As we all prepare for Christmas Day, many may find they're spending a bit more money than usual due to present-buying and getting the goods for the Christmas dinner.
Fortunately, a wave of support from the Department for Work and Pensions (DWP) will be flooding in throughout the festive month. This includes a new cost of living payment for pensioners as well as more money off your energy bills.
However, there will also be some key changes being made to many households' financial situations which will be coming from both the Bank of England and Office for National Statistics. Here's a breakdown of what December 2022 has in store.
Read more: Mums share how they've bought children's Christmas jumpers from as little as £1
Energy Rebate - From December 1
Bill-paying households all across the UK can expect the third instalment of the £400 rebate from December 1. Previously, households should have received £66 in October and November.
This month, they will receive a little bit more in the form of £67. It is up to individual energy companies to roll out the rebate, however, the majority will send it out within the first 14 days of December.
DWP Christmas Bonus - From December 1
Households that receive specific means-tested benefit will receive an extra £10 from the DWP before Christmas. An official date for the Bonus has not yet been provided, however, the government states that the money should land in people's bank accounts in the 'first full week' of December.
ONS inflation figures - December 14
The value of goods will change this month as inflation figures get readjusted. The Office for National Statistics (ONS) will be releasing the inflation figures for the 12 months to November on Wednesday, December 14.
While it is not clear what the figures will be, if inflation is high, then it means that cost of living will have also increased.
Bank of England interest rates change - December 15
Similar to the inflation figures, the Bank of England will meet to decide whether to raise interest rates - if they do, it will be the ninth time in a row it has increased so far. On November 3, interest raised from 2.25 per cent to 3 per cent - the biggest hike in more than three decades.
If interest rises, it means you will pay more for loans and mortgages.
Pension Credit deadline - December 18
If you believe you're eligible for Pension Credit, then December 18 is the last date you will able to backdate a claim to qualigy for the £324 cost of living payment. It is believed that thousands of low-income pensioners are eligible for the credit but do not claim it.
ONS GDP figures - December 22
Just before Christmas, the ONS will reveal its latest gross domestic product (GDP) figures. It acts as a measure of the size and health of the British economy and helps to determine whether it has changed throughout a set period.
It also helps to determine a recession, which is defined as two consecutive financial quarters (six months) where negative growth has taken place.
Christmas early benefits payments - December 23
Because Christmas is taking place on a Sunday this year, there will be a four-day Christmas weekend from Saturday, December 24 to Tuesday, December 27. If you're usual benefit payment will fall on the bank holidays, you will instead be paid the previous working day - Friday, December 23.
Furthermore, if your Tax Credits payment is due on December 28, then it will also be paid on December 23.
Payment Tax Credits - December 28
Tax Credit payments due to be paid on Thursday, December 29, will instead be paid on December 28.
New Year early benefit payments - December 30
The New Year will also be marked by a bank holiday on Monday, January 2. If you expect a payment on this date, it will instead be paid on Friday, December 30. Similarly, Tax Credits due on Tuesday, January 3 will be paid on December 30 while payments due on Wednesday, January 4 will be paid on January 3.
No fixed date...
£300 pensioner cost of living payment
Pensioners who receive a Winter Fuel Payment will get an extra £300 on top of it, meaning the maximum someone could get is £600 altogether. Al eligible people should receive the money by January 13, 2023.
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