With everything going on in your life from work to family, it can be hard to keep on track of everything else happening in the country and further afield. That means you can often miss out on important news that might well affect your economic well being, or could mean you are due some more money in the coming months. Of course, if you knew what type of financial news to look out for, you could do a quick subject search in Google News or similar service at a time that suits you. I’ve picked a few financial topics that you should keep in mind in order to do this, and fingers crossed that the news plays in favor of your wallet!
Fuel prices
Firstly, one topic that often gets a lot of airtime is that of fuel prices. Fuel prices can change in terms of the percentage of tax charged, as well as the fuel itself due to issues around sourcing and transportation costs. When fuel prices increase significantly over a short period of time, the news focuses on the effects on motorists and how it can change the family budget. In these cases it could be a good idea to find the cheapest fuel in the area, or seek alternative means of transport.
Bank compensation
Next, the banks can make the headlines when they are due to set aside a significant portion of money to pay back customers who have wrongly been sold or charged for various services they hold with the bank. The most recent case of this is PPI (Payment Protection Insurance) which may have been sold to a customer at the time they took out a loan, mortgage, credit card or store card. So if you had been wrongly sold PPI you could be due money from the bank.
The Budget
When the Chancellor sets out his Budget – which is an economic and financial statement made each year – people throughout the UK will be paying close attention to see how the news affects their personal finances over the coming weeks and months. The Budget will often outline cuts in certain services or benefits, and may also include details about income tax. For example in 2013, the Budget statement notified UK workers that their first £10,000 of annual income would be free of income tax.
Energy prices
Finally, you might also want to stay up-to-date with the latest changes to energy prices in the UK. When one of the big providers increases their prices, it is generally only a matter of time before the other large companies do too. There are of course a number of reasons for these price rises, but as a consumer you will probably want to get the best value deal for your needs. If you read up on these changes you could take the time to find another service which works better for you before you face any price changes.
David Varner is a blogger from the UK who focuses on financial news and price changes. He keeps track of the best credit card deals and mortgage rates.