MILLIONS of households will have to pay more for essentials such as food and bills as the cost of living continues to rise this year.Lots of the hikes will be introduced at the beginning of the new financial year in April and it helps to be prepared so they don’t come as a shock.
1Household bills are set to go up this year, putting a strain on financesCredit: Alamy
Gas and electricity bills will go up from April as that’s when the energy price cap increase will be introduced.
Mobile phone and broadband costs will also rise for many families across the UK.
A hike to inflation rates last week will have an impact on mortgage rates.
And train fares are also set to increase.
Meanwhile, tax bills will shoot up in 2022 as national insurance and council tax rates will rise.
However, the living wage and some benefits will rise in April too and could slightly soften the impact of other increases.
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The living wage, which is paid to those age 23 and over, will rise from £8.91 to £9.50 an hour from April.
It helps to be aware of all the changes that are coming and how much they will cost you, so you can take steps to budget and protect your finances.
Council tax
Council tax is going up in April – and it could be by as much as £500.
There’s no way to avoid the increase, but it pays to be aware of upcoming changes so you’re not caught out.
You should check what council tax bracket your home falls under by entering your postcode on the government website.
Then you need to …
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