With the current cost of living crisis it has never been so important to carefully manage your household budget. One of the best ways to do this is to take note of any financial events taking place, such as by adding them to an online calendar or marking them in a diary.
Knowing when to expect what help and how you much you are due to receive can help prevent any financial surprises, especially as the summer holidays get closer. The first wave of 2023/24 cost of living support payments were launched by the government and so more than eight million households will receive the £301 means-tested lump sum to provide additional financial support.
This will then be followed for some by the £150 disability cost of living payment, £300 for pensioner households and a further £501 (£300 and £299) for those on means-tested benefits, reports the Daily Record. To make sure you don't miss out, here are the key dates to add to your diary for the coming months to help you plan your household budget.
May
- Benefits uprating: Most benefits and payments from the Department for Work and Pensions (DWP), including State Pension, Universal Credit, disability benefits and Pension Credit, increased by 10.1 percent on April 10. However, first payments after the uprating would be a mix of the old and new rates - this month should see the full uprated amounts.
- Tax Credits renewal packs issued: HM Revenue and Customs (HMRC) has started issuing more than 1.5 million Tax Credits renewal packs. Some 500,000 must be completed by July 31 or payments will end.
- May 9: Tax Credits £301 payment window closes. People who think they are eligible and should have received a payment can query it with HMRC from May 16.
- May 17: £301 payment window closes for those on DWP-delivered means-tested benefits including Universal Credit and Pension Credit. Details on how to report a missing payment will be issued shortly after the closing date.
- May 19: Deadline for new claims of Pension Credit to be submitted to DWP and be eligible for the £301 cost of living payment.
- May 31: Child Benefit will stop for some parents with children who are 16 and leaving education.
June
- £150 disability cost of living payment: More than six million people in receipt of disability benefits including Personal Independence Payment (PIP), Adult Disability Payment and Attendance Allowance will receive the one-off lump sum this summer. No exact payment dates have been announced yet.
July
- July 31: Tax Credits renewal pack deadline.
August
- August 31: Child Benefit will stop for some parents with children who are 16 and leaving education.
September
- Tax Credits managed migration to Universal Credit: it was recently announced that migration will start to take place in all regions of Great Britain by September.
October
- October 9: New claims for Carer's Allowance must be made to DWP by this date in order to qualify for the £270.50 Carer's Allowance Supplement payment made separately by the Scottish Government in December.
- £300 means-tested Cost of Living Payment: The second instalment of the £900 payment is worth £300 and is due to be made this Autumn, no exact payment window has been given yet.
- September inflation figure: This is due to be announced on October 18 and is used for the State Pension Triple Lock and benefits uprating for the next financial year, starting in April.
- Autumn Statement: No date has been announced yet, but this usually happens in October.
November
- Winter Fuel Payments and £300 pensioner cost of living payment: Eligible pensioner households will receive an extra £300 cost of living payment added to their Winter Fuel Payment 2023/24. Payments will be made automatically to eligible households from November until January.
- £150 Warm Home Discount Scheme: The scheme typically opens in November. The money is not paid to you - it’s a one-off discount on your electricity bill made directly to your supplier, between October and March. Rules around eligibility were introduced last year.
November 30: Child Benefit will stop for some parents with children who are 16 and leaving education.
December
- DWP £10 bonus: This is a one-off, tax-free £10 payment automatically made to people in receipt of State Pension or 20 DWP benefits if they meet the eligibility during a specific qualifying period, which is typically the first full week of December.
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