhile, a season ticket from Tunbridge Wells to London will rise by £372 to £5,829.
It comes after a year of train strikes, which paralyzed the network and left thousands of commuters struggling to get to work.
We’ve listed several ways to reduce train travel costs to soften the blow.
Deadline for pension credit – March 5
Thousands of households still have days to claim the final living expenses payment worth £299.
More than 1.4 million pensioners will receive a pension credit, making them eligible for the final living expenses payment of £299.
But there are still 850,000 retirees who are eligible for the benefit and are not claiming it.
This means they risk missing out on the £299 payment, which was paid out on February 6.
To receive the first payment, you must have received at least one of the seven benefits, including pension credit, between November 13 and December 12.
It doesn’t matter if you only qualified for one day. As long as this day fell within the qualifying period, you will be paid your living expenses.
The same rule applies to new pension credit applications, which can be applied for up to three months retroactively.
This means thousands more people could qualify for the money by applying for the benefit now.
Eligible households, but not entitled to a pension credit, must therefore apply before March 5.
This ensures that any payments can be made backdated and within the qualifying period for the £299 living expenses payment.
If you submit your claim later, the DWP may not be able to process your claim in time.
And if you miss the deadline, your claim won’t extend all the way back to the qualifying period, meaning you’ll miss out on the money.
Spring Budget – March 6
The Chancellor will announce the government’s spring budget on Wednesday, March 6.
As many households continue to struggle to keep up with the rising cost of living, they are also keen to learn more about any support packages or assistance available.
But Jeremy Hunt has insisted there is “light at the end of the tunnel” after figures showed the UK economy entered a recession at the end of 2023.
Of course, we won’t know until the day itself what exactly will be included in the Spring Budget, but we have looked at what we could expect.
From possible tax cuts to changes to child benefits, we’ve listed what could come to fruition on Wednesday.
Benefits paid early – March 29
This is because if your normal pay date falls on a public holiday, you will be paid the first business day before this date.
If your usual date for receiving benefits falls on a holiday, you don’t need to do anything.
This year Good Friday falls on Friday, March 29.
Easter falls on Sunday, March 31, with Easter Monday the following day.
Payments scheduled for Friday, March 29 and Monday, April 1 (the two Easter holidays) will appear in bank accounts slightly earlier.
Instead, they will be made on Thursday, March 28.
The amount you owe remains the same.
Remember, if you get paid early, you’ll need to hold the funds longer as there will be extra days to wait until your next payment date.
Make sure you factor this into your budget so you don’t find yourself in a pinch at the end of the month.
If you expect an earlier payment and it does not arrive, you should contact your bank first.
If this is not the case, you should contact the DWP.
Price increases for broadband, TV and mobile – March 31
Millions of broadband, mobile and TV customers will be hit with huge bill increases at the end of the month.
This is because telecom providers usually increase the prices of their contracts in the spring.
Providers typically increase their prices annually based on the inflation rate plus up to 3.9% more.
The December CPI figure (4%) or the January RPI figure (4.9%) are used by many mobile and broadband companies to increase prices.
The increases will take effect from March 31 to April 1 for millions of customers.
This means that the new rate will take effect from your next invoice after that date.
The increase will impact customers even if they have signed a fixed price contract.
This is because many companies have included price increases halfway through the contract in their general terms and conditions.
Exactly how much more you have to pay depends on how much your bill is now.
BT, EE and Plusnet are all increasing customer rates on March 31.
The other telecom giants will increase rates on April 1.
We’ve revealed it before how many prices will increase in the spring at 11 different providers.
The Household Support Fund closes – March 31
The £842 million The Household Support Fund (HSF) scheme ends on March 31.
The support has been extended four times since it was launched, but so far the government has refused to confirm whether it will be extended.
Under the HSF, each municipality receives a different share of funding, depending on the size of the catchment area, population and need.
Households can receive supermarket vouchers or cash grants worth up to £1,000.
But the exact amount you can get depends on where you live, so you should check what you can get and how your council will pay you.
Some municipalities pay out automatically, while other municipalities require an application form to be completed.
Other municipalities can use the financing from the scheme to make homes more energy efficient.
To receive the assistance, you usually must have a low income.
The DWP has already warned Sun readers struggling with their energy, water and other essential bills to contact their local authority and ask about the HSF before it’s too late.
Cold weather payments end March 31st
Households in need can receive £25 towards the cost of their energy bills during long periods of freezing weather.
Depending on where you live, you can have the money deposited directly into your bank account within 14 days.
The free money known as the cold weather payment, from the Department for Work and Pensions (DWP).
It is designed to help low-income people with their energy bills when temperatures drop.
People tend to use more energy when temperatures drop because they have to turn up the heating.
Under the scheme, which runs between November 1 and March 31, households can get £25 for every seven days of low temperatures.
You do not need to request payments, they will be made automatically if you qualify.
You may be owed multiple payouts if the cold weather lasts longer than seven days.
Some areas have paid as much as £75 in previous years.
More information about eligibility can be found on the government website.
Receiving the cold weather benefit does not affect the other benefits you receive.
If you are eligible, you will automatically receive the payments within 14 days to the same account where you receive your benefits.
But if you think you should receive the payment and haven’t, contact your pension center or Jobcentre Plus office, or call the Universal Credit helpline on 0800 328 5644.