Here, we round up the big price increases you need to be aware of next year. Where possible, we've included tips on steps you can take to keep those bills as low as you can.
1. Council tax
Council tax is one of the biggest monthly outgoings for many households and usually rises in April.
The most councils can raise council tax each year in England and Wales, without calling a referendum, is 5%. Given the current average annual Band D council tax bill in England for 2023-24 is £2,065, that could mean a £103 increase.
If you're worried about the price increase, there are a few things you can do:
Contact your local authority. Look into hardship relief. Apply for a council tax reduction. Challenge your council tax band. Find out more:2. TV licence fee
The annual TV licence fee has been frozen at £159 for two years, but from April it will increase to £169.50. That's a £10.50 rise - the equivalent of an additional 88p per month.
This increase was lower than expected, as the government has opted for a below-inflation rise. The government had previously agreed with the BBC that the fee would rise in line with inflation from 2024, but it reneged on this agreement.
If you need a TV licence, there isn't really a way to reduce this fee. But there are some ways you can be tactical.
If your current licence will expire before 1 April 2024, renew it before the price goes up to lock in the current price for another year.
Find out more:3. Energy bills
Gas and electricity bills could rise by up to 5% in January, as the energy price cap is going up.
The average household will pay an estimated £1,928, around £161 a month, if they use a 'medium' amount of energy. Currently, the same typical household will pay £153 a month.
You won't be affected by the price cap rise if you're on a fixed deal.
Try these methods if you want to keep bills as low as possible:
Check your account Question any changes Increase your efficiencyFind out more:4. Mobile and broadband
Earlier this week, Ofcom announced its intention to ban mobile and broadband mid-contract price rises that are linked to inflation. Unfortunately, the ban is not likely to come into force in time for next year's rises.
In 2024, some providers are likely to raise their prices by more than 8%, meaning you could end up paying as much as £120 more than you thought you would over the course of your contract.
Which? has campaigned to end mid-contract price rises and will continue to call on firms to voluntarily end the practice.
For now, if you're on a rolling contract, shop around to switch to a cheaper provider - ideally, one that doesn't do mid-contract price rises. But if your contract hasn't ended yet, you'll likely have to ride it out to avoid a termination fee.
You can also try haggling with your mobile or broadband provider. By threatening to leave, you could talk your way into a better deal.
Find out more:5. Insurance premiums
Car and home insurance premiums have shot up this year.
The typical quoted price of home insurance jumped by over 36% in the 12 months to October, according to Consumer Intelligence, which tracks insurance pricing.
The average of the five cheapest quotes for a buildings and contents policy now stands at £227, as firms grapple with the costs of recent storm damage across the UK.
Laura Vas, senior insight analyst at Consumer Intelligence, said: 'Homeowners with prior claims may see additional increases in coming months following recent storm damage, although insurers could spread the claim costs across all policyholders driving further market inflation.'
If you need to renew your policy in the coming months shop around for a new insurance deal on a comparison site like Compare the Market or GoCompare, then see if your existing provider can beat it.
Also, opt for an annual policy instead of monthly if you're renewing to avoid paying more in interest.
6. Mortgages
Mortgages are now priced significantly higher than they were two years ago, meaning borrowers who need to switch deals in 2024 will face much higher repayments.
Since the last base rate decision on 2 November, mortgage rates have dipped. In September the average two-year fix was 6.3%, and the average five-year fix was 5.87%. Now they stand at 5.98% and 5.58%, respectively. So we could see further small decreases in the coming weeks – but significant changes are highly unlikely.
If you're coming to the end of your fixed-term mortgage, the best thing to do will depend on your situation. For example, if you're:
Very near the end of a fixed term: On a fixed term with more than six months to run:On a tracker mortgage:On a standard variable rate (SVR) mortgage: Find out more:Will tax cuts leave more money for bills?
It's all because the tax-free personal allowance threshold - the amount of your income that isn't taxed - is remaining frozen at £12,570 until 2028.
Since this threshold won't be rising along with wages, a larger proportion of your income will be taxable as time goes by.
undefinedsource https://www.which.co.uk/news/article/bills-going-up-in-2024-aTUxX2Y4Y7xo