AS a cost of living crunch hits millions of families, you’ll want to know about these nine personal finance changes rolling out from tomorrow.
A flurry of hikes are set to come in from April 1 – here’s what you need to do to protect your finances.
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Household bills are set to go up this year, putting a strain on financesCredit: Getty – Contributor
Millions of households will see their energy bills DOUBLE from tomorrow when the energy price cap increase will be introduced.
Mobile phone and broadband costs will also rise for many customers.
While petrol prices mean filling up a family car costs almost £100 now – even after Rishi Sunak cut fuel duty by 5p.
National Insurance and council tax rates will also rise.
But an increase to the living wage and some benefit rates could help ease the squeeze on budgets.
The living wage, which is paid to those age 23 and over, will rise from £8.91 to £9.50 an hour from April.
Here’s exactly what you need to know about the big personal finance changes happening from tomorrow.
Council tax rises by up to 6%
Council tax is going up from tomorrow – and families are now typically being charged £2,000 or more for it.
Rates will be hiked by as much as 6% across the country, with the levy going towards upkeeping local services like roads and state schools.
How much extra you will pay will depend on your local council and what band you are in – which is based on how much your home is worth.
There’s no way to avoid the increase, but it pays to be aware of upcoming changes so you’re not caught out.
Plus, there are steps you can take to make the rise easier on your budget.
How to beat the hike
You could be eligible for a council tax reduction without realising and some people can even get a 100% discount.
If you live on your own, you’re entitled to 25% off your council tax bill.
This also applies if there is one adult and one student living together in a household.
If you live with someone who doesn’t have to pay council tax – such as a child or someone who is severely mentally impaired – you could get a 50% reduction.
If you live in an all-student household, you won’t have to pay council tax.
Many households will also get a £150 rebate on their council …….
Source: https://www.thesun.co.uk/money/18122491/nine-personal-finance-changes-tomorrow-explained/