Seven money changes coming in March – including benefits payments, fare hike and Spring Budget

SEVEN major money changes are coming in March, and many will impact your pocket.

From rail fare hikes and broadband, TV and mobile price rises to the closures of a major free cash scheme, it’s vital you’re aware of what’s coming to help plan ahead.

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Hundreds of thousands of pensioners will also want to act quickly to secure the third and final instalment of the government’s cost of living payment.

Thousands on benefits, including Universal Credit, will also see their payments made earlier than usual later in the month.

Here’s everything you need to know.

Rail fares increase – March 3

Millions of commuters will pay more for their train tickets from March after a year of strikes crippled the network.

Fares will be hiked by 4.9% on Sunday, March 3.

Rail fares usually rise annually, but the government stepped in again to cap them amid soaring inflation.

Rail fares increased by 5.9% last March – the biggest hike in a decade – but far below the July 2022 inflation rate of 12.3%.

The hike applies to fares regulated by the Government, such as season tickets on most commuter journeys and some off-peak return tickets on long-distance routes.

Train companies can set their own ticket prices on unregulated 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 in the last two years.

However, the 4.9% increase will still see millions of commuters paying more for their rail journeys.

The current cost of a weekly commute 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 crippled the network and left thousands of commuters scrambling to get to work.

We’ve listed several ways to cut train travel costs to help soften the blow.

Pension credit deadline – March 5

Thousands of households have days left to claim the last cost of living payment worth £299.

Over 1.4million pensioners receive pension credit which makes them eligible for the final £299 cost of living payment.

But there are 850,000 more pensioners eligible for the benefit who aren’t claiming it.

This means they risk missing out on the £299 payment which started being issued on February 6.

To get the first payment, you will need to have been in receipt of at least one of seven benefits, including pension credit, between November 13 and December 12.

It doesn’t matter if you were only eligible for a day – as long as this day was within the qualifying period you’ll get the cost of living payment.

The same rule applies to fresh pension credit claims which can be backdated by up to three months.

This means that thousands more people could become eligible for the cash by applying for the benefit now.

So households eligible but not claiming pension credit should put in a claim by March 5.

This will ensure that any payments can be backdated and fall within the qualifying period for the £299 cost of living payment.

If you put in your claim any later than this – the DWP may be unable to process your claim in time.

And if you miss the deadline your claim won’t be backdated all the way back to the qualifying period, so you’ll miss out on the cash.

Spring Budget – March 6

The Chancellor will reveal the government’s Spring Budget on Wednesday, March 6.

Jeremy Hunt will outline the financial plan for the rest of the year, including tax hikes, cuts and benefits changes.

With many households still struggling to keep up with the rising cost of living, they’ll also be keen for more information on any support packages or help available.

But Jeremy Hunt has insisted there is “light at the end of the tunnel” after figures showed Britain’s economy slipped into a recession at the end of 2023.

Of course, we won’t know exactly what’s coming in the Spring Budget until the day itself, but we’ve looked at what could be expected.

From potential tax cuts to changes to child benefit, we’ve listed what might come to fruition on Wednesday.

Benefits paid early – March 29

Those on Universal Credit, Pension Credit and the State Pension could see money land in their bank accounts earlier than usual at the end of March.

This is because if your normal payment date lands on a bank holiday you are paid the first working day before this date.

You don’t need to do anything if your usual date for getting a benefit falls on a bank holiday.

This year, Good Friday will be held on Friday, March 29.

Easter falls on Sunday, March 31, with Easter Monday following the next day.

Payments scheduled for Friday, March 29 and Monday, April 1 – the two Easter bank holidays – will land in bank accounts slightly earlier.

They will instead be made on Thursday, March 28.

The amount you’re due will remain the same.

Don’t forget that if you get paid early, you’ll have to make the money last longer as there will be extra days to wait until your next payment date.

Make sure you factor this into your budget so you’re not struggling towards the end of the month.

If you expect an earlier payment and it doesn’t come, you should contact your bank first.

Failing that, you should contact the DWP.

Broadband, TV and mobile price hikes – March 31

Millions of broadband, mobile and TV customers will be hit by huge bill hikes at the end of the month.

This is because telecom providers usually raise the prices of their contracts in the Spring.

Providers usually increase their prices annually based on the rate of inflation plus up to 3.9% more.

December’s CPI figure (4%) or January’s RPI figure (4.9%) are used by many mobile and broadband companies to hike prices.

The increases will come into effect for millions of customers on March 31 on April 1.

This means the new rate will kick in from your next bill after that date.

The increase will affect customers even if they’re signed up to a contract with a fixed price.

This is because many firms have mid-contract price rises written into their terms and conditions.

The exact amount more you’ll have to pay will depend on how much your bill is now.

BT, EE and Plusnet will all hike customer charges on March 31.

The remaining telecom giants will raise charges on April 1.

We’ve previously revealed how much prices will rise under 11 different providers in the Spring.

Household Support Fund closes – March 31

The £842million Household Support Fund (HSF) scheme is due to close on March 31.

The support has been extended four times since it was launched, but until now, the government has refused to confirm if it will be extended.

Under the HSF, each council gets a different portion of funding depending on the size of the catchment area, population, and need.

Households could get supermarket vouchers or cash grants worth up to £1,000.

But the exact amount you can get will depend on where you live, so you’ll have to check to see what you can get and how your council will pay you.

Some councils will make payouts automatically and others will require you to fill in an application form.

Other councils may use funding from the scheme to help make homes more energy efficient.

You’ll usually need to be on a low income to receive the help.

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 31

Hard-up households can get £25 towards the cost of energy bills during long periods of freezing weather.

Depending on where you live, you can get the money paid directly into your bank account within 14 days.

The free cash, known as the cold weather payment, comes from the Department for Work and Pensions (DWP).

It is designed to help people on low incomes with their energy bills when temperatures plummet.

People tend to use more energy when temperatures drop as they need to turn their heating up.

Under the scheme, which runs between November 1 and March 31, households can get £25 during each seven days of low temperatures.

You don’t have to apply for payments, as they are made automatically if you qualify.

You might be due multiple payouts if the cold weather continues beyond seven days too.

Some areas have been paid as much as £75 in previous years.

You can find out more about eligibility on the government’s website.

Getting the cold weather payment doesn’t affect any other benefits you get.

If you’re eligible, you should get the payments automatically within 14 days, into the same account where you get your benefit payments.

But if you think you should get the payment and haven’t, then contact your pension centre or Jobcentre Plus office, or call the Universal Credit helpline on 0800 328 5644.

This post first appeared on thesun.co.uk