The household bills that are set to rise in 2024
The new year may be a chance for new beginnings and extra opportunities but unfortunately it also means bill increases.
Household bills typically rise each year, said Which? and "sadly 2024 is no exception".
There are plenty of "big financial changes" over the next few months, explained Lovemoney , that could "dent your wallet or boost your income".
Here are the main changes to watch out for in the first few months of the year.
January: energy bills
The energy price cap has increased this month, limiting how much suppliers can charge out-of-contract customers.
It has increased by 5% to £1,928 until the end of March, said The Guardian, "at the start of what could be the coldest three months of the year".
The next price cap is set for April when it is expected to drop to £1,660, according to analyst Cornwall Insight , as wholesale prices have experienced a "significant decline" since the end of last year.
March: the cost of commuting
The Department for Transport has confirmed that train fares will rise by 4.9% from 3 March.
It will affect season tickets on most commuter journeys and off-peak returns on long-distance trips but "is not as much as it could've been", said the Daily Mirror, as July's Retail Price Index measure of inflation that is traditionally used to determine annual fare rises was 9%, but the government opted to limit the increase.
April: council tax, utilities and your viewing habits
Council tax is "one of the biggest monthly outgoings" for households, said Which?.
While it is frozen at current levels in Scotland until 2025, "no such announcement" has been made for England and Wales so local authorities can raise bills by up to 5% without public consultation.
The exact payment will be announced in February and will depend on your council tax band and whether you qualify for any exemption such as if you live alone. You can check your council tax band on the Gov.uk website.
The TV licence fee is also set to rise in April.
Everyone in the UK who watches live TV, or anything on BBC iPlayer, has to pay the licence fee.
It was frozen for the past two years, "but that is set to change" said The Sun, and it will rise by £10.50 to £169.50 from 1 April.
There are certain exemptions available, such as for people on Pension Credit, students living away from home, and the visually impaired.
Mobile and broadband providers can raise prices in line with inflation "and an extra 3.9% on top", said the newspaper, despite regulator Ofcom's proposals to ban this practice.
The rises usually take place in April and some providers "are likely to raise their prices by more than 8%", said Which?. Customers could end up paying £120 "more than you thought" over the duration of a contract, added the consumer watchdog, so it is worth shopping around to see if you can save money by switching.
Water bills also typically rise in April but could go up "by less than planned", said MoneyWeek, as 12 water companies have been hit with penalties for missing targets on pollution, leaks and customer service, "which will come off customers' bills".
Benefits and wages boosts
Bills may be rising but so are some benefits.
Pensioners will get "another big increase" in state pension payments, said Lovemoney, as the triple lock raises the weekly payments from £203.85 to £221.20.
The National Living Wage will also increase in April from £10.42 per hour to £11.44 and National Insurance rates are due to drop.
However, frozen tax thresholds mean the "tax burden" will still rise to record levels for millions of people, said BBC News.
The amount you can earn before paying tax has been frozen at £12,570 – as have the basic and higher rate tax thresholds – until 2028. They typically rise with inflation but have been held until 2028, added BBC News, meaning that as earnings increase, "more people will have to start paying tax, and more people will have to pay higher rates of tax, increasing their overall tax bill".
