Money blog: 9 key financial moments in March will affect your pocket – starting on Sunday | UK News

Rail fare rises, an interests rate decision and an end to cold weather payments are just some of the money changes taking place next month. 

Most of the changes are likely to impact how far your money can stretch, so we’ve put together a list of the most important ones for you to bear in mind. 

3 March – Rail fares increase

Regulated train fares in England will rise by up to 4.9% on Sunday.

The cost of a ticket usually rises annually, but the government stepped in to cap them amid soaring inflation. 

About 45% of fares are regulated, including most season tickets, travelcards, some off-peak returns, and anytime tickets around major cities.

5 March – Pension credit deadline 

Hundreds of thousands of pensioners could pocket an extra £299 if they claim Pension Credit by 5 March.

Those who successfully apply for the benefit by Tuesday would be able to secure the final cost of living payment thanks to backdating rules.

Pension Credit, which averages over £3,900 a year, is there to lend a hand with day-to-day expenses for those who have reached state pension age and are on a low income.

About 1.4 million people are already receiving pension credit, but an estimated 880,000 eligible households are yet to claim it.

6 March – spring budget

The chancellor will reveal the government’s spring budget on Wednesday, outlining the financial plan for the rest of the year. 

Tax cuts, a new vape duty and proposals for a 99% mortgage scheme are just some of the changes reportedly being considered by Jeremy Hunt. 

He has also hinted he’s open to shaking up Lifetime Individual Savings Account rules and raising the threshold at which the controversial high income child benefit charge applies. 

20 March – Inflation data released

The Office for National Statistics will release its latest consumer price inflation (CPI) data.

The figure measures the change in prices paid for everyday items and services. 

The government uses CPI for the Bank of England’s target inflation rate of 2%. 

It’s also used when it reviews and uprates certain state benefits and tax thresholds.

21 March – Interest rates decision

The Bank of England’s Monetary Policy Committee will make a decision on interest rates. 

The current bank rate sits at 5.25%. 

The Bank rate anchors the rates high street banks charge on mortgages and those they offer on savings (though often not the latter, to the chagrin of savers). 

28 March – Benefits paid early 

Some benefits claimants may receive their payment earlier than usual at the end of March due to bank holidays. 

If your normal payment date lands on Friday 29 March or Monday 1 April, then money will land in your account on Thursday 28 March.

31 March – Broadband, TV and mobile contracts rise 

Millions of customers will see their broadband and mobile bills increase on either 31 March or 1 April as telecoms providers raise the price of their contracts. 

Customers of common providers face hikes of between 6.7% and 8.8%.

 31 March – Household Support Fund closes 

The £842m Household Support Fund scheme is due to close on 31 March.

The support has been extended four times, but the government has not confirmed if it will be extended for a fifth time. 

The fund helps people struggling to pay for food, energy and other essential items. 

It typically comes in the form of supermarket vouchers, energy assistance or cash grants. 

31 March – Warm Home Discount scheme ends 

Households will stop getting £150 off their energy bill from 31 March. 

The scheme worked as a one-off discount applied to electricity bills for those who were eligible between early October 2023 and 31 March 2024.