9 money changes coming in March - rail fare rise and cost of living deadlines
March is set to be a big month for your finances, with the Budget delivered by Jeremy Hunt to take centre stage.
The Chancellor will deliver his fiscal plan next week, where we will find out if any further tax cuts will be delivered. There are also rumours of more help for first time buyers, while we may also see changes to stamp duty and inheritance tax. We won't know exactly what will be unveiled until the Chancellor makes his speech.
In worse news for commuting Brits, rail fares will go up this month, while we’ll also have monthly inflation figures and the next Bank of England interest rates announcement. There are key schemes closing this month as well, including the Household Support Fund and Warm Home Discount. Here is everything you need to know.
March 3 - Rail fares going up 4.9%
Regulated rail fares in England will increase by up to 4.9% from March 3. This includes season tickets on most commuter journeys, some off-peak return tickets on long distance routes and flexible tickets for travel around major cities.
It follows a 5.9% rise in rail fares last March. To save money on train travel, try to book your tickets as far in advance as possible and see if you could benefit from a railcard. It may also be worth looking at flexi or weekly, monthly or annual tickets, depending on how often you travel.
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March 5 - Deadline to backdate benefit claim for £299 cost of living payment
Thousands of households should check their eligibility for Pension Credit by March 5 so they can then get the £299 cost of living payment. You can backdate Pension Credit by three months.
Pension Credit is available to people who have reached state pension age and are on a low income. It tops up your income to £201.05 per week for single people and to £306.85 for couples, and also unlocks over benefits such as free TV licences for over-75s and council tax discounts.
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March 6 - Budget
Jeremy Hunt will deliver his Spring Budget on March 6. It could be the last chance for the Government to announce any major financial changes before the general election.
There are rumours that the Chancellor could announce further tax cuts, following on from changes to National Insurance that came into effect last month. It has also been suggested that Mr Hunt is mulling over plans to allow 99% mortgages, which would allow first time buyers to get on the property ladder with just a 1% deposit.
Other help that could potentially be announced, although again this is unconfirmed, could be changes to Lifetime ISA so savers aren't penalised if they buy a home above the £450,000 threshold. It has also been suggested that we could see changes to stamp duty and inheritance tax.
March 20 - Inflation
The latest inflation data from the Office for National Statistics will be released on March 20. Inflation is a measure of how prices have changed over time. In the latest update from the ONS, inflation was revealed to have stayed the same at 4% in January.
At its highest point, inflation reached 11.1% in the 12 months to October 2022. The Bank of England has a target of 2% inflation, meaning the current rate is still double this target.
March 21 - Interest rates
The Bank of England will announce its next interest rates decision on March 21. The central bank held its base rate at 5.25% during its last fourth meets - putting a pause to fourteen round of rate hikes, in relief for mortgage holders and borrowers.
The base rate is what the Bank of England charges other banks and lenders - this in turn then influences the rates you are charged as a customer when you borrow money. If interest rates are higher, you'll pay more to borrow on products like variable rate mortgages - but the flip side is, savings rates should go up.
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March 31 - Household Support Fund comes to end
The current round of the Household Support Fund will end on March 31. The money is delivered through local councils, who each decide what type of help to offer - and who gets it. The type of support is typically supermarket vouchers, energy help, or even cash grants.
The total amount allocated to the Household Support Fund now stands at over £2billion since it first started in October 2021. But as there are no set guidelines on what help can be offered, it means many families face a postcode lottery when it comes to what help is available.
March 31 - Warm Home Discount ends
The Warm Home Discount scheme gives eligible households £150 off their energy bill. If you're eligible, the money will be applied to your energy bill by March 31. However, the deadline for you to apply if you haven't already received the payment is February 29.
Your energy supplier must first be signed up to the scheme, for you to potentially be eligible. You should get the payment automatically if you, or your partner, receive the Guarantee Credit portion of Pension Credit - this is known as “core group one”.
You should also get the discount automatically in England and Wales if you claim certain benefits and have high energy costs. If you live in Scotland and you claim benefits, you’ll need to apply for the Warm Home Discount through your supplier under the “broader group” criteria.
March 31 - Winter Fuel Payment deadline
The deadline to claim the Winter Fuel Payment is March 31. The Winter Fuel Payment is worth up to £300, depending on your living arrangements and circumstances, but everyone who is eligible this winter is also receiving an extra £300 pensioner cost of living payment on top of the standard Winter Fuel Payment.
This means some households will get up to £600. Most households were paid the Winter Fuel Payment automatically in their bank account in either November or December, but there are some cases where you may need to apply for it. For example, you may have to apply if you’ve deferred your state pension, or you live abroad.
March 31 - BT/EE price increase
BT and EE, which are both part of BT Group, have confirmed prices will rise by 7.9% from March 31. BT told The Mirror the average increase will be £3 a month. If you're a landline-only or Home Phone Saver user, your bill will rise by just CPI, so 4%.
You won't see your bill increase at all if you're on a BT Basic or Home Essentials social tariff package, as these prices have been frozen. Always compare prices elsewhere if you're out of contract to see if you can find a better deal.
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