April is just around the corner, and for thousands of parents across the UK, it’s set to bring a huge financial boost. With the end of the financial year and the start of a new one, there are plenty of opportunities for families to improve their financial situation and provide a better future for their children.
One of the biggest changes that April brings is the increase in the National Minimum Wage. This increase, which was announced in November 2018, will see the minimum wage for workers aged 25 and over rise from £7.83 to £8.21 per hour. This means that full-time workers will see an extra £690 in their annual salary, providing much-needed relief for families struggling to make ends meet.
But it’s not just those over 25 who will benefit from the increase. Workers aged 21-24 will see their minimum wage rise from £7.38 to £7.70, while those aged 18-20 will see an increase from £5.90 to £6.15. Even younger workers, aged 16 and 17, will receive a boost from £4.20 to £4.35 per hour. This is great news for young parents who may be juggling work and childcare responsibilities.
In addition to the increase in minimum wage, April also brings changes to tax and benefits. The personal allowance, which is the amount of income you can earn before paying income tax, will rise from £11,850 to £12,500. This means that individuals will have an extra £650 in their pocket each year, providing some much-needed relief to families struggling with the rising cost of living.
For families with children, the Child Benefit rates will also increase. The rate for the eldest or only child will rise by 10p to £20.70 per week, while the rate for additional children will increase by 5p to £13.70 per week. This may seem like a small increase, but it all adds up and can make a significant difference to a family’s budget.
But it’s not just about increases in wages and benefits. April also brings opportunities for families to save money and improve their financial situation. For example, the Help to Save scheme, which was launched in September 2018, allows low-income families to save up to £50 per month and receive a 50% bonus after two years. This means that families can potentially save up to £1,200 over four years, providing a much-needed safety net for unexpected expenses.
In addition, the government’s Help to Buy scheme has been extended until 2023, providing families with the opportunity to get on the property ladder with a smaller deposit. This can be a huge financial relief for parents who want to provide a stable and secure home for their children.
Furthermore, April brings the start of the new tax year, which means it’s the perfect time for families to review their finances and make any necessary changes. This could include switching to a better energy provider, changing mobile phone plans, or finding ways to save on household expenses. By making small changes, families can potentially save hundreds of pounds each year, providing more financial stability for the future.
Overall, April is set to bring a huge financial boost to thousands of parents across the UK. With increases in minimum wage, tax allowances, and benefits, as well as opportunities to save and improve financial situations, families can look forward to a brighter future. It’s important for parents to take advantage of these changes and opportunities, and to also seek financial advice and support if needed. Let’s make the most of April and set ourselves and our children up for a successful and financially stable future.