We think it’s safe to say that many of us have been feeling a pinch in our pockets recently, as the cost of living crisis continues to worsen.
Rising electricity and gas prices, the ongoing housing crisis, and high childcare and education costs mean that families across the country are struggling to cope.
All of these difficulties mean that tomorrow afternoon, all eyes will be on Leinster House as the government announces its financial budget for the next 12 months. The budget is anticipated to be worth €14 billion.
Many of the details have already been revealed via different sources, and it seems as though the government is making a few huge changes in order to help families in need.
But what do these budget measures mean for you and your family? We’ve broken down the key areas that matter most to you, in order to help you make sense of what kind of help you can expect to receive over the next few months:
Education
Starting from next year, it is expected that parents will no longer have to pay for school books. From the beginning of the new school term in September 2023, all primary school children will get textbooks for free, to help families with the burdening cost of education.
For parents with young adults who are in university or who are intending on starting higher education, they can look forward to saving €500 in college fees. This reduction in fees means that the college contribution charge will be lowered from €3,000 per year to €2,500 per year.
Children
Families can expect to receive a special double payment of child benefit in November of this year, alongside double payments of several other supports. This is to help support families with the intense rising costs.
Social welfare payments are anticipated to increase by between €10 and €12 a week, aiding those most in need.
Parents with young children can also expect a reduction in their childcare costs. The details of these have yet to be discovered, but should be announced in tomorrow’s budget.
Households
Households across the country are awaiting to receive an energy credit worth €600 before the end of the year, to help families with the rising cost of their electricity and gas bills.
Those who earn higher wages can also expect an increase in the rate at which they pay the top rate of tax.
At the moment, the 40% tax rate is implemented on wages €36,800 or above. In this year’s budget, the government is due to raise the bracket by €3,200.
You can find out about these details and more in tomorrow’s budget, which is due to kick off in Leinster House at 1pm.
