The best way to plan your household budget for the coming months is to be aware of any notable financial events taking place, whether that's adding them to a calendar - online or paper-based - marking them in a diary or marking a pile of sticky notes and pinning them on the fridge.
This year will see a series of new cost of living payments being made to over 8 million families, changes to benefit and State Pension payment rates, extended energy bill support, a rise in the minimum wage and devolved payments unique to people living in Scotland.
The UK Government recently confirmed cost of living payments worth up to £1,350 in total will begin this Spring after the start of the new financial year on April 6. This includes £900 for those on means-tested benefits, including Universal Credit and Pension Credit, £150 for people claiming disability benefits and £300 for pensioner households to be added to the 2023/24 Winter Fuel Payment.
There are also one-off payments only available in Scotland for unpaid carers and families with a disabled child.
Below are key dates to add to your diary for the coming months to help you plan your household budget and know exactly what to expect and when.
February
- £50 Winter Heating Payment: This new devolved payment will be paid over February and March and give around 415,000 households on a low income a one-off £50 payment to help with energy bills. It replaces the £25 Cold Weather Payment delivered by the Department for Work and Pensions (DWP) - find out more here.
- £200 Alternative Fuel Payment: Households using alternative fuel to heat their homes including oil and LPG will start to receive the payment automatically through their electricity supplier (as a credit to the account) by the end of the month. A small number of households will have to apply for the payment in a portal which will open on or by February 27 on GOV.Uk - find out more here.
- £400 Alternative Fuel Payment - Households without a direct connection to their electricity supplier such as those in park homes, canal boats, care home residents or people paying all-inclusive rent to a landlord, will be able to apply for this one-off payment on or by February 27 on GOV.UK through a dedicated portal. Payments will be processed and delivered by local councils - find out more here.
- £150 Warm Home Discount Scheme - The discount will be applied until March 31, but the closing date for making a new claim or challenging one is February 28 - find out more here.
March
- Spring Budget: The Office for Budget Responsibility (OBR) has been asked to prepare a forecast by March 15 to accompany the Spring Budget.
- £400 energy bill support: The final energy bill credit for £67 is due before the scheme ends on March 31.
- £150 Warm Home Discount Scheme: The 2022/23 scheme closes on March 31. If you are eligible and have not received the credit directly from your energy supplier, contact them as soon as possible.
April
- Energy Price Guarantee: This is set to increase from £2,500 to £3,000. It’s important to remember that this isn’t a fixed cap on the most you will pay for your energy usage - use more and you’ll pay more, similarly, use less and pay less.
- Benefits uprating: Most benefits and payments from DWP, including State Pension, Universal Credit, disability benefits and Pension Credit, will rise by 10 per cent from April 10. The increase won’t be seen until the following month as most benefits are paid in arrears. HM Revenue and Customs (HMRC) payments including Child Benefit, Guardian’s Allowance and Tax Credit thresholds will also increase - full list of payment rate changes can be found here.
- £900 means-tested Cost of Living Payment: The £900 payment is being made in three lump sums. The first, for £301, is due to be made this Spring, no exact payment window has been given yet - find out more here.
- National Minimum Wage: The main National Minimum Wage is currently £9.50 an hour, but it is £9.18 for 21 to 22-year-olds, £6.83 for 18 to 20-year-olds and £4.81 for under-18s. However, these hourly payment rates are going up in April to £10.42, £10.18, £7.49 and £5.28, respectively.
May
- Review of State Pension age: The review is due to be published before the deadline on May 9. State pension age is currently 66 and is due to rise to 67 by 2028. Under current plans, it is due to hit 68 by 2046, though it has been widely reported that the UK Government may bring this forward to the late 20230s - find out more here.
June
- Carer’s Allowance Supplement: This is a one-off payment of £245.70 for eligible claimants of Carer’s Allowance living in Scotland. To qualify, you must have been in receipt of the benefit on April 10 - find out more here.
- £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 - find out more here.
October
- £900 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 - find out more here.
- 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 - find out more here.
- £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 - find out more here.
- Child Winter Heating Assistance: This is an annual payment of £214 for youngsters in Scotland on disability benefits to help with increased energy costs over the colder months - find out more here.
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 - find out more here.
- Carer’s Allowance Supplement: This is a one-off payment of £245.70 for eligible claimants of Carer’s Allowance living in Scotland. To qualify, you must have been in receipt of the benefit on October 10 - find out more here.
To keep up to date with the latest cost of living news, join our Money Saving Scotland Facebook page here, or subscribe to our newsletter which goes out daily, Monday to Friday - sign up here.
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