Navigating April’s Bill Changes: What’s Rising and What’s Falling
As April unfolds, many households brace for tighter budgets as several bills climb upward. But amid these increases, there’s a glimmer of relief with one significant cost on the decline.
Phone and Broadband Costs
Prepare for potential sticker shock as most broadband and mobile phone providers roll out mid-contract price hikes of up to 8.8%. These increases, tied to last December’s inflation rate plus extra charges, have drawn criticism for their perceived unfairness. However, relief may be found for some through cheaper social tariffs and the ability to switch providers fee-free upon contract expiry.
Water Bills
Water isn’t flowing cheaply this April, with the average annual water and sewerage bill in England and Wales rising by 6%, while in Scotland, charges see an 8.8% uptick. Though individual bills vary, regional disparities and metered usage can significantly impact costs. Charities highlight avenues for bill reduction, including conservation efforts and assistance programs like WaterSure.
Council Tax Hikes
Prepare for wallet woes as council tax edges upward in many regions, albeit with a freeze across Scotland. Authorities wield the power to hike council tax by up to 4.99% in England, with some exceptions, sparking varied increases ranging from 5% to 16% in Wales and up to nearly 10% in Northern Ireland. Discounts are available for certain households, offering a slight reprieve.
TV, Car, and Dental Fees
Additional expenses loom with rising TV license fees, vehicle taxes, and NHS dental charges. These increases, spanning various services, underscore the broader financial strain facing households in April.
Car insurance
Car insurance has risen as well, with an average increase of 58% over the last year. This means that the average insurance policy stands at nearly £1,000, with younger drivers hit the hardest but this huge jump in cost is also impacting drivers aged in their 40s are well.
The Good News – Energy Prices Fall
Amidst the tide of rising costs, there’s a silver lining: energy bills are set to decrease. Regulator Ofgem’s new price cap translates to a substantial drop in annual energy bills, offering welcome relief to millions of households across England, Wales, and Scotland.
As households navigate these bill changes, prudent budgeting and exploration of available assistance programs can help mitigate the impact on family finances. Stay informed, seek out discounts where available, make the absolute most of comparison websites and direct to provider offers as well as explore energy-saving measures to weather the storm of rising costs.
Founded in 2017, Fintuity has fast become one of the only digital Independent Financial Advisers (IFA) in the United Kingdom. Fintuity offers a wide range of financial advisory services including pensions, protection, investments and mortgage advice. The key difference is that as an exclusively digital service, we can offer significant savings and a service that is direct to you and on demand.
