UK financial dates: 4 key money saving changes in January 2025 - from New Year energy costs to bus fare hikes

• Several changes in costs and deadlines are on the horizon for 2025 - including January
• Households should prepare for increases in essential expenses, including energy and transport
• Deadlines around financial assistance for eligible pensioners during the winter months are also approaching
• And ensure you meet necessary deadlines to avoid penalties on January’s self-assessment tax return

Several financial changes are set to impact your money in 2025, affecting everything from your energy bills to travel costs.

And we’re hitting the ground running in January, with a number of important changes and deadlines to be aware of throughout the month.

Whether you're managing household bills, planning travel or ensuring your tax return is filed on time, understanding these changes will help you navigate the first month of 2025.

Here’s a breakdown of the key dates and what you can do to stay ahead.

1 January - Energy Price Cap rise

On 1 January, the new energy price cap took effect, meaning households will now pay an average of £1,738 per year for energy, up from £1,717.

The cap reflects what a typical dual-fuel customer on direct debit might spend annually, though actual bills will vary based on energy usage.

To soften the impact of the price rise, shop around for a fixed-rate deal that could be cheaper than the standard variable tariffs.

READ MORE: The one thing you need to do before energy prices rise

Which? Energy editor Emily Seymour said: “It’s worth shopping around for energy deals – we’ve seen a number of tariffs on the market with rates cheaper than the new price-capped figures.

“You should compare what your monthly payments would be on a fixed deal with what you’d expect them to be if you remain with the price-capped variable tariff to see what the best option is for you.

“As a rule of thumb, we’d recommend looking for deals cheaper than the price cap, not longer than 12 months and without significant exit fees.”

You can also reduce your energy consumption by adjusting the thermostat and closing curtains and blocking drafts; for longer-term savings, consider investing in insulation for your home.

If you're struggling to pay, contact your energy provider as they will likely be able to offer support.

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1 January - bus fares increase

Starting 1 January, the government’s bus fare cap rose from £2 to £3, meaning no single fare on participating routes will exceed this amount. The £3 cap will remain in place until the end of 2025.

Fares that would be lower than £3 without the cap, such as those in urban areas, are allowed to increase only in line with inflation.

Local transport authorities have the power to keep the cap lower in their areas if they subsidise it themselves, or fund their own local schemes.

READ MORE: Millions of bus passengers facing 50% fare increase

Alison Edwards, director of policy at bus and coach industry body the Confederation of Passenger Transport, said: “We understand passengers’ concerns about the national fare cap rising.

“However, a vast majority of the 11 million people who travel by bus every day will continue to pay well under £3 per journey.

“The fare cap only applies to single tickets. Commuters and regular passengers generally travel using season tickets, which are cheaper.

“And for the 26% of passengers who do travel on individual tickets, many fares for shorter journeys remain below £3.”

29 January - Winter Fuel Payment deadline

Pensioners receiving certain benefits may be eligible for a Winter Fuel Payment up to £300. Payments are typically paid in November or December, so you may have received payment already if you are eligible.

However, the absolute deadline for this round of payments is Wednesday 29 January, so if you’re still awaiting payment, it may appear anytime between now and that date.

If you haven’t received confirmation of payment, or the money hasn't appeared in your account by 29 January, you should contact the Winter Fuel Payment Centre.

31 January - Self-assessment tax return deadline

The deadline for filing your 2023/24 self-assessment tax return online is Friday 31 January. If you’re self-employed or earn income from savings, tips or commissions, you’ll need to file a return to avoid penalties.

The deadline to file paper returns passed in October, but you can still file online. If you owe taxes, payment is due by midnight.

Check whether you need to file a return using the Gov.uk online tool. Complete all forms and online paperwork as far ahead of the deadline as you can, to give yourself ample time to pay any taxes owed to avoid fines.

We’d love to hear how these upcoming financial changes might affect you. Have you already started planning for these shifts, or do you have any tips to share with others? Drop your thoughts, questions or experiences in the comments section.