Some major changes are coming next month which could make a big difference to your finances. With the cost of living crisis continuing to bite the government is rolling out a number of measures to help struggling households.
Support already includes a £400 discount on your energy bills which is being given in instalments over six months and lasts until April. The UK Government recently announced how households without a direct link to an energy supply can now apply for the discount. You can find out more about that here.
Tuesday, February 28, is also the deadline to apply for the Welsh Government's £200 fuel support scheme, which remains open in some council areas. Millions of people will also be receiving a £900 cost of living payment in instalments beginning from the spring.
Read more: All the free money you may be able to claim right now in Wales
With so much happening it can be easy to lose track of what is going on with cost of living payments and other important dates that could make a big difference to your pocket. So we've rounded up all the big changes to look out for in March that could make a difference to your money. To get all the latest money-saving news straight to your inbox sign up here.
Rail prices increase - March 5
Train prices will increase in Wales by 5.9% from March. Fares usually rise each year based on the annual increase in the retail price index (RPI) from the previous July but the government has confirmed that rail fares won't rise by July's RPI value of 12.3% in March. However it is still the biggest hike in more than 10 years. A single ticket from Cardiff to Newport currently costs £5.70 and may cost passengers £6.04 after the increases come in. To find out what the increase means for the most common fares in Wales click here.
UK government's spring budget - March 15
Chancellor Jeremy Hunt will set out a spring budget on March 15 as confirmed by the Treasury last December. Mr Hunt delivered his first budget as chancellor in November as the government sought to restore the UK’s economic credibility following Kwasi Kwarteng’s disastrous mini-budget. Mr Hunt set out a series of “difficult” decisions designed to ensure a “shallower” recession for the UK amid a backdrop of the war in Ukraine, soaring energy bills, and the economic turmoil that spelled the end of Liz Truss’s short-lived administration.
Interest rates announcement - March 23
The Bank of England's monetary policy committee's (MPC) second meeting of 2023 is happening on March 23 and it could mean another increase to interest rates. In February the Bank of England raised the base rate of interest by another 0.5% to take it up to 4%. That was the 10th rise in a row and leaves the base rate at its highest level since the 2008 financial crisis. This made mortgages and other debt more expensive for millions of people and another increase in March would have a similar effect.
Help to Buy deadline - March 31
Help to Buy equity loans can only be given once the purchase of your home is completed by March 31. Help to Buy is designed to help people who want to get ion the property ladder with a 5% deposit. The government lends you up to 20% of the property price and after five years you'll have to start paying interest on the loan. The current phase of the scheme, which has a price cap of £250,000, is due to close to applications at the end of March but has been extended for another two years in Wales with a new cap of £300,000 from April.
End of monthly energy discounts - March 31
The government's £400 discount off energy bills, which is spread over six months, ends in March having been given each month since October.
READ NEXT:
What the latest Ofgem energy price cap announcement means for your bills
How to get £400 Government energy bills support as nearly a million households to benefit
DWP benefits, minimum wage and energy prices: All the big money changes to look out for in 2023
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