As the 2024 Autumn Budget approaches, many women across the UK are looking ahead to understand how potential changes might impact their finances. For those aged 25-54, balancing work, family, and personal financial goals can be challenging, especially with ongoing economic uncertainty. Preparing for the Autumn Budget is a great way to stay ahead, ensuring you can adapt to any changes and safeguard your financial future.
One of the key things to watch out for this year is possible changes to income tax and National Insurance contributions. The UK government has hinted at further tax adjustments to support the economy, so it’s essential to stay informed. Financial expert Martin Lewis advises, “Check your tax code regularly and ensure you’re paying the right amount. Any changes announced in the budget can have a ripple effect on your take-home pay, so staying up to date will help you adjust your spending plan accordingly.”
If you're a homeowner or looking to get on the property ladder, keep an eye on any potential changes to stamp duty or housing-related incentives. In previous budgets, schemes to support first-time buyers or home improvements have been announced, which can offer financial relief. You may also want to review your mortgage to see if remortgaging at a fixed rate would be beneficial, particularly if interest rates continue to rise.
Another important area is childcare and family benefits. Many women in this age group rely on government support or tax credits to manage the costs of raising children. The Resolution Foundation suggests reviewing current family entitlements ahead of the budget, as the government may adjust benefit thresholds or offer new support for working parents.
Ultimately, staying proactive and reviewing your finances before the Autumn Budget can help you adapt to any changes smoothly. Here are some practical solutions to help you prepare for the upcoming changes and manage your money more effectively:
1. Build a Cushion with a Rainy Day Fund
Setting aside a small amount of savings each month is one of the best ways to prepare for unexpected costs. Even if you’re working with a tight budget, start small—try saving 5-10% of your monthly income. Financial expert *Martin Lewis* recommends automating these savings by setting up a direct debit into a separate account so you don’t have to think about it. By the time the Autumn Budget is put into place, you’ll have a financial buffer in place for any immediate changes or unexpected expenses.
2. Review and Reduce Your Energy Usage
With energy prices still fluctuating, now is the time to take control of your energy consumption. Simple actions like turning down your thermostat by just 1°C can reduce heating bills by up to 10%. The Energy Saving Trust also recommends switching to energy-efficient light bulbs, insulating your home, and ensuring that appliances like fridges and freezers are running efficiently. This way, you’ll be better prepared to handle any rises in energy costs that could come with the Budget.
3. Cut Unnecessary Subscriptions and Outgoings
Many of us have subscriptions we barely use, from streaming services to gym memberships. Before the Autumn Budget, take the time to review your monthly expenses and cancel anything non-essential. Use budgeting apps like Emma or Money Dashboard to track your spending and identify areas to cut back. By reducing outgoings now, you can free up more of your budget for essentials.
4. Maximize Benefits and Tax Allowances
The Autumn Budget often includes updates to benefits, tax thresholds, and allowances, so it’s essential to stay informed. Make sure you're claiming everything you’re entitled to, including working tax credits, child benefits, or pension contributions. Citizens Advice and Turn2Us offer free, confidential advice to help you check your eligibility and maximise any government support available to you.
5. Switch to Budget-Friendly Groceries
Food prices are a significant part of most households' budgets. Switching to supermarket own-brand products or shopping at discount stores like *Aldi* or *Lidl* can make a big difference over time. Meal planning and bulk buying non-perishables are great strategies to save more on your weekly shop. Look out for deals on Tesco’s Clubcard or Sainsbury’s Nectar to further stretch your food budget.
6. Focus on Debt Repayment
Interest rates on credit cards and loans can rise after the Budget, so if you’re carrying debt, try to pay down as much as possible now. Financial advisors recommend focusing on high-interest debts first, as clearing these will give you more financial breathing room. If you’re struggling, consider consolidating your debts or transferring balances to a 0% interest card to ease repayment pressure.
By taking these steps now, you can be better prepared for any financial shifts that come with the Autumn Budget. While we can't predict all the changes, building good money habits and staying informed will help ease the burden and keep your finances on track.
