MILLIONS of people have already seen their finances take a hit this year.
And there are more changes to come in August, but with some you could be better off, or find ways to save cash.
Here we explain what's happening and when, as well as what it means for your money.
Changes to Universal Credit and benefit payments
If your benefit payment is meant to fall on the bank holiday, you'll likely get paid earlier.
The government says you should usually receive your benefits on the working day before the bank holiday.
READ MORE IN MONEY
Thousands of benefit payments could STOP within months unless you act now
Thousands on Universal Credit ‘wrongly’ told to pay back cash – how to challenge
That means you should get your money the Friday before – soAugust 26.
But don't worry, the amount you are due to get paid won't change, unless you've had a change in circumstances at the same time which affects how much you get.
Here's a list of all benefits that will be paid earlier than usual, including how often they are usually paid:
- State Pension – usually paid every four weeks
- Employment support allowance (ESA) – usually paid every two weeks
- Jobseeker's Allowance (JSA) – usually paid every two weeks
- Carer's allowance – usually paid every four weeks
- Pension credit – usually paid every four weeks
- Personal Independence Payments (PIP) – usually paid every four weeks
- Attendance allowance – usually paid every four weeks
- Universal Credit – usually every four weeks
- Child benefit – usually paid every four weeks
Although it seems like getting paid early is a blessing, it does mean you need to plan out your month to make sure you don't spend everything at once.
Most read in Money
DUG IN 
Apprentice star at war with neighbours over 3-foot TRENCH between their £1M homes
Thousands of benefit payments could STOP within months unless you act now
McDonald’s is adding four new items to menus TODAY including halloumi fries
McDonald's to HIKE prices as burger cost rises for first time in 14 years
Make sure to factor this into your budget for September.
You don’t need to do anything – the Department for Work and Pensions will pay you earlier automatically.
If you don't think you've been paid when you should've, make sure to check the payment date on your award notice and ask your bank first, before calling HMRC.
£650 cost of living payment deadline
More than one million people claiming pension credit have already received the first half of their cost of living payment.
But many could be missing out if they don't put in fresh claims for pension credit.
According to the Department for Work and Pensions (DWP),an estimated 850,000 households are not claiming pension credit worth £1.7 billion – meaning many are missing out on the cost of living payment.
You'll need to put in your claim to the DWP by the August 18 to ensure that your claim can be backdated to the qualifying period.
If you miss the deadline, your claim won't be backdated all the way back to the qualifying period for the £650.
If you put in your claim any later than this – the DWP may be unable to process your claim in time.
You can find out if you're eligible for pension credit by using the government's online tool.
Pension credit claims can be backdated by up to three months.
To have qualified for the £650 cost of living payment you'll have needed to have been eligible during the qualifying period between April 26 and May 25.
It doesn't matter if you were only eligible for a day – as long as this day was within the qualifying period you'll get the cost of living payment.
Tesco Clubcard vouchers set to expire
If you've found a few old vouchers buried at the bottom of your wallet, you may need to think about using them soon.
customers have to use coupons first issued in August 2020 before the end of August this year or they will be invalid.
The exact date these vouchers will expire is Wednesday, August 31.
The vouchers can be used online and in stores to save money on weekly shopping or filing up with fuel.
They can also be swapped online with Tesco's reward partners, such as Pizza Express or Cineworld, which boosts the value by up to three times.
You can trade the coupons in online on Tesco's website, or use the app.
That means a £10 voucher could be turned into £30 with a number of partners, including Chessington World of Adventures and English Heritage.
Log on to the Tesco website or app to check when your vouchers will expire.
Mortgage test to be dropped
An affordability test for mortgage lending will be dropped by the Bank of England from August 1.
Mortgage lenders currently have to carry out a "stress test" set by the to check the buyer's finances.
But the Bank of England is now scrapping this test – which could mean that you can take out a much bigger mortgage.
Dropping the affordability checks should make it easier for prospective home buyers to apply for a mortgage.
When you apply for a fixed rate mortgage, you lock in your interest rate for a set period of time.
Once this time is up, you are switched over to something called a "reversion rate" – which is usually higher than you were paying before.
Under the test, you need to prove you can pay a rate that is three percentage points higher than the reversion rate.
This rule has meant that many people have not been able to take on as big a mortgage as they might have been able to afford.
But scrapping the rule should mean you are able to take out a bigger mortgage.
Energy price cap review
The energy price cap limits the amount an energy company can charge you for a default tariff, based on average use.
It is reviewed twice a year and is adjusted to reflect the wholesale cost of energy.
The next adjustment will be announced on August 26 and will come into effect on October 1.
The cap limits the per unit price of energy suppliers can charge, and means the typical dual fuel bill is £1,971 – though you can pay more or less depending on usage.
Experts believe that the price cap will rise this winter pushing up bills to just shy of £3,000 a year.
Ofgem has proposed reviewing the price cap more often than twice a year to smooth out increases over a longer period.
After October it could see the next increase in January 2023 instead of April.
The estimates are based on the wholesale cost of energy which has shot up in recent months due to global supply issues and the war in Ukraine.
There are schemes offered by suppliers, local councils, charities and the government that could help.
Read More on The Sun
I’m a therapist- here’s three things parents should NEVER say to their kids
I was stunned to get a £6MILLION parking fine – I nearly collapsed
If you're struggling with energy costs or other bills there are plenty of organisations where you can seek advice for free
The Sun has put together a full list of all energy companies handing out up to £1,500 to help with bills.
Source: Read Full Article
