September 11th 2023.
We may be in the middle of a heatwave, but Christmas will be here before we know it. Getting our finances in order before the festive season can be a great help. The cost of living has been a real struggle for many this year, with high energy costs, soaring food prices, and difficulties with rents and mortgages. In order to help manage our budgets, it pays to stay informed about the upcoming money changes before Christmas.
The second Cost of Living Payment of £300 is expected in October or November – no need to apply, as it will be paid directly into your bank account if you’re on certain benefits. On September 20, the Office for National Statistics will release the latest inflation rate, which will affect interest rates and Spring benefits. This is followed by further announcements on October 18, November 15 and December 20.
The Bank of England base rate will also be announced on September 21, which can have a huge impact on loan and mortgage repayments. The energy price cap is set to drop again from October 1, meaning we’ll pay less for the same amount of energy – it’s important to take a meter reading around this date.
The government’s Warm Home Discount Scheme will reopen in October, with a one-off discount on electricity bills of £150. Additionally, the Cold Weather Payment scheme will reopen in England and Wales on November 1, offering £25 for each 7 day period of very cold weather.
Stamp prices are set to soar from October 2 – so stock up on stamps now! And finally, Disney Plus will change its price plan from November 1, with a premium ad-free offering of £10.99 a month.
These money changes are important to be aware of, as they can make a big difference to our budgets. Whether you’re looking to save money or just stay informed, it’s never too soon for a Santa hat!
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