Money - or the lack of it - seems to be at the forefront of most people's minds at the moment, as families cope with ever-growing shopping, heating and housing bills due to the cost of living crisis.
There are plenty of financial changes coming up in March which could have wide-ranging repercussions on household budgets for the next few months
The biggest event will be the Spring Budget, where all eyes will be on Chancellor Jeremy Hunt as he outline plans to try and grow the economy. The Budget will be read in the House of Commons as usual and there will also be a forecast from the Office for Budget Responsibility (OBR).
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Here's a list to keep an eye out for this month:
March 1 onwards: Last energy bill discount payment
The sixth and final payment of the £400 Energy Bill Support Scheme (EBSS) is payable in March. The payments add up to £400 but have been split into six instalments, which were payable from October to March. When you receive your discount depends on how you pay your bill. Direct debit customers and prepayment customers with a smart meter get the discount automatically, but those with traditional prepay meters have to wait for their voucher arriving either through the post or by email or text.
March 5: Rail fares increase
The cost of travelling by train will be going up by 5.9% from March 5. Department for Transport (DfT) has capped the rise, which would have been 12.3% if they had gone up in line with the usual July Retail Prices Index (RPI) measure of inflation. The hike applies to to regulated tickets such as season, anytime day, off-peak and super off-peak.
March 10: GDP figures
The gross domestic product (GDP) figures shine a light on the state of the economy and show whether it has grown or shrunk. The Office for National Statistics (ONS) will reveal its latest GDP figures on February 10. The UK avoided a recession after the economy recorded zero growth between October and December last year, but analysts say the UK could still fall into recession this year, with strikes bring partly to blame for the estimated 0.5% shrink in the economy in December.
March 15: Spring Budget
There's always plenty of rumours around about what will be announced in the budget, and this one is no different. Plans which have so far been suggested include a 5p cut to fuel duty to be extended by another year, and the price of a pack of cigarettes to rise by £1.15, in what would be the biggest ever hike to tobacco duty. Reports suggest Chancellor Jeremy Hunt is unlikely to introduce tax cuts this time, although struggling households will be watching to see if Mr Hunt cancels a planned increase to the Energy Price Guarantee from £2,500 to £3,000 from April.
March 22: Inflation
The ONS will release the inflation rate for the 12 months to February on March 22, a figure used to express how much prices have gone up by. Inflation is currently 10.1%, down slightly from its 41-year high last October but still a lot higher than this time last year when inflation sat at 6.17%.
March 23: Interest rates
The Bank of England will announce whether interest rates will be raised again on March 23 for the 11th month in a row after the central bank increased its base rate on February 2 to a new 15-year high of 4%. The base rate is what the Bank of England charges other banks and lenders, so if interest rates are higher, you'll pay more to borrow money for mortgages, loans and credit cards.
March 31: Broadband and mobile hikes
The first customers will feel the brunt of controversial broadband and mobile price hikes of up to 17.3% on March 31. Current rules allow telecom companies to increase prices mid-contract in line with inflation, plus up to 3.9% extra on top of this. Most companies will start their increase from April 1, but if you're a customer of BT, EE or Plusnet, your hiker of up to 14.4% starts on March 31.
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Read more:
- Cost of living: A five-step plan to get debt free in 2023
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- All the big money changes to look out for in 2023 month by month
- DWP Universal Credit claimants hit as sanctions rise by 250% amid claims they are 'back with a vengeance'
- Newcastle pub chain serves up tasty offers on meals and breakfasts for cost-conscious diners
